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1469 Falconcrest Drive Corona, CA 92879

3 Beds 3 Baths 1,675 sqft Built 1999

$510,000

List Price

$2,330

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 03, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $304.48
  • 7 Days on Market
  • MLS # : SW21042354
  • Updated Date : 03/06/2021 at 10:33
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,675 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Champions

Listing Agent's Description

No this isn't a model home but that's the impression you will get when walking into this beauty. Located in the "Lyon Reflection" community of Corona, this home is absolutely gorgeous with many recent upgrades. There are too many details to list but some of them include newer luxury vinyl plank flooring, PAID FOR SOLAR, shiplap in the family room, laundry room and bathrooms, and refinished cabinets in the kitchen. The bathrooms have been remodeled with newer vanities, mirrors and lighting and a barn door going into the master bath. No detail has been forgotten. The tranquil backyard has a patio cover and large concrete patio. The association includes a community pool/spa and a park. Close to schools, shopping and highways. Come see this one quick!

SEE MORE

MARKET HIGHLIGHTS

  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)
  • Southern California has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (USMayors.org, 2018)
  • The area has major technology nodes of excellence: Los Angeles (Media and entertainment); Pasadena (High-tech engineering, data analytics); Riverside (Agtech, transportation/ distribution); San Diego (Healthcare, biotech, wireless communications); Irvine (Medtech, cyber security); El Segundo (Aerospace and defense IT, space transport) [BCG, 2018]
  • Los Angeles has been awarded the 2028 Olympics under a funding commitment of $88 billion to upgrade the transportation infrastructure connecting disparate pockets of the metro area. This is expected to produce additional employment in the coming years. (BCG, 2018)
  • As part of Southern California area, Inland Empire market inherits all the benefits from the area.
  • Headquarters to several Fortune 500 companies: Amgen, Farmers Insurance, Walt Disney, Avery Dennison, Activision Blizzard, CBRE Group, Edison International, Molina Healthcare, First American Financial, Pacific Life, Qualcomm and Sempra Energy (Fortune, 2018)
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
  • Southern California produces more technology PhDs per year than any other region in the country and many of the higher educated students stay within Souther California contributing to readily available workforce skills making the area more attractive than Silicon Valley (BCG, 2018)

PRICE & RENT TRENDS

Neighborhood: Corona Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $149k627k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Corona Ranch

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q212001400160018002000220024002600Rent in $10822621

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Auburndale Intermediate School Middle Regular 507 24 3
Norco High School High Regular 2,244 83 7
Auburndale Intermediate School Middle Unknown NA

Auburndale Intermediate School

  • Education Level: Middle
  • # of students: 507
  • # of teachers: 24
3
GreatSchools Rating

Norco High School

  • Education Level: High
  • # of students: 2,244
  • # of teachers: 83
7
GreatSchools Rating

Auburndale Intermediate School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$459,000$561,000$510,000

PURCHASE PRICE

$2,097$2,563$2,330

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,330
EXPENSES Loan Payment -$1,771
Property Tax -$525
Property Insurance -$68
HOA -$98
Property Management Fees -$137
CASH FLOW
-$270

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 13% of earned rent to cover both maintenance and periods of vacancy.

$510,000

PROJECTED PRICE

$2,330

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 7.5%
Maintenance Year (1-5) 8.00%
Vacancy 5.35%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$140,900

INVESTMENT

$140,900

Down Payment
$127,500
Rehab Estimate
$5,750
Closing Costs
$7,650

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,771

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $127,500
Loan Amount $382,500
See What Happens When You Reinvest Cash Flow

2.67

YEARS SAVED

$10,887

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $2,330

    LIST RENT
  • $1.39

    LIST RENT PER SQFT
  • $2,349

    COMP ESTIMATED VALUE
  • $1.4

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,3303$2,4004$2,5005$2,800
$2,800
RENT COMPS ANALYSIS
  • 1469 Falconcrest Drive Corona, CA 2
    • 3 beds 3 baths ∙ 1,675 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,675 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $2,330
    • $1.39
    •  
  • 2131 Tehachapi Drive Corona, CA 1
    • 3 beds 3 baths ∙ 1,699 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,699 Sqft ∙ Built 1988
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.35
    •  
  • 1340 Flamingo Drive Corona, CA 3
    • 4 beds 3 baths ∙ 1,809 Sqft ∙ Built 1998 4 beds 3 baths ∙ 1,809 Sqft ∙ Built 1998
    LEASED 06/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.33
    •  
  • 761 Bonanza Circle Corona, CA 4
    • 3 beds 2 baths ∙ 1,752 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,752 Sqft ∙ Built 1995
    LEASED 08/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.43
    •  
  • 1363 Wilke Drive Corona, CA 5
    • 3 beds 3 baths ∙ 1,872 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,872 Sqft ∙ Built 1999
    LEASED 08/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.50
    •  
PROPERTY LISTING DETAILS
Chris Rice
Re/max Champions
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW21042354
Last Updated: 03/06/2021
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