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1479 Iris Grove Circle Corona, CA 92881

5 Beds 3 Baths 2,811 sqft Built 1996

$749,900

List Price

$2,920

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1996
  • Price/Sqft : $266.77
  • 3 Days on Market
  • MLS # : IG20234507
  • Updated Date : 11/06/2020 at 17:24
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,811 sqft
  • Baths : 3 full
Listing Agent

Vista Pacific Realty

Listing Agent's Description

South Corona pool home! You will love this very well kept home by the original owners! 5 bed 3 bath home on culdesac, very desirable Chase Ranch community! Brick entry area leads to living room with vaulted ceilings, large windows bringing in lot's of lighting and wonderful mountain views. Living room open to dining room. All rooms have ceiling fans and all windows in the house are tinted. Kitchen has stainless steel appliances with alot of cabinetry for storage. Kitchen is open to large family room with entertainment nook for family gatherings. 1 bed and 1 bath located downstairs. Laundry room can be used for storage room as laundry hookups & utility sink also in garage. 4 remaining bedrooms are located upstairs and are all large with awesome mountain views. Large loft/game room with double french doors leading to balcony with custom rod iron and spiral staircase leading to pool and entertaining area. Nice master suite with seating area, vaulted ceilings as well as double door entry to balcony with view. Master bathroom has been nicely remodeled with travertine, walk in shower, new shower glass doors & fixtures, large tub and dual sinks. You will absolutely love the huge backyard, it is just an entertainer's delight! With heated pebble bottom pool & spa, putting green, and lot's of area for parties, barbque's, holidays, family gatherings, you name it! If you love entertaining, this is the perfect home for you!! Solar is paid for! Don''t miss out on this wonderful home!

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Chase Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650k700kPrice in $149k732k

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

Neighborhood: Chase Ranch

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2120014001600180020002200240026002800Rent in $10822931

* 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
Orange Elementary School Primary Regular 789 28 7
Orange Elementary School Middle Regular 789 28 7
Santiago High School High Regular 3,692 129 8

Orange Elementary School

  • Education Level: Primary
  • # of students: 789
  • # of teachers: 28
7
GreatSchools Rating

Orange Elementary School

  • Education Level: Middle
  • # of students: 789
  • # of teachers: 28
7
GreatSchools Rating

Santiago High School

  • Education Level: High
  • # of students: 3,692
  • # of teachers: 129
8
GreatSchools Rating
 

$674,910$824,890$749,900

PURCHASE PRICE

$2,628$3,212$2,920

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,920
EXPENSES Loan Payment -$2,767
Property Tax -$818
Property Insurance -$95
Property Management Fees -$172
CASH FLOW
-$932

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.

$749,900

PROJECTED PRICE

$2,920

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 4.6%
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$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$204,474

INVESTMENT

$204,474

Down Payment
$187,475
Rehab Estimate
$5,750
Closing Costs
$11,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,767

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $187,475
Loan Amount $562,425
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$992

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,920

    LIST RENT
  • $1.04

    LIST RENT PER SQFT
  • $3,071

    COMP ESTIMATED VALUE
  • $1.09

    COMP AVG. RENT PER SQFT
Comps Range
$2,650
1$2,6502$2,9203$3,0004$3,2005$3,500
$3,500
RENT COMPS ANALYSIS
  • 1479 Iris Grove Circle Corona, CA 2
    • 5 beds 3 baths ∙ 2,811 Sqft ∙ Built 1996 5 beds 3 baths ∙ 2,811 Sqft ∙ Built 1996
    • Rent
    • Rent Per SQFT
    •  
    • $2,920
    • $1.04
    •  
  • 1456 Pinewood Drive Corona, CA 1
    • 4 beds 3 baths ∙ 2,485 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,485 Sqft ∙ Built 2000
    LEASED 07/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.07
    •  
  • 1387 Roadrunner Drive Corona, CA 3
    • 5 beds 3 baths ∙ 2,884 Sqft ∙ Built 1999 5 beds 3 baths ∙ 2,884 Sqft ∙ Built 1999
    LEASED 09/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.04
    •  
  • 1448 Pinewood Drive Corona, CA 4
    • 4 beds 3 baths ∙ 3,118 Sqft ∙ Built 2000 4 beds 3 baths ∙ 3,118 Sqft ∙ Built 2000
    LEASED 09/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.03
    •  
  • 3090 Tarocco Drive Corona, CA 5
    • 4 beds 3 baths ∙ 2,835 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,835 Sqft ∙ Built 1997
    LEASED 07/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.23
    •  
PROPERTY LISTING DETAILS
Cherise Valenzuela
Vista Pacific Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20234507
Last Updated: 11/06/2020
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