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266 E Monterey Road Corona, CA 92879

3 Beds 2 Baths 2,161 sqft Built 1962

$540,000

List Price

$2,710

$2.5K - $3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1962
  • Price/Sqft : $249.88
  • 4 Days on Market
  • MLS # : IG21039524
  • Updated Date : 02/25/2021 at 12:50
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,161 sqft
  • Baths : 2 full
Listing Agent

Realty One Group West

Listing Agent's Description

THIS SINGLE STORY HOME HAS GREAT CURB APPEAL, IN WONDERUL NEIGHBORHOOD. THIS HOME HAS LOTS OF SPECIAL GOODIES, 2 FIREPLACES, LOTS OF STORAGE AND BUILT IN CABINETS, HUGH WALK-IN PANTRY, POCKET DOORS, OVERSIZED GARAGE, MUCH MORE. BACK DOOR ENTRY TO OFFICE SPACE WITH BUILT IN DESK OPENS TO OVERSIZED GARAGE. KITCHEN HAS ALL NEW STAINLESS STEEL APPLIANCES, STOVE TOP, BUILT-IN OVEN, MICRO-WAVE, DISHWASHER, OPENS TO FORMAL DINING ROOM, ALSO OPENS TO BEAUTIFUL FAMILY ROOM WITH A WALL FIREPLACE AND BUILT IN BAR. FORMAL LIVING ROOM ALSO HAS FIREPLACE. BEDROOMS ARE X-LARGE, 1 WITH BUILT IN DRESSER AND DESK. MASTER BED ROOM OVERSIZED WITH HUGH WALK-IN CLOSET INCLUDING SAFE. ALSO HAS IT'S OWN DOOR TO BACKYARD, COVERED PATIO. BACKYARD HAS DOG RUN, 2 OUTSIDE SHEDS, NICE BRICK FLOWERBEDS. HOME OUTSIDE HAS NEWER PAINT AND NEWER ROOF. OVERSIZED GARAGE AND MORE. ALL THIS IN AWARD WINNING SCHOOLS AND CLOSE TO FREEWAYS 91 & 15.

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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: Central Corona

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $143k627k

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

Neighborhood: Central Corona

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21200140016001800200022002400Rent in $10822579

* 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
Auburndale Intermediate School Middle Regular 507 24 3
Centennial High School High Regular 3,306 119 8
Auburndale Intermediate School Middle Unknown NA

Auburndale Intermediate School

  • Education Level: Middle
  • # of students: 507
  • # of teachers: 24
3
GreatSchools Rating

Centennial High School

  • Education Level: High
  • # of students: 3,306
  • # of teachers: 119
8
GreatSchools Rating

Auburndale Intermediate School

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

$486,000$594,000$540,000

PURCHASE PRICE

$2,439$2,981$2,710

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,710
EXPENSES Loan Payment -$1,876
Property Tax -$511
Property Insurance -$80
Property Management Fees -$160
CASH FLOW
$84

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.

$540,000

PROJECTED PRICE

$2,710

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 7.5%
Maintenance Year (1-5) 8.00%
Vacancy 5.43%
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$1.8M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$148,850

INVESTMENT

$148,850

Down Payment
$135,000
Rehab Estimate
$5,750
Closing Costs
$8,100

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,876

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $135,000
Loan Amount $405,000
See What Happens When You Reinvest Cash Flow

6.58

YEARS SAVED

$43,377

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,710

    LIST RENT
  • $1.25

    LIST RENT PER SQFT
  • $2,820

    COMP ESTIMATED VALUE
  • $1.31

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,6953$2,710
$2,710
RENT COMPS ANALYSIS
  • 266 E Monterey Road Corona, CA 3
    • 3 beds 2 baths ∙ 2,161 Sqft ∙ Built 1962 3 beds 2 baths ∙ 2,161 Sqft ∙ Built 1962
    • Rent
    • Rent Per SQFT
    •  
    • $2,710
    • $1.25
    •  
  • 524 Greengate Street Corona, CA 1
    • 4 beds 2 baths ∙ 2,055 Sqft ∙ Built 1965 4 beds 2 baths ∙ 2,055 Sqft ∙ Built 1965
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.12
    •  
  • 951 W Francis Street Corona, CA 2
    • 4 beds 2 baths ∙ 1,813 Sqft ∙ Built 1958 4 beds 2 baths ∙ 1,813 Sqft ∙ Built 1958
    LEASED 11/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,695
    • $1.49
    •  
PROPERTY LISTING DETAILS
Cherrie Retter
Realty One Group West
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG21039524
Last Updated: 02/25/2021
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