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PROPERTY INFO
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!
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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
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: South Corona
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
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
| 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
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$144,875
LOAN DETAILS
$1,937
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $131,250 |
| Loan Amount | $393,750 |
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
-
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
Ega Homes
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: IG20234692
Last Updated: 11/07/2020
