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2091 Ridgeview Corona, CA 92882

3 Beds 2 Baths 1,654 sqft Built 1962

$529,000

List Price

$2,400

$2.2K - $2.6K

Rent Est.

PROPERTY INFO

December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1962
  • Price/Sqft : $319.83
  • 3 Days on Market
  • MLS # : PW20256083
  • Updated Date : 12/11/2020 at 17:31
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,654 sqft
  • Baths : 2 full
Listing Agent

Century 21 Award

Listing Agent's Description

Welcome to 2091 Ridgeview Terrace in the foothills of Corona and only minutes form Orange County! Stay at home and enjoy your Sparkling Pool! The very large bonus/ Family room is big enough for school work, office and also to have a pool table!! This great single story home has lots of upgrades. laminate flooring, granite counters, remodeled kitchen, recessed lights, central air, dual pane windows, large indoor laundry room with many cabinets, large front yard, pool/spa and a view of the beautiful green hills from your backyard. This home is located only a few miles from Orange County and has easy access to the freeway. NO HOA and NO Mello-Roos!!

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • 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)

PRICE & RENT TRENDS

Neighborhood: Coronita

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $143k627k

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

Neighborhood: Coronita

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
Cesar Chavez Academy Primary Regular 952 33 6
Cesar Chavez Academy Middle Regular 952 33 6
Corona High School High Regular 2,933 110 5

Cesar Chavez Academy

  • Education Level: Primary
  • # of students: 952
  • # of teachers: 33
6
GreatSchools Rating

Cesar Chavez Academy

  • Education Level: Middle
  • # of students: 952
  • # of teachers: 33
6
GreatSchools Rating

Corona High School

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

$476,100$581,900$529,000

PURCHASE PRICE

$2,160$2,640$2,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,400
EXPENSES Loan Payment -$1,952
Property Tax -$495
Property Insurance -$67
Property Management Fees -$142
CASH FLOW
-$255

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.

$529,000

PROJECTED PRICE

$2,400

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 5.3%
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

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$145,935

INVESTMENT

$145,935

Down Payment
$132,250
Rehab Estimate
$5,750
Closing Costs
$7,935

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,952

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $132,250
Loan Amount $396,750
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$18,423

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,400

    LIST RENT
  • $1.45

    LIST RENT PER SQFT
  • $2,477

    COMP ESTIMATED VALUE
  • $1.5

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,3003$2,3004$2,4005$2,500
$2,500
RENT COMPS ANALYSIS
  • 2091 Ridgeview Corona, CA 4
    • 3 beds 2 baths ∙ 1,654 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,654 Sqft ∙ Built 1962
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.45
    •  
  • 2288 Ridgeview Corona, CA 1
    • 4 beds 1 baths ∙ 1,515 Sqft ∙ Built 1962 4 beds 1 baths ∙ 1,515 Sqft ∙ Built 1962
    property image
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.39
    •  
  • 1478 Via Del Rio Corona, CA 2
    • 3 beds 3 baths ∙ 1,513 Sqft ∙ Built 1973 3 beds 3 baths ∙ 1,513 Sqft ∙ Built 1973
    property image
    LEASED 12/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.52
    •  
  • 1454 Camelot Drive Corona, CA 3
    • 3 beds 2 baths ∙ 1,495 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,495 Sqft ∙ Built 1972
    property image
    LEASED 07/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.54
    •  
  • 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
Bill Etchegaray
Century 21 Award
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20256083
Last Updated: 12/11/2020
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