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1518 Camelot Drive Corona, CA 92882

4 Beds 3 Baths 1,750 sqft Built 1975

$559,900

List Price

$2,400

$2.2K - $2.6K

Rent Est.

PROPERTY INFO

December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1975
  • Price/Sqft : $319.94
  • 3 Days on Market
  • MLS # : IG20256300
  • Updated Date : 12/12/2020 at 14:39
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,750 sqft
  • Baths : 2 full , 1 half
Listing Agent

Century 21 Garland

Listing Agent's Description

Waterfront Lake Home!! Located in Village Grove Community, with Common Pools, Spas, Tennis Courts, Sports Court and more.. Thousands recently spent revamping the Private Patio/Balcony areas all for your enjoyment!! This home features, Private Courtyard leading to a Glass Entry door. All tile flooring downstairs, step down formal living and dining room areas with fireplace. French doors leading out to a million dollar view of the lake. Kitchen/family area has been updated with oak cabinets, tile countertops, breakfast bar, recessed lighting, and a fancy glass pantry door. Upstairs features laminate flooring throughout. Master Bedroom has with Private Balcony and Built in Entertainment Center, with Book shelves, and drawers. Walk in closet. Upgraded tile and vanities in baths. Other features include upgraded light fixtures, ceiling fans, mirrored closet doors, central heat and air. Direct access to a two car attached garage with washer dryer hook ups and slate tile floor. Lake privileges. This property use to have its own private boat dock and is a probable possibility.

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MARKET HIGHLIGHTS

  • 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.
  • 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)

PRICE & RENT TRENDS

Neighborhood: Central Corona

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $143k627k

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

Neighborhood: Central Corona

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
Coronita Elementary School Primary Regular 624 23 5
Corona Fundamental Intermediate School Middle Regular 1,138 38 6
Corona High School High Regular 2,933 110 5

Coronita Elementary School

  • Education Level: Primary
  • # of students: 624
  • # of teachers: 23
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
 

$503,910$615,890$559,900

PURCHASE PRICE

$2,160$2,640$2,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,400
EXPENSES Loan Payment -$2,066
Property Tax -$530
Property Insurance -$70
HOA -$65
Property Management Fees -$142
CASH FLOW
-$472

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.

$559,900

PROJECTED PRICE

$2,400

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 7.5%
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$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$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$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$154,124

INVESTMENT

$154,124

Down Payment
$139,975
Rehab Estimate
$5,750
Closing Costs
$8,399

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,066

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $139,975
Loan Amount $419,925
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$6,964

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,400

    LIST RENT
  • $1.37

    LIST RENT PER SQFT
  • $2,380

    COMP ESTIMATED VALUE
  • $1.36

    COMP AVG. RENT PER SQFT
Comps Range
$2,395
1$2,3952$2,4003$2,4004$2,5505$2,600
$2,600
RENT COMPS ANALYSIS
  • 1518 Camelot Drive Corona, CA 3
    • 4 beds 3 baths ∙ 1,750 Sqft ∙ Built 1975 4 beds 3 baths ∙ 1,750 Sqft ∙ Built 1975
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.37
    •  
  • 1317 Bottlebrush Street Corona, CA 1
    • 4 beds 3 baths ∙ 1,885 Sqft ∙ Built 1988 4 beds 3 baths ∙ 1,885 Sqft ∙ Built 1988
    property image
    LEASED 05/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $1.27
    •  
  • 1314 Casitas Circle Corona, CA 2
    • 3 beds 3 baths ∙ 1,710 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,710 Sqft ∙ Built 1988
    property image
    LEASED 11/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.40
    •  
  • 1817 Ponderosa Circle Corona, CA 4
    • 3 beds 3 baths ∙ 1,784 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,784 Sqft ∙ Built 1986
    property image
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.43
    •  
  • 1262 Biltmore Circle Corona, CA 5
    • 4 beds 3 baths ∙ 1,941 Sqft ∙ Built 1988 4 beds 3 baths ∙ 1,941 Sqft ∙ Built 1988
    property image
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.34
    •  
PROPERTY LISTING DETAILS
Tammi Schilling
Century 21 Garland
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20256300
Last Updated: 12/12/2020
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