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1779 Mintage Lane #A Corona, CA 92881

3 Beds 3 Baths 1,254 sqft Built 1984

$379,900

List Price

$1,960

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1984
  • Price/Sqft : $302.95
  • 3 Days on Market
  • MLS # : CV20233559
  • Updated Date : 11/06/2020 at 14:23
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,254 sqft
  • Baths : 2 full , 1 half
Listing Agent

Century 21 King

Listing Agent's Description

Hurry to own this light and bright three-bedroom townhouse in garden like community of Gallery. Move-in Ready you'll enjoy the additianal privacy of an end unit. Featuring 3 bedroom, 2.5 Baths, Master Bedroom with walk-in Closet, 3 Car Garage withdirect access to home: Washer and Dryer hook up. It has a beautiful private patio for entertaining. The community is highly appointed including gated pool and spa surrounded by park like grass areas and green belts, plus plenty of visitor parking. In addition the exterior has been recently painted and streets have been nicely repaved. Conveniently located close to the shopping centers, award winning schools, park and easy freeway access. Bring your fussiest buyer...this home is AMAZING in every way!

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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
John Stallings Elementary School Primary Regular 566 24 4
El Cerrito Middle School Middle Regular 1,256 43 8
Centennial High School High Regular 3,306 119 8

John Stallings Elementary School

  • Education Level: Primary
  • # of students: 566
  • # of teachers: 24
4
GreatSchools Rating

El Cerrito Middle School

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

Centennial High School

  • Education Level: High
  • # of students: 3,306
  • # of teachers: 119
8
GreatSchools Rating
 

$341,910$417,890$379,900

PURCHASE PRICE

$1,764$2,156$1,960

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,960
EXPENSES Loan Payment -$1,402
Property Tax -$359
Property Insurance -$58
HOA -$217
Property Management Fees -$116
CASH FLOW
-$190

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.

$379,900

PROJECTED PRICE

$1,960

PROJECTED RENT

0.52%

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

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$106,424

INVESTMENT

$106,424

Down Payment
$94,975
Rehab Estimate
$5,750
Closing Costs
$5,699

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,402

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $94,975
Loan Amount $284,925
See What Happens When You Reinvest Cash Flow

3

YEARS SAVED

$10,616

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,960

    LIST RENT
  • $1.56

    LIST RENT PER SQFT
  • $1,793

    COMP ESTIMATED VALUE
  • $1.43

    COMP AVG. RENT PER SQFT
Comps Range
$1,960
1$1,9602$1,9903$2,195
$2,195
RENT COMPS ANALYSIS
  • 1779 Mintage Lane Corona, CA 1
    • 3 beds 3 baths ∙ 1,254 Sqft ∙ Built 1984 3 beds 3 baths ∙ 1,254 Sqft ∙ Built 1984
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,960
    • $1.56
    •  
  • 19175 Envoy Avenue Corona, CA 2
    • 3 beds 2 baths ∙ 1,403 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,403 Sqft ∙ Built 1980
    property image
    LEASED 06/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,990
    • $1.42
    •  
  • 1124 Garretson Avenue Corona, CA 3
    • 3 beds 2 baths ∙ 1,528 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,528 Sqft ∙ Built 1987
    property image
    LEASED 10/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $1.44
    •  
PROPERTY LISTING DETAILS
Juan Torres
Century 21 King
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20233559
Last Updated: 11/06/2020
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