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1908 Garretson Avenue Corona, CA 92879

4 Beds 4 Baths 2,222 sqft Built 1951

$590,000

List Price

$2,540

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

November 20, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1951
  • Price/Sqft : $265.53
  • 4 Days on Market
  • MLS # : PW20243516
  • Updated Date : 11/20/2020 at 09:35
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,222 sqft
  • Baths : 4 full
Listing Agent

Freedom First Properties

Listing Agent's Description

Single story 3 bedroom, 2 bath home on flat, expansive 1/2 acre plus a 1 bedroom 1 bathroom guest home/ADU/mother in law's unit with its own fireplace and private backyard. Looking for help paying the mortgage? Live in one and rent out the other. Looking for an investment property? Keep current (lovely) tenants. We understand that both units may be rented out under current ADU laws but buyer to confirm. At time of tenant placement, could only be rented together (as one). However, expansive new ADU laws in place now might allow a more comprehensive income opportunity. Looking for even more revenue? Contact city to see if add'l unit permitted with large lot size/area. Ample parking with a 2 car garage (that separates the main home from the guest home) and a large, circular driveway. Commuting? Easy access to local freeways and toll roads. Looking for renters? Did we mention the lovely tenants currently in place--but please do no disturb them.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
Lincoln Alternative Elementary School Primary Magnet 967 35 9
Lincoln Alternative Elementary School Middle Magnet 967 35 9
Centennial High School High Regular 3,306 119 8

Lincoln Alternative Elementary School

  • Education Level: Primary
  • # of students: 967
  • # of teachers: 35
9
GreatSchools Rating

Lincoln Alternative Elementary School

  • Education Level: Middle
  • # of students: 967
  • # of teachers: 35
9
GreatSchools Rating

Centennial High School

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

$531,000$649,000$590,000

PURCHASE PRICE

$2,286$2,794$2,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,540
EXPENSES Loan Payment -$2,177
Property Tax -$559
Property Insurance -$81
Property Management Fees -$150
CASH FLOW
-$426

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.

$590,000

PROJECTED PRICE

$2,540

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-$10k-$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$162,100

INVESTMENT

$162,100

Down Payment
$147,500
Rehab Estimate
$5,750
Closing Costs
$8,850

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,177

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $147,500
Loan Amount $442,500
See What Happens When You Reinvest Cash Flow

2.25

YEARS SAVED

$11,281

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,540

    LIST RENT
  • $1.14

    LIST RENT PER SQFT
  • $2,378

    COMP ESTIMATED VALUE
  • $1.07

    COMP AVG. RENT PER SQFT
Comps Range
$2,250
1$2,2502$2,540
$2,540
RENT COMPS ANALYSIS
  • 1908 Garretson Avenue Corona, CA 2
    • 4 beds 4 baths ∙ 2,222 Sqft ∙ Built 1951 4 beds 4 baths ∙ 2,222 Sqft ∙ Built 1951
    • Rent
    • Rent Per SQFT
    •  
    • $2,540
    • $1.14
    •  
  • 1649 Washburn Circle Corona, CA 1
    • 4 beds 3 baths ∙ 2,104 Sqft ∙ Built 1963 4 beds 3 baths ∙ 2,104 Sqft ∙ Built 1963
    LEASED 05/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.07
    •  
PROPERTY LISTING DETAILS
Melinda Johnson
Freedom First Properties
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20243516
Last Updated: 11/20/2020
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