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2511 Gilbert Avenue Corona, CA 92881

4 Beds 3 Baths 2,872 sqft Built 2000

$749,900

List Price

$3,090

$2.8K - $3.3K

Rent Est.

PROPERTY INFO

January 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $261.11
  • 8 Days on Market
  • MLS # : PW21014459
  • Updated Date : 01/30/2021 at 17:36
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,872 sqft
  • Baths : 2 full , 1 half
Listing Agent

Era North Orange County

Listing Agent's Description

THIS IS IT...YOUR SEARCH IS OVER..This home is an absolute show stopper and perfect for entertaining. At 2,872 square feet on a 7,405 square foot lot, the house features 4 spacious bedrooms, all with walk in closets and 3 bathrooms. From the moment you walk up you will see that it has been upgraded inside and out. As you walk through the front door you will see that the house is bright and open with new flooring throughout the downstairs and new carpet upstairs. There is also new paint, crown moulding and baseboards throughout. The open kitchen is perfect for the chef in you with beautiful cabinets, granite countertops, stainless steel appliances and an attached walk in pantry with plenty of storage. In the family room you will love the custom millwork. Upstairs you will find the 4 bedrooms, 2 bathrooms and a loft. The master bedroom is large with custom millwork and has its own ensuite with a large vanity, shower, soaker tub and walk in closet. The home also includes a whole house fan, plantation shutters throughout and PAID OFF solar. As you walk out to the backyard, you will see the gorgeous pool, built in barbecue, fire pit and artificial turf. The backyard is beautifully landscaped and PERFECT for entertaining. This home is in the award winning Corona-Norco Unified School District with the home schools being Susan B. Anthony Elementary, Citrus Hills Intermediate and Santiago High School. It is also walking distance to schools, parks and shopping.

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: 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
Citrus Hills Intermediate School Middle Regular 1,160 46 6
Santiago High School High Regular 3,692 129 8
Citrus Hills Intermediate School Middle Unknown NA

Citrus Hills Intermediate School

  • Education Level: Middle
  • # of students: 1,160
  • # of teachers: 46
6
GreatSchools Rating

Santiago High School

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

Citrus Hills Intermediate School

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

$674,910$824,890$749,900

PURCHASE PRICE

$2,781$3,399$3,090

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,090
EXPENSES Loan Payment -$2,605
Property Tax -$818
Property Insurance -$97
Property Management Fees -$182
CASH FLOW
-$612

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.

$749,900

PROJECTED PRICE

$3,090

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 3.7%
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

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$204,474

INVESTMENT

$204,474

Down Payment
$187,475
Rehab Estimate
$5,750
Closing Costs
$11,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,605

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $187,475
Loan Amount $562,425
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$6,858

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,090

    LIST RENT
  • $1.08

    LIST RENT PER SQFT
  • $3,095

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$2,950
1$2,9502$2,9503$3,0904$3,2505$3,500
$3,500
RENT COMPS ANALYSIS
  • 2511 Gilbert Avenue Corona, CA 3
    • 4 beds 3 baths ∙ 2,872 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,872 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $3,090
    • $1.08
    •  
  • 2519 Gilbert Avenue Corona, CA 1
    • 4 beds 2 baths ∙ 2,764 Sqft ∙ Built 2000 4 beds 2 baths ∙ 2,764 Sqft ∙ Built 2000
    LEASED 09/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.07
    •  
  • 830 Bridgewood Street Corona, CA 2
    • 4 beds 3 baths ∙ 2,680 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,680 Sqft ∙ Built 2000
    LEASED 09/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.10
    •  
  • 2510 Quiet Meadow Circle Corona, CA 4
    • 4 beds 3 baths ∙ 3,137 Sqft ∙ Built 2000 4 beds 3 baths ∙ 3,137 Sqft ∙ Built 2000
    LEASED 08/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $1.04
    •  
  • 1048 La Vaughn Circle Corona, CA 5
    • 4 beds 4 baths ∙ 3,183 Sqft ∙ Built 2000 4 beds 4 baths ∙ 3,183 Sqft ∙ Built 2000
    LEASED 11/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.10
    •  
PROPERTY LISTING DETAILS
Steven Yakubovsky
Era North Orange County
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21014459
Last Updated: 01/30/2021
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