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2038 Conejo Street Corona, CA 92882

3 Beds 2 Baths 1,196 sqft Built 1973

INVESTimate

$505,000

List Price

$2,040

$1,836 - $2,244

Rent Est.

$542,875  ( +7.50%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 1973
  • Price/Sqft : $422.24
  • 7 Days on Market
  • MLS # : IG20170060
  • Updated Date : 08/21/2020 at 08:40
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,196 sqft
  • Baths : 2 full
Listing Agent

Active Realty

Listing Agent's Description

This darling home in a wonderful, established quiet neighborhood close to schools, shopping and churches shows pride of ownership immediately. The “Great Room” floor plan is open and bright over-looking a charming back yard where you will find a delicious orange tree and three lemon trees to accent the two magnificent grand-daddy shade trees. You will be able to enjoy the beautiful and peaceful backyard under your new patio cover. This home went through a complete transformation starting in 2017 including new kitchen with ample white cabinetry, all new stainless-steel appliances, dual stainless-steel deep sinks and, tougher than granite, quartz counter tops. The bedrooms are carpeted with a neutral frieze carpet that blends in with the same paint color throughout the house, even in the finished garage, where you will be delighted with epoxy flooring. The upgrades in this home since 2017 include double-paned windows, plantation shutters, designer molding in the master bed-room, beautiful tile-work in the master shower and both bathroom floors. The vanity counter-tops are quartz. The home has an 8’ by 10” Tuff Shed that matches the house discreetly built on the side of the home in the back. A new water heater part of the 2017 renovation. All of the closets were out-fitted with new fixturing by Closet-World. This is a home you will want to take a good look at with the expectation of finding the immaculately clean, modern yet warm charm you want in your next home.

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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
Vicentia Elementary School Primary Regular 602 24 7
Vicentia Elementary School Middle Regular 602 24 7
Corona High School High Regular 2,933 110 5

Vicentia Elementary School

  • Education Level: Primary
  • # of students: 602
  • # of teachers: 24
7
GreatSchools Rating

Vicentia Elementary School

  • Education Level: Middle
  • # of students: 602
  • # of teachers: 24
7
GreatSchools Rating

Corona High School

  • Education Level: High
  • # of students: 2,933
  • # of teachers: 110
5
GreatSchools Rating
 

$454,500$555,500$505,000

PURCHASE PRICE

$1,836$2,244$2,040

RENT

DOWN PAYMENT
FINANCING

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

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,040
EXPENSES Loan Payment -$1,863
Property Tax -$478
Property Insurance -$56
Property Management Fees -$120
CASH FLOW
-$478

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.

$505,000

PROJECTED PRICE

$2,040

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 7.50%
Maintenance Year (1-5) 8.00%
Vacancy 5.43%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$139,575

INVESTMENT

$139,575

Down Payment
$126,250
Rehab Estimate
$5,750
Closing Costs
$7,575

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,863

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $126,250
Loan Amount $378,750
See What Happens When You Reinvest Cash Flow

1.42

YEARS SAVED

$4,405

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,040

    LIST RENT
  • $1.71

    LIST RENT PER SQFT
  • $1,884

    COMP ESTIMATED VALUE
  • $1.58

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$2,0403$2,1504$2,2955$2,400
$2,400
RENT COMPS ANALYSIS
  • 2038 Conejo Street Corona, 2
    • 3 beds 2 baths ∙ 1,196 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,196 Sqft ∙ Built 1973
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,040
    • $1.71
    •  
  • 1418 Chalgrove Drive Corona, 1
    • 3 beds 2 baths ∙ 1,220 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,220 Sqft ∙ Built 1972
    property image
    LEASED 10/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.48
    •  
  • 1324 Camelot Drive Corona, 3
    • 3 beds 2 baths ∙ 1,364 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,364 Sqft ∙ Built 1977
    property image
    LEASED 11/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.58
    •  
  • 1412 Coyote Drive Corona, 4
    • 3 beds 2 baths ∙ 1,367 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,367 Sqft ∙ Built 1988
    property image
    LEASED 08/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $1.68
    •  
  • 1120 W Citron Street Corona, 5
    • 4 beds 2 baths ∙ 1,540 Sqft ∙ Built 1975 4 beds 2 baths ∙ 1,540 Sqft ∙ Built 1975
    property image
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.56
    •  
PROPERTY LISTING DETAILS
Monica Lopez
Active Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20170060
Last Updated: 08/21/2020
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