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1512 Teta Drive Corona, CA 92882

3 Beds 2 Baths 1,152 sqft Built 1959

$450,000

List Price

$1,750

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1959
  • Price/Sqft : $390.63
  • 5 Days on Market
  • MLS # : PW20238182
  • Updated Date : 11/13/2020 at 18:14
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,152 sqft
  • Baths : 2 full
Listing Agent

Seven Gables Real Estate

Listing Agent's Description

Fixer-Opportunity-Possible ADU converion or Car enthusiast. This home has an Attached 2 car garage and a Detached Oversized 2 car garage(800 sq ft) with Alley access(possible ADU conversion-verify with City of Corona) Located on the back of the oversized lot. Kitchen with eating area, Living room, Laundry room and galley style Kitchen, Newer Roof. Close to schools, shopping centers and easy freeway access.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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.

PRICE & RENT TRENDS

Neighborhood: Buena Vista Park

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $132k627k

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

Neighborhood: Buena Vista Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21200140016001800200022002400Rent in $10822579

* 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
Jefferson Elementary School Primary Regular 839 30 5
Corona Fundamental Intermediate School Middle Regular 1,138 38 6
Corona High School High Regular 2,933 110 5

Jefferson Elementary School

  • Education Level: Primary
  • # of students: 839
  • # of teachers: 30
5
GreatSchools Rating

Corona Fundamental Intermediate School

  • Education Level: Middle
  • # of students: 1,138
  • # of teachers: 38
6
GreatSchools Rating

Corona High School

  • Education Level: High
  • # of students: 2,933
  • # of teachers: 110
5
GreatSchools Rating
 

$405,000$495,000$450,000

PURCHASE PRICE

$1,575$1,925$1,750

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,750
EXPENSES Loan Payment -$1,660
Property Tax -$426
Property Insurance -$55
Property Management Fees -$103
CASH FLOW
-$495

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.

$450,000

PROJECTED PRICE

$1,750

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 6.3%
Maintenance Year (1-5) 8.00%
Vacancy 5.43%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$125,000

INVESTMENT

$125,000

Down Payment
$112,500
Rehab Estimate
$5,750
Closing Costs
$6,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,660

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $112,500
Loan Amount $337,500
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,623

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,750

    LIST RENT
  • $1.52

    LIST RENT PER SQFT
  • $1,760

    COMP ESTIMATED VALUE
  • $1.53

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,8003$2,0004$2,1505$2,200
$2,200
RENT COMPS ANALYSIS
  • 1512 Teta Drive Corona, CA 1
    • 3 beds 2 baths ∙ 1,152 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,152 Sqft ∙ Built 1959
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.52
    •  
  • 1418 Chalgrove Drive Corona, CA 2
    • 3 beds 2 baths ∙ 1,220 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,220 Sqft ∙ Built 1972
    LEASED 10/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.48
    •  
  • 1459 Camelot Drive Corona, CA 3
    • 3 beds 2 baths ∙ 1,366 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,366 Sqft ∙ Built 1972
    LEASED 01/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.46
    •  
  • 1324 Camelot Drive Corona, CA 4
    • 3 beds 2 baths ∙ 1,364 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,364 Sqft ∙ Built 1977
    LEASED 11/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.58
    •  
  • 323 E Rancho Road Corona, CA 5
    • 4 beds 2 baths ∙ 1,384 Sqft ∙ Built 1962 4 beds 2 baths ∙ 1,384 Sqft ∙ Built 1962
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.59
    •  
PROPERTY LISTING DETAILS
Eduardo Vargas
Seven Gables Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20238182
Last Updated: 11/13/2020
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