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2513 Independence Way Corona, CA 92882

3 Beds 3 Baths 1,710 sqft Built 1987

$499,500

List Price

$2,400

$2.2K - $2.6K

Rent Est.

PROPERTY INFO

February 03, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1987
  • Price/Sqft : $292.11
  • 6 Days on Market
  • MLS # : IV21021973
  • Updated Date : 02/04/2021 at 08:54
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,710 sqft
  • Baths : 2 full , 1 half
Listing Agent

Moore Realty

Listing Agent's Description

If you want to buy under-market in a great neighborhood, this is your opportunity! Same owner since 1992. Some unfinished repairs (planned to install new kitchen lighting but never got to it,) and plenty of deferred maintenance (floor, carpet, paint, etc.,) driving the price down below market, but can be remedied quickly and simply! uncover some very nice upgrades (Anderson bay windows, french doors to backyard, etc.) Look here for a bargain. Serious and qualified buyers only. Owner is motivated to work with you.

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: South Corona

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650k700kPrice in $149k712k

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

Neighborhood: South Corona

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2120014001600180020002200240026002800Rent in $10822894

* 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
Raney Intermediate School Middle Regular 738 30 5
Corona High School High Regular 2,933 110 5
Corona High School High Unknown NA

Raney Intermediate School

  • Education Level: Middle
  • # of students: 738
  • # of teachers: 30
5
GreatSchools Rating

Corona High School

  • Education Level: High
  • # of students: 2,933
  • # of teachers: 110
5
GreatSchools Rating

Corona High School

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

$449,550$549,450$499,500

PURCHASE PRICE

$2,160$2,640$2,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,400
EXPENSES Loan Payment -$1,735
Property Tax -$487
Property Insurance -$69
Property Management Fees -$142
CASH FLOW
-$32

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.

$499,500

PROJECTED PRICE

$2,400

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 5.2%
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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$138,118

INVESTMENT

$138,118

Down Payment
$124,875
Rehab Estimate
$5,750
Closing Costs
$7,493

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,735

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $124,875
Loan Amount $374,625
See What Happens When You Reinvest Cash Flow

5.42

YEARS SAVED

$29,336

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,400

    LIST RENT
  • $1.4

    LIST RENT PER SQFT
  • $2,415

    COMP ESTIMATED VALUE
  • $1.41

    COMP AVG. RENT PER SQFT
Comps Range
$2,400
1$2,4002$2,4003$2,4004$2,4955$2,550
$2,550
RENT COMPS ANALYSIS
  • 2513 Independence Way Corona, CA 3
    • 3 beds 3 baths ∙ 1,710 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,710 Sqft ∙ Built 1987
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.40
    •  
  • 1116 Daffodil Street Corona, CA 1
    • 4 beds 2 baths ∙ 1,604 Sqft ∙ Built 1976 4 beds 2 baths ∙ 1,604 Sqft ∙ Built 1976
    property image
    LEASED 06/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.50
    •  
  • 1314 Casitas Circle Corona, CA 2
    • 3 beds 3 baths ∙ 1,710 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,710 Sqft ∙ Built 1988
    property image
    LEASED 11/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.40
    •  
  • 1974 Sage Avenue Corona, CA 4
    • 4 beds 1 baths ∙ 1,895 Sqft ∙ Built 1984 4 beds 1 baths ∙ 1,895 Sqft ∙ Built 1984
    property image
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $1.32
    •  
  • 1817 Ponderosa Circle Corona, CA 5
    • 3 beds 3 baths ∙ 1,784 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,784 Sqft ∙ Built 1986
    property image
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.43
    •  
PROPERTY LISTING DETAILS
Jeffrey Moore
Moore Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21021973
Last Updated: 02/04/2021
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