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1655 Fairmont Drive Corona, CA 92882

4 Beds 3 Baths 1,761 sqft Built 1987

$559,900

List Price

$2,450

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

December 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1987
  • Price/Sqft : $317.94
  • 3 Days on Market
  • MLS # : IG20255761
  • Updated Date : 12/11/2020 at 10:39
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,761 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty

Listing Agent's Description

Charming, highly upgraded home in the highly sought after area of South Corona! Walking into this bright, airy home, you will find the dining and living room area, featuring cathedral ceilings, accentuated by the brand new vinyl wood flooring. Moving into the family room, you will love the stack stone fireplace, and the newly upgraded kitchen features stainless steel appliances, slow close drawers and cabinets, and granite countertops - perfect for any chef or entertainer! Upstairs you will find all 4 bedrooms, including the remodeled master bedroom and bathroom, which will feel like your very own spa retreat. The backyard is the perfect spot to relax on the patio or tend to your garden in the vertical garden beds, while the kids play on the Gorilla Play Gym with rubber mulch underneath and extra large sand pit - the whole family can have hours of fun outside! With brand new plantation shutters throughout, recessed lighting, chandeliers, and base boards throughout, plus the new tankless water heater, roof tile inspection and replaced tiles, you have found your new dreamhouse!

SEE MORE

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
Ben Franklin Elementary School Primary Regular 831 29 8
Ben Franklin Elementary School Middle Regular 831 29 8
Corona High School High Regular 2,933 110 5

Ben Franklin Elementary School

  • Education Level: Primary
  • # of students: 831
  • # of teachers: 29
8
GreatSchools Rating

Ben Franklin Elementary School

  • Education Level: Middle
  • # of students: 831
  • # of teachers: 29
8
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

$2,205$2,695$2,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,450
EXPENSES Loan Payment -$2,066
Property Tax -$533
Property Insurance -$70
Property Management Fees -$145
CASH FLOW
-$364

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

$2,450

PROJECTED RENT

0.44%

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$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 55% 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

2.5

YEARS SAVED

$13,015

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,450

    LIST RENT
  • $1.39

    LIST RENT PER SQFT
  • $2,439

    COMP ESTIMATED VALUE
  • $1.39

    COMP AVG. RENT PER SQFT
Comps Range
$2,395
1$2,3952$2,4003$2,4504$2,5505$2,600
$2,600
RENT COMPS ANALYSIS
  • 1655 Fairmont Drive Corona, CA 3
    • 4 beds 3 baths ∙ 1,761 Sqft ∙ Built 1987 4 beds 3 baths ∙ 1,761 Sqft ∙ Built 1987
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.39
    •  
  • 1317 Bottlebrush Street Corona, CA 1
    • 4 beds 3 baths ∙ 1,885 Sqft ∙ Built 1988 4 beds 3 baths ∙ 1,885 Sqft ∙ Built 1988
    LEASED 05/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $1.27
    •  
  • 1116 Daffodil Street Corona, CA 2
    • 4 beds 2 baths ∙ 1,604 Sqft ∙ Built 1976 4 beds 2 baths ∙ 1,604 Sqft ∙ Built 1976
    LEASED 06/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.50
    •  
  • 1817 Ponderosa Circle Corona, CA 4
    • 3 beds 3 baths ∙ 1,784 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,784 Sqft ∙ Built 1986
    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
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.34
    •  
PROPERTY LISTING DETAILS
Dave Clark
Keller Williams Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20255761
Last Updated: 12/11/2020
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