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19941 Katy Way Corona, CA 92881

4 Beds 1 Baths 1,542 sqft Built 1967

$499,000

List Price

$2,240

$2K - $2.5K

Rent Est.

PROPERTY INFO

February 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1967
  • Price/Sqft : $323.61
  • 5 Days on Market
  • MLS # : OC21022068
  • Updated Date : 02/11/2021 at 15:27
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,542 sqft
  • Baths : 1 full
Listing Agent

Seven Gables Real Estate

Listing Agent's Description

A true Corona beauty has come to market! Upon entry, you are greeted with an open floor plan and a light & bright beautiful kitchen. The kitchen features stainless steel appliances, quartz counter tops, newer cabinets & a large walk-in pantry. The home is complete with tile flooring throughout, dual-pane windows, recessed lighting, AC and ceiling fans. This 4 bedroom home has generously sized rooms AND bathrooms! Speaking of generously sized, this lot is situated on over 20,000 SqFt. Plenty of room for cars, RV's, desert toys, farm animals, pets and so much more! Not to mention, this home is conveniently located to freeways, restaurants, schools and parks. This is a wonderful opportunity to own a great home in Corona!

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: El Cerrito Hills

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $138k627k

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

Neighborhood: El Cerrito Hills

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21200140016001800200022002400Rent in $10192579

* 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
El Cerrito Middle School Middle Regular 1,256 43 8
Centennial High School High Regular 3,306 119 8
El Cerrito Middle School Middle Unknown NA

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

El Cerrito Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$449,100$548,900$499,000

PURCHASE PRICE

$2,016$2,464$2,240

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,240
EXPENSES Loan Payment -$1,733
Property Tax -$466
Property Insurance -$65
Property Management Fees -$132
CASH FLOW
-$156

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.

$499,000

PROJECTED PRICE

$2,240

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 4.9%
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-$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$137,985

INVESTMENT

$137,985

Down Payment
$124,750
Rehab Estimate
$5,750
Closing Costs
$7,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,733

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $124,750
Loan Amount $374,250
See What Happens When You Reinvest Cash Flow

4.08

YEARS SAVED

$18,970

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,240

    LIST RENT
  • $1.45

    LIST RENT PER SQFT
  • $2,205

    COMP ESTIMATED VALUE
  • $1.43

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,1003$2,2404$2,595
$2,595
RENT COMPS ANALYSIS
  • 19941 Katy Way Corona, CA 3
    • 4 beds 1 baths ∙ 1,542 Sqft ∙ Built 1967 4 beds 1 baths ∙ 1,542 Sqft ∙ Built 1967
    • Rent
    • Rent Per SQFT
    •  
    • $2,240
    • $1.45
    •  
  • 19450 Envoy Avenue Corona, CA 1
    • 3 beds 2 baths ∙ 1,296 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,296 Sqft ∙ Built 1975
    LEASED 06/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.54
    •  
  • 20286 Newton Street Corona, CA 2
    • 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,550 Sqft ∙ Built 1984
    LEASED 01/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.35
    •  
  • 940 Birmingham Drive Corona, CA 4
    • 3 beds 3 baths ∙ 1,850 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,850 Sqft ∙ Built 1987
    LEASED 02/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,595
    • $1.40
    •  
PROPERTY LISTING DETAILS
Megan Gullotta
Seven Gables Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21022068
Last Updated: 02/11/2021
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