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1962 Turnberry Lane Corona, CA 92881

4 Beds 3 Baths 1,701 sqft Built 1987

$549,500

List Price

$2,310

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

December 01, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1987
  • Price/Sqft : $323.05
  • 6 Days on Market
  • MLS # : IG20248952
  • Updated Date : 12/05/2020 at 16:17
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,701 sqft
  • Baths : 3 full
Listing Agent

Canyon Country Realty

Listing Agent's Description

You just found a GEM! Give away your paint brush and hammer- you won't need them as the Seller's have done the updates for you. Recent new flooring on ground floor, recent paint, replumbed summer of 2020, 1 bedroom downstairs (or office), 3/4 bathroom downstairs. Master bedroom upstairs, and 2 nice sized guest rooms. There is a 3 car garage with lots of room for cars, hobbies, playroom, etc. Walk into the house and get a feeling of openness with the cathedral ceiling, spacious living room/dining room, separate family room w/ fireplace. There are custom cabinets in kitchen & beautiful granite countertops. Throughout the home are numerous ceiling fans, and many windows are dual pane for energy efficiency along with a whole house fan, new heater & a/c unit installed in 2020. If you need storage areas there is overhead storage in garage (attic), a nice side area. Metal shed in backyard stays for your garden materials. Speaking of backyard and garden you will love the raised beds for planting and the mature fruit trees that include: avocado (hass and fuerte), peach, apple, navel orange, grapefruit, pomegranate. It is so nice to sit under the covered patio and enjoy nature!

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: Concordia

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $143k627k

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

Neighborhood: Concordia

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
 

$494,550$604,450$549,500

PURCHASE PRICE

$2,079$2,541$2,310

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,310
EXPENSES Loan Payment -$2,027
Property Tax -$536
Property Insurance -$68
Property Management Fees -$136
CASH FLOW
-$458

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.

$549,500

PROJECTED PRICE

$2,310

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 4.8%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$151,368

INVESTMENT

$151,368

Down Payment
$137,375
Rehab Estimate
$5,750
Closing Costs
$8,243

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,027

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $137,375
Loan Amount $412,125
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$7,309

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,310

    LIST RENT
  • $1.36

    LIST RENT PER SQFT
  • $2,360

    COMP ESTIMATED VALUE
  • $1.39

    COMP AVG. RENT PER SQFT
Comps Range
$2,195
1$2,1952$2,3103$2,3504$2,4005$2,595
$2,595
RENT COMPS ANALYSIS
  • 1962 Turnberry Lane Corona, CA 2
    • 4 beds 3 baths ∙ 1,701 Sqft ∙ Built 1987 4 beds 3 baths ∙ 1,701 Sqft ∙ Built 1987
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,310
    • $1.36
    •  
  • 1124 Garretson Avenue Corona, CA 1
    • 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
    •  
  • 1088 Viewpointe Lane Corona, CA 3
    • 4 beds 3 baths ∙ 1,752 Sqft ∙ Built 1998 4 beds 3 baths ∙ 1,752 Sqft ∙ Built 1998
    property image
    LEASED 02/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.34
    •  
  • 1036 Sunbeam Lane Corona, CA 4
    • 4 beds 3 baths ∙ 1,752 Sqft ∙ Built 1997 4 beds 3 baths ∙ 1,752 Sqft ∙ Built 1997
    property image
    LEASED 04/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.37
    •  
  • 940 Birmingham Drive Corona, CA 5
    • 3 beds 3 baths ∙ 1,850 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,850 Sqft ∙ Built 1987
    property image
    LEASED 02/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,595
    • $1.40
    •  
PROPERTY LISTING DETAILS
Richard Walchle
Canyon Country Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20248952
Last Updated: 12/05/2020
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