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1905 W Ontario Avenue Corona, CA 92882

4 Beds 2 Baths 1,435 sqft Built 1968

$559,000

List Price

$2,200

$2K - $2.4K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1968
  • Price/Sqft : $389.55
  • 2 Days on Market
  • MLS # : SB20239883
  • Updated Date : 11/14/2020 at 09:31
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,435 sqft
  • Baths : 2 full
Listing Agent

South Bay Executive Realty, Inc.

Listing Agent's Description

Remodeled house, owner is relocating for work or else he would have never left. On this property enjoy the comfort of living on a corner where you almost have no neighbors. This 3 bed 2 bath (buyer to verify with city) has all the updates that you would want. Open floor plan new flooring, new kitchen, vast yard updated bathroom and master bathroom. Master bedroom has a private entrance a private bathroom and has been updated. new electrical panel and new windows. This property is ready for any homeowner from a first time buyer to a seasoned investor get ready for this to become your next home.

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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: 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
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
 

$503,100$614,900$559,000

PURCHASE PRICE

$1,980$2,420$2,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,200
EXPENSES Loan Payment -$2,062
Property Tax -$529
Property Insurance -$62
Property Management Fees -$130
CASH FLOW
-$584

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.

$559,000

PROJECTED PRICE

$2,200

PROJECTED RENT

0.39%

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-$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$153,885

INVESTMENT

$153,885

Down Payment
$139,750
Rehab Estimate
$5,750
Closing Costs
$8,385

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,062

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $139,750
Loan Amount $419,250
See What Happens When You Reinvest Cash Flow

1.08

YEARS SAVED

$3,014

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,200

    LIST RENT
  • $1.53

    LIST RENT PER SQFT
  • $2,167

    COMP ESTIMATED VALUE
  • $1.51

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,2003$2,2504$2,3005$2,500
$2,500
RENT COMPS ANALYSIS
  • 1905 W Ontario Avenue Corona, CA 2
    • 4 beds 2 baths ∙ 1,435 Sqft ∙ Built 1968 4 beds 2 baths ∙ 1,435 Sqft ∙ Built 1968
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.53
    •  
  • 1459 Camelot Drive Corona, CA 1
    • 3 beds 2 baths ∙ 1,366 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,366 Sqft ∙ Built 1972
    LEASED 01/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.46
    •  
  • 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
    •  
  • 1454 Camelot Drive Corona, CA 4
    • 3 beds 2 baths ∙ 1,495 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,495 Sqft ∙ Built 1972
    LEASED 07/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.54
    •  
  • 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
Jaime Sutachan
South Bay Executive Realty, Inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SB20239883
Last Updated: 11/14/2020
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