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1638 S Main Street Corona, CA 92882

4 Beds 2 Baths 2,104 sqft Built 1963

$585,000

List Price

$2,520

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1963
  • Price/Sqft : $278.04
  • 3 Days on Market
  • MLS # : TR21019624
  • Updated Date : 01/29/2021 at 17:34
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,104 sqft
  • Baths : 2 full
Listing Agent

J.r.a. & Associates Realty

Listing Agent's Description

Entertainers Pool House - Drive up to a horseshoe driveway with plenty of parking space. Walk into your open living room, Beautifully kitchen with quartz counter tops and newer cabinets, Tile flooring throughout out the kitchen & living room. Spacious bedrooms with fresh paint and laminate flooring. Bathrooms with tile walls in the showers and tile floors. Master bedroom is huge, a must see, with a big master bathroom and walk in closet. House also features central air & heat, dual pane windows and washer and dryer hook ups. Sparkling swimming pool for the year round hot California days. Attached 2 car garage with 4 car driveway in the back. The house is minutes from the Prestige Corona Centennial High School and easy access to the 91fwy & 15fwy.

SEE MORE

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: 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
Raney Intermediate School Middle Regular 738 30 5
Corona High School High Regular 2,933 110 5
Corona High School High Unknown NA

Raney Intermediate School

  • Education Level: Middle
  • # of students: 738
  • # of teachers: 30
5
GreatSchools Rating

Corona High School

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

Corona High School

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

$526,500$643,500$585,000

PURCHASE PRICE

$2,268$2,772$2,520

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,520
EXPENSES Loan Payment -$2,032
Property Tax -$554
Property Insurance -$78
Property Management Fees -$149
CASH FLOW
-$293

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.

$585,000

PROJECTED PRICE

$2,520

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-$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$160,775

INVESTMENT

$160,775

Down Payment
$146,250
Rehab Estimate
$5,750
Closing Costs
$8,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,032

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $146,250
Loan Amount $438,750
See What Happens When You Reinvest Cash Flow

3.17

YEARS SAVED

$14,820

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,520

    LIST RENT
  • $1.2

    LIST RENT PER SQFT
  • $2,518

    COMP ESTIMATED VALUE
  • $1.2

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,3503$2,5204$2,650
$2,650
RENT COMPS ANALYSIS
  • 1638 S Main Street Corona, CA 3
    • 4 beds 2 baths ∙ 2,104 Sqft ∙ Built 1963 4 beds 2 baths ∙ 2,104 Sqft ∙ Built 1963
    • Rent
    • Rent Per SQFT
    •  
    • $2,520
    • $1.20
    •  
  • 524 Greengate Street Corona, CA 1
    • 4 beds 2 baths ∙ 2,055 Sqft ∙ Built 1965 4 beds 2 baths ∙ 2,055 Sqft ∙ Built 1965
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.12
    •  
  • 410 E Rancho Road Corona, CA 2
    • 3 beds 2 baths ∙ 1,764 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,764 Sqft ∙ Built 1959
    LEASED 12/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.33
    •  
  • 1577 Marshall Lane Corona, CA 4
    • 5 beds 4 baths ∙ 2,318 Sqft ∙ Built 1981 5 beds 4 baths ∙ 2,318 Sqft ∙ Built 1981
    LEASED 04/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.14
    •  
PROPERTY LISTING DETAILS
Hector Najera
J.r.a. & Associates Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: TR21019624
Last Updated: 01/29/2021
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