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2468 Barley Lane Corona, CA 92881

3 Beds 2 Baths 1,219 sqft Built 1995

INVESTimate

$480,000

List Price

$2,000

$1,800 - $2,200

Rent Est.

$497,712  ( +3.69%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 1995
  • Price/Sqft : $393.77
  • 5 Days on Market
  • MLS # : CV20172373
  • Updated Date : 08/22/2020 at 09:31
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,219 sqft
  • Baths : 2 full
Listing Agent

Solid Ground Real Estate

Listing Agent's Description

Beautiful one story, 3 bedroom, 2 bathroom home with upgraded kitchen! This home has a very open floor plan! The family room has a cozy fireplace, and has room for oversized furniture. The dining room is open to the kitchen, which is perfect for entertaining. Kitchen includes granite counters, lots of cabinet storage and open shelving, upgraded appliances, and a view of the beautifully landscaped backyard! The master bedroom has a vaulted ceiling, extra closet space, and a spacious master bathroom in the bedroom! There are two additional bedrooms and a hall bathroom with tub/shower combo. Other features include: direct garage access with two car garage, large landscaped backyard with covered patio, central heat and a/c, and fresh paint! This well-maintained home is a must-see!

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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: Corona Vista

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650k700kPrice in $149k730k

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

Neighborhood: Corona Vista

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2120014001600180020002200240026002800Rent in $10822882

* 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
Susan B. Anthony Elementary School Primary Regular 938 32 9
Susan B. Anthony Elementary School Middle Regular 938 32 9
Santiago High School High Regular 3,692 129 8

Susan B. Anthony Elementary School

  • Education Level: Primary
  • # of students: 938
  • # of teachers: 32
9
GreatSchools Rating

Susan B. Anthony Elementary School

  • Education Level: Middle
  • # of students: 938
  • # of teachers: 32
9
GreatSchools Rating

Santiago High School

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

$432,000$528,000$480,000

PURCHASE PRICE

$1,800$2,200$2,000

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

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,000
EXPENSES Loan Payment -$1,771
Property Tax -$524
Property Insurance -$57
HOA -$55
Property Management Fees -$118
CASH FLOW
-$524

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.

$480,000

PROJECTED PRICE

$2,000

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 3.69%
Maintenance Year (1-5) 8.00%
Vacancy 5.35%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$132,950

INVESTMENT

$132,950

Down Payment
$120,000
Rehab Estimate
$5,750
Closing Costs
$7,200

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,771

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $120,000
Loan Amount $360,000
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,581

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,000

    LIST RENT
  • $1.64

    LIST RENT PER SQFT
  • $1,743

    COMP ESTIMATED VALUE
  • $1.43

    COMP AVG. RENT PER SQFT
Comps Range
$1,990
1$1,9902$2,0003$2,195
$2,195
RENT COMPS ANALYSIS
  • 2468 Barley Lane Corona, 2
    • 3 beds 2 baths ∙ 1,219 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,219 Sqft ∙ Built 1995
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.64
    •  
  • 19175 Envoy Avenue Corona, 1
    • 3 beds 2 baths ∙ 1,403 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,403 Sqft ∙ Built 1980
    LEASED 06/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,990
    • $1.42
    •  
  • 1124 Garretson Avenue Corona, 3
    • 3 beds 2 baths ∙ 1,528 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,528 Sqft ∙ Built 1987
    LEASED 10/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $1.44
    •  
PROPERTY LISTING DETAILS
Janna Mcroy
Solid Ground Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20172373
Last Updated: 08/22/2020
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