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1701 Mojave View Circle Corona, CA 92882

3 Beds 3 Baths 1,523 sqft Built 1989

$549,000

List Price

$2,190

$2K - $2.4K

Rent Est.

PROPERTY INFO

November 05, 2020 RECENTLY ADDED
FACTS
  • Built In 1989
  • Price/Sqft : $360.47
  • 4 Days on Market
  • MLS # : IG20224404
  • Updated Date : 11/05/2020 at 10:44
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,523 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty

Listing Agent's Description

Beautifully maintained 2 story pool home on the private streets of Crown Ridge in Corona. This corner lot cul-de-sac home offers 3 bedrooms, 3 bathrooms, spacious living areas with separate living room, family room and dining room. Open flow from kitchen to the main entertaining area family room with beautiful fireplace. Nestled into the foothills of the Cleveland National Forest, this home offers a peaceful atmosphere while being just a short drive away from schools, parks and shopping. Enjoy the relaxing pool and beautiful backyard sunsets. Elevated corner lot position offers beautiful sunrise and sunset views. Community park is just across the street. Excellent proximity to the Foothill connection and Orange County.

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: Crown Ridge

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $110k627k

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

Neighborhood: Crown Ridge

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
Adams Elementary School Primary Regular 717 28 7
Adams Elementary School Middle Regular 717 28 7
Corona High School High Regular 2,933 110 5

Adams Elementary School

  • Education Level: Primary
  • # of students: 717
  • # of teachers: 28
7
GreatSchools Rating

Adams Elementary School

  • Education Level: Middle
  • # of students: 717
  • # of teachers: 28
7
GreatSchools Rating

Corona High School

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

$494,100$603,900$549,000

PURCHASE PRICE

$1,971$2,409$2,190

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,190
EXPENSES Loan Payment -$2,026
Property Tax -$520
Property Insurance -$64
HOA -$110
Property Management Fees -$129
CASH FLOW
-$659

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.

$549,000

PROJECTED PRICE

$2,190

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 8.9%
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$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

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$151,235

INVESTMENT

$151,235

Down Payment
$137,250
Rehab Estimate
$5,750
Closing Costs
$8,235

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,026

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $137,250
Loan Amount $411,750
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$896

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,190

    LIST RENT
  • $1.44

    LIST RENT PER SQFT
  • $2,323

    COMP ESTIMATED VALUE
  • $1.53

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$2,1903$2,2504$2,4005$2,500
$2,500
RENT COMPS ANALYSIS
  • 1701 Mojave View Circle Corona, CA 2
    • 3 beds 3 baths ∙ 1,523 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,523 Sqft ∙ Built 1989
    • Rent
    • Rent Per SQFT
    •  
    • $2,190
    • $1.44
    •  
  • 1418 Chalgrove Drive Corona, CA 1
    • 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
    •  
  • 1369 Brockton Drive Corona, CA 3
    • 3 beds 3 baths ∙ 1,504 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,504 Sqft ∙ Built 1988
    LEASED 02/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.50
    •  
  • 2110 San Antonio Drive Corona, CA 4
    • 3 beds 3 baths ∙ 1,516 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,516 Sqft ∙ Built 1992
    LEASED 08/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.58
    •  
  • 1553 Chalgrove Drive Corona, CA 5
    • 3 beds 3 baths ∙ 1,624 Sqft ∙ Built 1975 3 beds 3 baths ∙ 1,624 Sqft ∙ Built 1975
    LEASED 03/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.54
    •  
PROPERTY LISTING DETAILS
Michael Killam
Keller Williams Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20224404
Last Updated: 11/05/2020
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