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

22888 Elk Grass Street Corona, CA 92883

5 Beds 3 Baths 2,825 sqft Built 1993

$625,000

List Price

$2,950

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

February 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $221.24
  • 5 Days on Market
  • MLS # : IG21020123
  • Updated Date : 02/04/2021 at 10:39
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,825 sqft
  • Baths : 3 full
Listing Agent

Homequest Real Estate

Listing Agent's Description

This is a remodeled Fantastic View Home w/lots of upgrades in highly Desirable Wildrose Ranch Community. Entering the home is gated private courtyard that leads to front door. Landscaped beautifully nice area to spend quite times & beautiful entrance, Hardwood Floors throughout. Elegant entry way has a foyer & vaulted ceilings. Lrg 5 Bdrm 3 Bath Home. One Bdrm located main floor w/double door entry w/closet currently used as an office. Kitchen is remodeled w/quartz counter tops all new appliances & a Breakfast Bar open to family rm & dinning area. Family Rm w/built in Media Center & cozy fireplace. Downstairs has an individual Laundry rm. Upstairs is a Very Elegant Entry way into Double Door Master Bdrm, walk into Master Bdrm Suite w/Double sided Fireplace on Suite Media side & Fireplace on Master Bed side, Master Bdrm Lrg Bathrm completely remodeled w/Double sinks & separate Bathtub & Shower, Lrg walk in closet, view of Mountains/Hills from master Bedroom. 2 more lrg bedrms upstairs w/large closets, the other room is a huge bonus rm that assessors has a 5th Bdrm. The outdoors has such a personal touch & so nicely landscaped. 3 car garage w/storage. Top rated school district/AWARD WINNING ELEMENTARY SCHOOL. Close to Dos Lagos Shopping Center and The Crossings Shopping Center & lost of Dining. Their is pride of ownership sellers have really spent a lot of time and money making this a paradise. LOW TAXES and HOA- Neighborhood Park, Dog Park, hiking trails. Solar hm

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
El Cerrito Middle School Middle Regular 1,256 43 8
Santiago High School High Regular 3,692 129 8
El Cerrito Middle School Middle Unknown NA

El Cerrito Middle School

  • Education Level: Middle
  • # of students: 1,256
  • # of teachers: 43
8
GreatSchools Rating

Santiago High School

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

El Cerrito Middle School

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

$562,500$687,500$625,000

PURCHASE PRICE

$2,655$3,245$2,950

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,950
EXPENSES Loan Payment -$2,171
Property Tax -$612
Property Insurance -$96
HOA -$65
Property Management Fees -$174
CASH FLOW
-$167

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.

$625,000

PROJECTED PRICE

$2,950

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 4.0%
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-$5.0k$0.0$5.0k$10k$15k$20k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$171,375

INVESTMENT

$171,375

Down Payment
$156,250
Rehab Estimate
$5,750
Closing Costs
$9,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$2,171

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $156,250
Loan Amount $468,750
See What Happens When You Reinvest Cash Flow

4.25

YEARS SAVED

$25,245

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,950

    LIST RENT
  • $1.04

    LIST RENT PER SQFT
  • $2,924

    COMP ESTIMATED VALUE
  • $1.04

    COMP AVG. RENT PER SQFT
Comps Range
$2,700
1$2,7002$2,9503$3,195
$3,195
RENT COMPS ANALYSIS
  • 22888 Elk Grass Street Corona, CA 2
    • 5 beds 3 baths ∙ 2,825 Sqft ∙ Built 1993 5 beds 3 baths ∙ 2,825 Sqft ∙ Built 1993
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.04
    •  
  • 22954 Zinnia Circle Corona, CA 1
    • 4 beds 3 baths ∙ 2,597 Sqft ∙ Built 1992 4 beds 3 baths ∙ 2,597 Sqft ∙ Built 1992
    property image
    LEASED 07/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.04
    •  
  • 10312 Whitecrown Circle Corona, CA 3
    • 5 beds 3 baths ∙ 3,090 Sqft ∙ Built 2002 5 beds 3 baths ∙ 3,090 Sqft ∙ Built 2002
    property image
    LEASED 01/22/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,195
    • $1.03
    •  
PROPERTY LISTING DETAILS
Crystal Finlay
Homequest Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG21020123
Last Updated: 02/04/2021
BESbswy