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2387 Corydon Avenue Norco, CA 92860

5 Beds 3 Baths 2,265 sqft Built 1975

$669,000

List Price

$2,920

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

January 01, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1975
  • Price/Sqft : $295.36
  • 4 Days on Market
  • MLS # : IG20264749
  • Updated Date : 12/31/2020 at 12:21
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,265 sqft
  • Baths : 3 full
Listing Agent

1st Premier Realty

Listing Agent's Description

Look no further. You've found your new home! Bring your animals and bring your toys. This property has room for it all with just under a half acre of land! This home offers 4 bedrooms and 2 full bathrooms upstairs with a bedroom and full bathroom downstairs. Downstairs has a large, open floor plan with newer flooring and paint throughout. Large slider off the kitchen leads to an enclosed patio perfect for a play room or gaming area for the kids and adults. In the backyard you will find a pool with attached spa, workshop shed, four stall barn with feed and tack room and room for a round pen or an arena. Large RV parking and pull through on the side of the house. This home is also located near grocery stores and shopping and has plenty of street parking in front of the 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: 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
 

$602,100$735,900$669,000

PURCHASE PRICE

$2,628$3,212$2,920

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,920
EXPENSES Loan Payment -$2,468
Property Tax -$621
Property Insurance -$82
Property Management Fees -$172
CASH FLOW
-$424

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.

$669,000

PROJECTED PRICE

$2,920

PROJECTED RENT

0.44%

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$183,035

INVESTMENT

$183,035

Down Payment
$167,250
Rehab Estimate
$5,750
Closing Costs
$10,035

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,468

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $167,250
Loan Amount $501,750
See What Happens When You Reinvest Cash Flow

2.58

YEARS SAVED

$16,537

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,920

    LIST RENT
  • $1.29

    LIST RENT PER SQFT
  • $2,869

    COMP ESTIMATED VALUE
  • $1.27

    COMP AVG. RENT PER SQFT
Comps Range
$2,450
1$2,4502$2,4503$2,9204$2,995
$2,995
RENT COMPS ANALYSIS
  • 2387 Corydon Avenue Norco, CA 3
    • 5 beds 3 baths ∙ 2,265 Sqft ∙ Built 1975 5 beds 3 baths ∙ 2,265 Sqft ∙ Built 1975
    • Rent
    • Rent Per SQFT
    •  
    • $2,920
    • $1.29
    •  
  • 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
    •  
  • 1248 Palos Verde Drive Corona, CA 2
    • 5 beds 2 baths ∙ 1,981 Sqft ∙ Built 1983 5 beds 2 baths ∙ 1,981 Sqft ∙ Built 1983
    LEASED 06/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.24
    •  
  • 3060 Broken Arrow Street Corona, CA 4
    • 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
Justin Loop
1st Premier Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20264749
Last Updated: 12/31/2020
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