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1615 Spyglass Drive Corona, CA 92883

4 Beds 3 Baths 2,623 sqft Built 2001

$729,900

List Price

$2,810

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

February 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $278.27
  • 2 Days on Market
  • MLS # : IG21025524
  • Updated Date : 02/06/2021 at 22:17
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,623 sqft
  • Baths : 3 full
Listing Agent

Keller Williams Realty

Listing Agent's Description

Absolutely gorgeous one story in Eagle Glen!! Move in ready, 2623 Sq/Ft, 4 bedrooms, 3 full baths, formal living and dining rooms, island kitchen with white cabinets, granite counters/back splash, stainless steel appliances, pendant lighting, breakfast nook, fireplace in family room, spacious master suite, large walk-in closet, spa tub, attic fan, new paint inside and out, beautiful LVT flooring throughout, private rear yard , 35 ft alluma-wood patio cover with 2 ceiling fans, lemon trees, 8276 Sq/Ft lot, 3 car tandem garage, built in 2001, low, low taxes, walking distance to Wilson Elementary, park, tennis courts, golf course, clubhouse and shopping. Your buyer's will absolutely love this home!!

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: Eagle Glen

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650k700kPrice in $149k717k

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

Neighborhood: Eagle Glen

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2120014001600180020002200240026002800Rent in $10822867

* 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
El Cerrito Middle School Middle Regular 1,256 43 8
Santiago High School High Regular 3,692 129 8
El Cerrito Middle School Middle Unknown NA

El Cerrito Middle School

  • Education Level: Middle
  • # of students: 1,256
  • # of teachers: 43
8
GreatSchools Rating

Santiago High School

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

El Cerrito Middle School

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

$656,910$802,890$729,900

PURCHASE PRICE

$2,529$3,091$2,810

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,810
EXPENSES Loan Payment -$2,535
Property Tax -$803
Property Insurance -$91
HOA -$72
Property Management Fees -$166
CASH FLOW
-$857

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.

$729,900

PROJECTED PRICE

$2,810

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 4.5%
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$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$199,174

INVESTMENT

$199,174

Down Payment
$182,475
Rehab Estimate
$5,750
Closing Costs
$10,949

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,535

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $182,475
Loan Amount $547,425
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$656

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,810

    LIST RENT
  • $1.07

    LIST RENT PER SQFT
  • $2,898

    COMP ESTIMATED VALUE
  • $1.11

    COMP AVG. RENT PER SQFT
Comps Range
$2,600
1$2,6002$2,8003$2,8104$3,0005$3,300
$3,300
RENT COMPS ANALYSIS
  • 1615 Spyglass Drive Corona, CA 3
    • 4 beds 3 baths ∙ 2,623 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,623 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $2,810
    • $1.07
    •  
  • 1189 Carter Lane Corona, CA 1
    • 3 beds 3 baths ∙ 2,344 Sqft ∙ Built 1999 3 beds 3 baths ∙ 2,344 Sqft ∙ Built 1999
    LEASED 10/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.11
    •  
  • 3757 Nelson Street Corona, CA 2
    • 5 beds 3 baths ∙ 2,555 Sqft ∙ Built 2012 5 beds 3 baths ∙ 2,555 Sqft ∙ Built 2012
    LEASED 08/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.10
    •  
  • 4399 Driving Range Road Corona, CA 4
    • 4 beds 3 baths ∙ 2,740 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,740 Sqft ∙ Built 2000
    LEASED 06/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.09
    •  
  • 4329 Driving Range Road Corona, CA 5
    • 5 beds 3 baths ∙ 2,942 Sqft ∙ Built 2000 5 beds 3 baths ∙ 2,942 Sqft ∙ Built 2000
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $1.12
    •  
PROPERTY LISTING DETAILS
John Simcoe
Keller Williams Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG21025524
Last Updated: 02/06/2021
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