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1966 Adobe Avenue Corona, CA 92882

3 Beds 2 Baths 1,455 sqft Built 1984

$525,000

List Price

$2,150

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1984
  • Price/Sqft : $360.82
  • 3 Days on Market
  • MLS # : IG20234692
  • Updated Date : 11/07/2020 at 14:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,455 sqft
  • Baths : 2 full
Listing Agent

Ega Homes

Listing Agent's Description

Come visit this great 3 bedroom home located in a well established area of Corona. You can enjoy a kitchen that opens into the dining area, a living room with a cozy fireplace, a large yard with a TWO patios, one off of the dining area, and the other at the back of the home. With a lot size of almost 14,000 square feet there is plenty room and tons of potential for this back yard! NO MELLO ROOS and NO HOA! Make an appointment to view!

SEE MORE

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: South Corona

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650k700kPrice in $149k712k

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

Neighborhood: South Corona

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2120014001600180020002200240026002800Rent in $10822894

* 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
 

$472,500$577,500$525,000

PURCHASE PRICE

$1,935$2,365$2,150

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,150
EXPENSES Loan Payment -$1,937
Property Tax -$497
Property Insurance -$62
Property Management Fees -$127
CASH FLOW
-$473

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.

$525,000

PROJECTED PRICE

$2,150

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 5.2%
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$200k$400k$600k$800k$1.0M$1.2M$1.4M

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$144,875

INVESTMENT

$144,875

Down Payment
$131,250
Rehab Estimate
$5,750
Closing Costs
$7,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,937

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $131,250
Loan Amount $393,750
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$5,516

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,150

    LIST RENT
  • $1.48

    LIST RENT PER SQFT
  • $2,212

    COMP ESTIMATED VALUE
  • $1.52

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,1503$2,2504$2,4005$2,500
$2,500
RENT COMPS ANALYSIS
  • 1966 Adobe Avenue Corona, CA 2
    • 3 beds 2 baths ∙ 1,455 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,455 Sqft ∙ Built 1984
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.48
    •  
  • 1459 Camelot Drive Corona, CA 1
    • 3 beds 2 baths ∙ 1,366 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,366 Sqft ∙ Built 1972
    property image
    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
    property image
    LEASED 02/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.50
    •  
  • 2110 San Antonio Drive Corona, CA 4
    • 3 beds 3 baths ∙ 1,516 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,516 Sqft ∙ Built 1992
    property image
    LEASED 08/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.58
    •  
  • 1553 Chalgrove Drive Corona, CA 5
    • 3 beds 3 baths ∙ 1,624 Sqft ∙ Built 1975 3 beds 3 baths ∙ 1,624 Sqft ∙ Built 1975
    property image
    LEASED 03/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.54
    •  
PROPERTY LISTING DETAILS
Ruben Hernandez
Ega Homes
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20234692
Last Updated: 11/07/2020
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