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2188 Adobe Avenue Corona, CA 92882

4 Beds 3 Baths 2,067 sqft Built 1980

$655,900

List Price

$2,640

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $317.32
  • 4 Days on Market
  • MLS # : ND20237871
  • Updated Date : 11/13/2020 at 11:20
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,067 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker West

Listing Agent's Description

Check out this West Corona –"Coronitas" neighborhood home near the border of Orange County. Located for easy access to all the places you need to go. Near walking trails, shopping, eateries, places of worship, parks and the Cleveland National Forest. Enjoy mountain views and breezes from this former model home. This highly sought after 4 bedroom/2.5 bath, 3 car garage single level is well placed on an oversized private lot featuring heated pool & spa. There are numerous fruit trees, 2 types of avocados and several citrus. You will love how the home has been updated by current owners to feature an open floor plan great for entertaining and gatherings. A phenomenally designed kitchen is perfect for the person who loves to cook. Come check out the 6 burner gas range w/pot filler,two ovens, oversized island with prep sink, high-end cabinetry w/storage features and built-in computer station, extra-large refrigerator, and lots of natural lighting. Within the past 3 years the home has received an updated HVAC system and ducting, a tankless water heater, solar panels(run the AC all you want too) and a Halo water purification system. The large master bedroom features a slider with access to the park like backyard and two closets. The master bathroom has a soaking tub and is plumbed for a second sink and vanity if desired. 2 of the spacious secondary bedrooms offer walk-in closets. You will love the wide streets and ample trees in this picturesque and desirable community.

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: South Corona

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650k700kPrice in $149k712k

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

Neighborhood: South Corona

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2120014001600180020002200240026002800Rent in $10822894

* 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
 

$590,310$721,490$655,900

PURCHASE PRICE

$2,376$2,904$2,640

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,640
EXPENSES Loan Payment -$2,420
Property Tax -$621
Property Insurance -$77
Property Management Fees -$156
CASH FLOW
-$634

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.

$655,900

PROJECTED PRICE

$2,640

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 5.2%
Maintenance Year (1-5) 8.00%
Vacancy 5.35%
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$1.8M

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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$179,564

INVESTMENT

$179,564

Down Payment
$163,975
Rehab Estimate
$5,750
Closing Costs
$9,839

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,420

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $163,975
Loan Amount $491,925
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$5,359

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,640

    LIST RENT
  • $1.28

    LIST RENT PER SQFT
  • $2,635

    COMP ESTIMATED VALUE
  • $1.28

    COMP AVG. RENT PER SQFT
Comps Range
$2,395
1$2,3952$2,4953$2,5504$2,6005$2,640
$2,640
RENT COMPS ANALYSIS
  • 2188 Adobe Avenue Corona, CA 5
    • 4 beds 3 baths ∙ 2,067 Sqft ∙ Built 1980 4 beds 3 baths ∙ 2,067 Sqft ∙ Built 1980
    • Rent
    • Rent Per SQFT
    •  
    • $2,640
    • $1.28
    •  
  • 1317 Bottlebrush Street Corona, CA 1
    • 4 beds 3 baths ∙ 1,885 Sqft ∙ Built 1988 4 beds 3 baths ∙ 1,885 Sqft ∙ Built 1988
    LEASED 05/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $1.27
    •  
  • 1974 Sage Avenue Corona, CA 2
    • 4 beds 1 baths ∙ 1,895 Sqft ∙ Built 1984 4 beds 1 baths ∙ 1,895 Sqft ∙ Built 1984
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $1.32
    •  
  • 2330 Bloomfield Lane Corona, CA 3
    • 4 beds 3 baths ∙ 2,182 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,182 Sqft ∙ Built 1989
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.17
    •  
  • 1262 Biltmore Circle Corona, CA 4
    • 4 beds 3 baths ∙ 1,941 Sqft ∙ Built 1988 4 beds 3 baths ∙ 1,941 Sqft ∙ Built 1988
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.34
    •  
PROPERTY LISTING DETAILS
Tammy Willis
Coldwell Banker West
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: ND20237871
Last Updated: 11/13/2020
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