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26614 Rapid Falls Court Corona, CA 92883

4 Beds 3 Baths 1,647 sqft Built 1995

$489,000

List Price

$2,120

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1995
  • Price/Sqft : $296.90
  • 10 Days on Market
  • MLS # : IG20222539
  • Updated Date : 11/05/2020 at 11:46
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,647 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty

Listing Agent's Description

Beautiful Horsethief Canyon Ranch home situated in a quiet cul-de-sac on a large, flat, usable lot with a view! Home is two stories and features a well flowing floorplan. Downstairs has a family room off of the kitchen as well as a formal living and dining room with all bedrooms being upstairs. Master retreat is large with a spacious en suite bathroom. Recent upgrades include brand new carpet throughout the entire upstairs, newer water heater and a brand new air conditioning unit. The exterior has upgraded concrete/stone driveway, newer sod in front and a brand new storage shed out back. Home has RV parking so bring your toys! Horsethief Canyon Ranch is a wonderful family community. You can not beat the HOA amenities which include tennis, basketball and volleyball courts, resort-style club house, gym, 2 olympic-sized pools, spas, bbq area as well as several parks, playgrounds and hiking trails. All these amenities are included with a low HOA fee. Come view and fall in love!!!

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: Horsethief Canyon Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $149k627k

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

Neighborhood: Horsethief Canyon Ranch

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
Luiseno Elementary School Primary Regular 1,042 42 4
Luiseno Elementary School Middle Regular 1,042 42 4
Temescal Canyon High School High Regular 2,172 89 7

Luiseno Elementary School

  • Education Level: Primary
  • # of students: 1,042
  • # of teachers: 42
4
GreatSchools Rating

Luiseno Elementary School

  • Education Level: Middle
  • # of students: 1,042
  • # of teachers: 42
4
GreatSchools Rating

Temescal Canyon High School

  • Education Level: High
  • # of students: 2,172
  • # of teachers: 89
7
GreatSchools Rating
 

$440,100$537,900$489,000

PURCHASE PRICE

$1,908$2,332$2,120

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,120
EXPENSES Loan Payment -$1,804
Property Tax -$430
Property Insurance -$67
HOA -$85
Property Management Fees -$125
CASH FLOW
-$391

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.

$489,000

PROJECTED PRICE

$2,120

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 6.2%
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

PROJECTED ANNUAL CASH FLOW

11530-$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$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$135,335

INVESTMENT

$135,335

Down Payment
$122,250
Rehab Estimate
$5,750
Closing Costs
$7,335

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,804

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $122,250
Loan Amount $366,750
See What Happens When You Reinvest Cash Flow

1.83

YEARS SAVED

$7,036

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,120

    LIST RENT
  • $1.29

    LIST RENT PER SQFT
  • $2,215

    COMP ESTIMATED VALUE
  • $1.35

    COMP AVG. RENT PER SQFT
Comps Range
$2,120
1$2,1202$2,4003$2,4004$2,4005$2,500
$2,500
RENT COMPS ANALYSIS
  • 26614 Rapid Falls Court Corona, CA 1
    • 4 beds 3 baths ∙ 1,647 Sqft ∙ Built 1995 4 beds 3 baths ∙ 1,647 Sqft ∙ Built 1995
    • Rent
    • Rent Per SQFT
    •  
    • $2,120
    • $1.29
    •  
  • 27355 Bunkerhill Drive Corona, CA 2
    • 4 beds 3 baths ∙ 1,798 Sqft ∙ Built 2001 4 beds 3 baths ∙ 1,798 Sqft ∙ Built 2001
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.33
    •  
  • 27292 Eagles Nest Drive Corona, CA 3
    • 3 beds 3 baths ∙ 1,798 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,798 Sqft ∙ Built 1998
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.33
    •  
  • 27566 Bunkerhill Drive Corona, CA 4
    • 3 beds 2 baths ∙ 1,798 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,798 Sqft ∙ Built 1999
    LEASED 09/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.33
    •  
  • 13393 Indian Bow Circle Corona, CA 5
    • 3 beds 3 baths ∙ 1,798 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,798 Sqft ∙ Built 1998
    LEASED 08/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.39
    •  
PROPERTY LISTING DETAILS
Brianne Hawks
Keller Williams Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20222539
Last Updated: 11/05/2020
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