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

202 E Monterey Road Corona, CA 92879

5 Beds 3 Baths 2,214 sqft Built 1962

$630,000

List Price

$2,600

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

January 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1962
  • Price/Sqft : $284.55
  • 5 Days on Market
  • MLS # : IG21017875
  • Updated Date : 01/27/2021 at 17:14
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,214 sqft
  • Baths : 3 full
Listing Agent

Blue Water Realty

Listing Agent's Description

LOVELY CORONA HOME ON EXTRA LARGE LOT. This inviting ranch style home sits on over 10,000 SF of nicely landscaped yard with true curb appeal. The entire interior has been updated including granite countertops, brand new convection oven and microwave, upgraded flooring and so much more. Whether relaxing in the large living and family rooms (both with fireplaces) or stepping out to the new outdoor kitchen your family and guests will enjoy their entertainment experience. There are three bedrooms and two baths downstairs and two bedrooms and a bath upstairs. This secluded upstairs suite offers a great spot for an in home office or guests with beautiful views of the mountains and valley. A bright and open kitchen with oversized dining area includes a walk in pantry, large windows with nice views and is conveniently located just off the living and family rooms. Other interior features include wood shutters throughout, a window seat in one bedroom and a double vanity in the bathroom. Outdoors you will find a new Alumawood patio cover, attached workshop, fun playhouse and sand box, tree swing, lots of fruit bearing trees, newer roof and newer exterior paint. A new water heater has recently been installed. All of this in an awesome neighborhood, close to shopping and in an award winning school district. Bring your family and enjoy the good life.

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: 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
Auburndale Intermediate School Middle Regular 507 24 3
Centennial High School High Regular 3,306 119 8
Auburndale Intermediate School Middle Unknown NA

Auburndale Intermediate School

  • Education Level: Middle
  • # of students: 507
  • # of teachers: 24
3
GreatSchools Rating

Centennial High School

  • Education Level: High
  • # of students: 3,306
  • # of teachers: 119
8
GreatSchools Rating

Auburndale Intermediate School

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

$567,000$693,000$630,000

PURCHASE PRICE

$2,340$2,860$2,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,600
EXPENSES Loan Payment -$2,188
Property Tax -$597
Property Insurance -$81
Property Management Fees -$153
CASH FLOW
-$419

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.

$630,000

PROJECTED PRICE

$2,600

PROJECTED RENT

0.41%

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$500k$1.0M$1.5M$2.0M

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$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$172,700

INVESTMENT

$172,700

Down Payment
$157,500
Rehab Estimate
$5,750
Closing Costs
$9,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,188

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $157,500
Loan Amount $472,500
See What Happens When You Reinvest Cash Flow

2.25

YEARS SAVED

$10,187

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,600

    LIST RENT
  • $1.17

    LIST RENT PER SQFT
  • $2,502

    COMP ESTIMATED VALUE
  • $1.13

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,6003$2,650
$2,650
RENT COMPS ANALYSIS
  • 202 E Monterey Road Corona, CA 2
    • 5 beds 3 baths ∙ 2,214 Sqft ∙ Built 1962 5 beds 3 baths ∙ 2,214 Sqft ∙ Built 1962
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.17
    •  
  • 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
    •  
  • 1577 Marshall Lane Corona, CA 3
    • 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
Cheryl Brown
Blue Water Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG21017875
Last Updated: 01/27/2021
BESbswy