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22816 Canyon View Drive Corona, CA 92883

5 Beds 3 Baths 2,297 sqft Built 1998

INVESTimate

$589,900

List Price

$2,640

$2,390 - $2,890

Rent Est.

$613,437  ( +3.99%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1998
  • Price/Sqft : $256.81
  • 10 Days on Market
  • MLS # : CV20167449
  • Updated Date : 08/24/2020 at 08:53
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,297 sqft
  • Baths : 3 full
Listing Agent

Realty Masters & Associates

Listing Agent's Description

Beautiful Home located in Corona's Top School District. This turn-key home is surrounded by lush green hills, and just a couple of minutes away from outdoor shopping and fine dining at Dos Lagos! This home offers a wide-open layout filled with natural light and plenty of space for hosting and living! Giant gourmet kitchen with entertainers island, and new cabinets have all been remodeled within the last year. This 5 bedroom floor plan offers 2 large bedrooms and 1 full bathroom downstairs, plus 3 bedrooms and a large loft upstairs. The entire home has been modernized with upgraded new waterproof wood vinyl flooring, recessed lighting, and new paint. The spacious Master bedroom includes a walk-in closet with California Build-ins for extra storage. Start your weekend mornings lounging by the backyard pool, or wind down with the breathtaking mountain views visible from the upstairs bedrooms. This home backs up to an open space preserve with no neighbors behind you offering unobstructed views! You'll love this home and 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: Wildrose

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $149k627k

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

Neighborhood: Wildrose

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
Temescal Valley Elementary School Primary Regular 935 33 10
Temescal Valley Elementary School Middle Regular 935 33 10
Santiago High School High Regular 3,692 129 8

Temescal Valley Elementary School

  • Education Level: Primary
  • # of students: 935
  • # of teachers: 33
10
GreatSchools Rating

Temescal Valley Elementary School

  • Education Level: Middle
  • # of students: 935
  • # of teachers: 33
10
GreatSchools Rating

Santiago High School

  • Education Level: High
  • # of students: 3,692
  • # of teachers: 129
8
GreatSchools Rating
 

$530,910$648,890$589,900

PURCHASE PRICE

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

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$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,640
EXPENSES Loan Payment -$2,176
Property Tax -$593
Property Insurance -$83
HOA -$65
Property Management Fees -$156
CASH FLOW
-$433

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.

$589,900

PROJECTED PRICE

$2,640

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 3.99%
Maintenance Year (1-5) 8.00%
Vacancy 5.35%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$162,074

INVESTMENT

$162,074

Down Payment
$147,475
Rehab Estimate
$5,750
Closing Costs
$8,849

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,176

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $147,475
Loan Amount $442,425
See What Happens When You Reinvest Cash Flow

2.17

YEARS SAVED

$10,253

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
  • $1.15

    LIST RENT PER SQFT
  • $2,619

    COMP ESTIMATED VALUE
  • $1.14

    COMP AVG. RENT PER SQFT
Comps Range
$2,600
1$2,6002$2,6253$2,6404$2,7955$2,795
$2,795
RENT COMPS ANALYSIS
  • 22816 Canyon View Drive Corona, 3
    • 5 beds 3 baths ∙ 2,297 Sqft ∙ Built 1998 5 beds 3 baths ∙ 2,297 Sqft ∙ Built 1998
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,640
    • $1.15
    •  
  • 22675 Silver Dollar Street Corona, 1
    • 5 beds 2 baths ∙ 2,345 Sqft ∙ Built 1997 5 beds 2 baths ∙ 2,345 Sqft ∙ Built 1997
    property image
    LEASED 12/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.11
    •  
  • 22922 Rockcress Street Corona, 2
    • 5 beds 3 baths ∙ 2,343 Sqft ∙ Built 1994 5 beds 3 baths ∙ 2,343 Sqft ∙ Built 1994
    property image
    LEASED 08/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,625
    • $1.12
    •  
  • 22842 Rockcress Street Corona, 4
    • 5 beds 3 baths ∙ 2,343 Sqft ∙ Built 1994 5 beds 3 baths ∙ 2,343 Sqft ∙ Built 1994
    property image
    LEASED 12/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,795
    • $1.19
    •  
  • 8810 Lemonwood Drive Corona, 5
    • 4 beds 3 baths ∙ 2,457 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,457 Sqft ∙ Built 1998
    property image
    LEASED 02/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,795
    • $1.14
    •  
PROPERTY LISTING DETAILS
Aaron Stel
Realty Masters & Associates
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20167449
Last Updated: 08/24/2020
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