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

2105 Rainbow Ridge Street Corona, CA 92882

4 Beds 2 Baths 1,337 sqft Built 1966

$479,000

List Price

$2,050

$1.8K - $2.3K

Rent Est.

PROPERTY INFO

January 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1966
  • Price/Sqft : $358.26
  • 7 Days on Market
  • MLS # : PW21016016
  • Updated Date : 01/27/2021 at 11:51
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,337 sqft
  • Baths : 2 full
Listing Agent

Realty One Group Synergy

Listing Agent's Description

This lovely Corona home will not last long! Sitting in a peaceful neighborhood, features a spacious layout of 1,337 Sqft living space, 7,405 Sqft lot, 4 spacious bedrooms, 2 updated bathrooms, a spacious living room with cozy fireplace, french doors leading into spacious backyard. Updated kitchen has granite countertops and plenty of cabinets. Other features include tile floors, carpet in bedrooms and living room, recess lighting throughout the home. Central AC/Heat, furnace and water heater replaced in 2019. The lot features a lush green lawn, backyard is perfect for the entertainer or the active kids. Along both sides there is wide walkway space suitable for an enclosed area for the furry babies. Copper plumbing throughout, upgraded electrical panel, attached spacious 2 car garage, and so much more. The home is also near many amenities including schools, parks, and easy access to freeway. Thank you so much for viewing this home!

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
Raney Intermediate School Middle Regular 738 30 5
Corona High School High Regular 2,933 110 5
Corona High School High Unknown NA

Raney Intermediate School

  • Education Level: Middle
  • # of students: 738
  • # of teachers: 30
5
GreatSchools Rating

Corona High School

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

Corona High School

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

$431,100$526,900$479,000

PURCHASE PRICE

$1,845$2,255$2,050

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,050
EXPENSES Loan Payment -$1,664
Property Tax -$454
Property Insurance -$60
Property Management Fees -$121
CASH FLOW
-$248

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.

$479,000

PROJECTED PRICE

$2,050

PROJECTED RENT

0.43%

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

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$132,685

INVESTMENT

$132,685

Down Payment
$119,750
Rehab Estimate
$5,750
Closing Costs
$7,185

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,664

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $119,750
Loan Amount $359,250
See What Happens When You Reinvest Cash Flow

3

YEARS SAVED

$11,525

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,050

    LIST RENT
  • $1.53

    LIST RENT PER SQFT
  • $2,006

    COMP ESTIMATED VALUE
  • $1.5

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$2,0003$2,0504$2,3005$2,300
$2,300
RENT COMPS ANALYSIS
  • 2105 Rainbow Ridge Street Corona, CA 3
    • 4 beds 2 baths ∙ 1,337 Sqft ∙ Built 1966 4 beds 2 baths ∙ 1,337 Sqft ∙ Built 1966
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $1.53
    •  
  • 1418 Chalgrove Drive Corona, CA 1
    • 3 beds 2 baths ∙ 1,220 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,220 Sqft ∙ Built 1972
    LEASED 10/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.48
    •  
  • 1459 Camelot Drive Corona, CA 2
    • 3 beds 2 baths ∙ 1,366 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,366 Sqft ∙ Built 1972
    LEASED 01/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.46
    •  
  • 1478 Via Del Rio Corona, CA 4
    • 3 beds 3 baths ∙ 1,513 Sqft ∙ Built 1973 3 beds 3 baths ∙ 1,513 Sqft ∙ Built 1973
    LEASED 01/14/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.52
    •  
  • 1454 Camelot Drive Corona, CA 5
    • 3 beds 2 baths ∙ 1,495 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,495 Sqft ∙ Built 1972
    LEASED 07/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.54
    •  
PROPERTY LISTING DETAILS
Adriana Verdugo
Realty One Group Synergy
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21016016
Last Updated: 01/27/2021
BESbswy