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1935 Stonehaven Drive Corona, CA 92879

5 Beds 2 Baths 2,321 sqft Built 1995

$695,000

List Price

$2,700

$2.5K - $3K

Rent Est.

PROPERTY INFO

November 02, 2020 RECENTLY ADDED
FACTS
  • Built In 1995
  • Price/Sqft : $299.44
  • 5 Days on Market
  • MLS # : TR20229638
  • Updated Date : 11/01/2020 at 19:55
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,321 sqft
  • Baths : 2 full
Listing Agent

Good Harvest Investment Group

Listing Agent's Description

Welcome home. The perfect starter home for any family looking for move-in ready in Corona Hills. The resident features has 5 bedrooms and 3 bathrooms, including 1 bedroom with a 3/4 bathroom on the first floor. 4 bedrooms and 2 full bathrooms on the second floor. Bright and cozy living room with high ceiling. The recessed lights are PLUS to every room. Kitchen with granite countertop and totally renovated in 2 and half years ago. 3 bathrooms cabinets are renovated with quarts counters. The back yard is just incredible with a large lush green lawn. This is a good opportunity to own a unique home with beautiful neighborhood with parks within walking distance and close to 91/15 freeways, running trails, golf courses, shopping and entertainment. MUST SEE

SEE MORE

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: Corona Hills

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $149k627k

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

Neighborhood: Corona Hills

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
William Mckinley Elementary School Primary Regular 761 29 7
William Mckinley Elementary School Middle Regular 761 29 7
Centennial High School High Regular 3,306 119 8

William Mckinley Elementary School

  • Education Level: Primary
  • # of students: 761
  • # of teachers: 29
7
GreatSchools Rating

William Mckinley Elementary School

  • Education Level: Middle
  • # of students: 761
  • # of teachers: 29
7
GreatSchools Rating

Centennial High School

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

$625,500$764,500$695,000

PURCHASE PRICE

$2,430$2,970$2,700

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,700
EXPENSES Loan Payment -$2,564
Property Tax -$671
Property Insurance -$83
HOA -$115
Property Management Fees -$159
CASH FLOW
-$892

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.

$695,000

PROJECTED PRICE

$2,700

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 7.3%
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$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530-$15k-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$189,925

INVESTMENT

$189,925

Down Payment
$173,750
Rehab Estimate
$5,750
Closing Costs
$10,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,564

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $173,750
Loan Amount $521,250
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$608

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,700

    LIST RENT
  • $1.16

    LIST RENT PER SQFT
  • $2,797

    COMP ESTIMATED VALUE
  • $1.21

    COMP AVG. RENT PER SQFT
Comps Range
$2,395
1$2,3952$2,4753$2,7004$2,7005$2,850
$2,850
RENT COMPS ANALYSIS
  • 1935 Stonehaven Drive Corona, CA 4
    • 5 beds 2 baths ∙ 2,321 Sqft ∙ Built 1995 5 beds 2 baths ∙ 2,321 Sqft ∙ Built 1995
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.16
    •  
  • 2141 La Cruz Circle Corona, CA 1
    • 4 beds 3 baths ∙ 1,999 Sqft ∙ Built 1990 4 beds 3 baths ∙ 1,999 Sqft ∙ Built 1990
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $1.20
    •  
  • 376 Colfax Circle Corona, CA 2
    • 4 beds 4 baths ∙ 1,990 Sqft ∙ Built 1989 4 beds 4 baths ∙ 1,990 Sqft ∙ Built 1989
    LEASED 09/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,475
    • $1.24
    •  
  • 2614 Las Mercedes Lane Corona, CA 3
    • 4 beds 3 baths ∙ 2,325 Sqft ∙ Built 1990 4 beds 3 baths ∙ 2,325 Sqft ∙ Built 1990
    LEASED 06/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.16
    •  
  • 1129 Ginger Lane Corona, CA 5
    • 4 beds 3 baths ∙ 2,330 Sqft ∙ Built 1990 4 beds 3 baths ∙ 2,330 Sqft ∙ Built 1990
    LEASED 04/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $1.22
    •  
PROPERTY LISTING DETAILS
Clorina Lin
Good Harvest Investment Group
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: TR20229638
Last Updated: 11/01/2020
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