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2351 Del Mar Road Norco, CA 92860

4 Beds 3 Baths 2,358 sqft Built 1976

$695,000

List Price

$2,970

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

November 20, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1976
  • Price/Sqft : $294.74
  • 4 Days on Market
  • MLS # : IG20242929
  • Updated Date : 11/20/2020 at 15:33
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,358 sqft
  • Baths : 3 full
Listing Agent

Century 21 Gold

Listing Agent's Description

Upgraded 2 story, 4 Bedroom, 3 bath Pool home! Located in Norco Horse Town USA! Turnkey family home featuring upgraded tile flooring, all baths have been upgraded with tile showers, tile flooring, upgraded vanities and granite counters, upgraded custom kitchen with island, beautiful cabinets, granite counters with tile back splash, stainless appliances, double oven, cook top and dishwasher, kitchen opens to family room with stone fireplace, upgraded windows throughout, upgraded doors, formal living room and dining room, down stairs bedroom and full bath, upstairs master bedroom with balcony for enjoying Mountain views, beautiful master bath with large shower, tub and dual sink vanity, additional full bath with tub/shower upstairs, 2 additional bedrooms. New Heat and Air conditioning units, 2 car attached garage. Back yard features inviting pool with covered patio completely fenced in with block walls for privacy, beautifully landscaped planters, grass area outside pool area, storage shed, horse area in back of property with covered corral and turn out area, RV and trailer parking behind gates. Don't miss this Move in Ready family home.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Norco

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $149k643k

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

Neighborhood: Norco

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q212001400160018002000220024002600Rent in $10822691

* 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
Highland Elementary School Primary Regular 653 24 8
Highland Elementary School Middle Regular 653 24 8
John F. Kennedy Middle College High School High Magnet 646 22 7

Highland Elementary School

  • Education Level: Primary
  • # of students: 653
  • # of teachers: 24
8
GreatSchools Rating

Highland Elementary School

  • Education Level: Middle
  • # of students: 653
  • # of teachers: 24
8
GreatSchools Rating

John F. Kennedy Middle College High School

  • Education Level: High
  • # of students: 646
  • # of teachers: 22
7
GreatSchools Rating
 

$625,500$764,500$695,000

PURCHASE PRICE

$2,673$3,267$2,970

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,970
EXPENSES Loan Payment -$2,564
Property Tax -$646
Property Insurance -$84
Property Management Fees -$175
CASH FLOW
-$499

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.

$695,000

PROJECTED PRICE

$2,970

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 7.2%
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$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$189,925

INVESTMENT

$189,925

Down Payment
$173,750
Rehab Estimate
$5,750
Closing Costs
$10,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,564

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $173,750
Loan Amount $521,250
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$13,830

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,970

    LIST RENT
  • $1.26

    LIST RENT PER SQFT
  • $3,018

    COMP ESTIMATED VALUE
  • $1.28

    COMP AVG. RENT PER SQFT
Comps Range
$2,450
1$2,4502$2,9703$2,995
$2,995
RENT COMPS ANALYSIS
  • 2351 Del Mar Road Norco, CA 2
    • 5 beds 3 baths ∙ 2,358 Sqft ∙ Built 1976 5 beds 3 baths ∙ 2,358 Sqft ∙ Built 1976
    • Rent
    • Rent Per SQFT
    •  
    • $2,970
    • $1.26
    •  
  • 1306 Fernwood Circle Corona, CA 1
    • 4 beds 2 baths ∙ 2,040 Sqft ∙ Built 1981 4 beds 2 baths ∙ 2,040 Sqft ∙ Built 1981
    LEASED 06/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.20
    •  
  • 3060 Broken Arrow Street Corona, CA 3
    • 4 beds 3 baths ∙ 2,209 Sqft ∙ Built 1975 4 beds 3 baths ∙ 2,209 Sqft ∙ Built 1975
    LEASED 01/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $1.36
    •  
PROPERTY LISTING DETAILS
Marcie Campbell
Century 21 Gold
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20242929
Last Updated: 11/20/2020
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