Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

1989 Moreno Avenue Corona, CA 92879

4 Beds 2 Baths 2,053 sqft Built 1980

$595,000

List Price

$2,310

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1980
  • Price/Sqft : $289.82
  • 14 Days on Market
  • MLS # : PW20222099
  • Updated Date : 11/02/2020 at 10:37
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,053 sqft
  • Baths : 2 full
Listing Agent

Re/max New Dimension

Listing Agent's Description

Home sweet home!!! Welcome to 1989 Moreno Avenue, this single story ranch style POOL home is located on a highly desirable CORNER LOT in the beautiful city of Corona. This goregous turnkey home features 4 bedrooms, 2 bathrooms, RV/BOAT parking, 3 car garage, hardwood flooring, plenty of recessed lighting, surround sound, a POOL finished with pebble tec surface, new HVAC system, dual paned windows and more! Upon entering, you will see the gorgeous dining area with high ceilings and a view of your new backyard and pool. To the right of the home, you have 3 bedrooms and a master suite with lots of natural light. To the left you will find your kitchen with pristine granite counter tops, an island, wine chiller, and stainless steel appliances. The open layout from the kitchen to the living area makes for a perfect space to entertain guests! In the backyard you will find an abundance of fruit trees along with your new GREENHOUSE to grow your own fruits and veggies, yum :) Lastly, there is NO HOA or MELLO ROOS. Don't miss this opportunity knocking at your door!!!

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: 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
 

$535,500$654,500$595,000

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 -$2,195
Property Tax -$560
Property Insurance -$77
Property Management Fees -$136
CASH FLOW
-$658

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.

$595,000

PROJECTED PRICE

$2,310

PROJECTED RENT

0.39%

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

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$163,425

INVESTMENT

$163,425

Down Payment
$148,750
Rehab Estimate
$5,750
Closing Costs
$8,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,195

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $148,750
Loan Amount $446,250
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$2,141

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
  • $1.13

    LIST RENT PER SQFT
  • $2,392

    COMP ESTIMATED VALUE
  • $1.17

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,3103$2,5954$2,6005$2,650
$2,650
RENT COMPS ANALYSIS
  • 1989 Moreno Avenue Corona, CA 2
    • 4 beds 2 baths ∙ 2,053 Sqft ∙ Built 1980 4 beds 2 baths ∙ 2,053 Sqft ∙ Built 1980
    • Rent
    • Rent Per SQFT
    •  
    • $2,310
    • $1.13
    •  
  • 524 Greengate Street Corona, CA 1
    • 4 beds 2 baths ∙ 2,055 Sqft ∙ Built 1965 4 beds 2 baths ∙ 2,055 Sqft ∙ Built 1965
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.12
    •  
  • 2514 Hidden Creek Street Corona, CA 3
    • 3 beds 3 baths ∙ 2,179 Sqft ∙ Built 2000 3 beds 3 baths ∙ 2,179 Sqft ∙ Built 2000
    LEASED 01/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,595
    • $1.19
    •  
  • 1536 Marshall Lane Corona, CA 4
    • 4 beds 3 baths ∙ 2,155 Sqft ∙ Built 1981 4 beds 3 baths ∙ 2,155 Sqft ∙ Built 1981
    LEASED 11/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.21
    •  
  • 1577 Marshall Lane Corona, CA 5
    • 5 beds 4 baths ∙ 2,318 Sqft ∙ Built 1981 5 beds 4 baths ∙ 2,318 Sqft ∙ Built 1981
    LEASED 04/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.14
    •  
PROPERTY LISTING DETAILS
Edgar Adame
Re/max New Dimension
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20222099
Last Updated: 11/02/2020
BESbswy