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2690 Via Corazon Drive Corona, CA 92882

4 Beds 3 Baths 2,314 sqft Built 1989

INVESTimate

$619,888

List Price

$2,570

$2,320 - $2,820

Rent Est.

$656,027  ( +5.83%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 1989
  • Price/Sqft : $267.89
  • 7 Days on Market
  • MLS # : IV20170030
  • Updated Date : 08/21/2020 at 18:28
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,314 sqft
  • Baths : 2 full , 1 half
Listing Agent

Redfin

Listing Agent's Description

True pride in ownership is shown in this turn-key home that features a spacious floorplan, a custom paint scheme, recessed lighting, plantation shutters, and modern updates throughout! The formal living room has gorgeous laminate wood flooring, oversized windows that let in an abundance of natural light, high ceilings, and opens to the formal dining room. The kitchen features white cabinetry, granite countertops, custom tile backsplash, and opens to the family room with brick fireplace and tile flooring. All of the bedrooms are on the 2nd floor and have carpet flooring, and the primary bedroom features a private ensuite with dual sink vanity, soaking tub, and separate shower. This home has an attached 2-car garage with a storage room (an opportunity to convert into an additional room). Enjoy the private, paved, backyard that features a built-in patio with ceiling fan. Conveniently located near schools, shopping, dining, and more! Don't wait!

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: Sierra del Oro

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650kPrice in $149k673k

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

Neighborhood: Sierra del Oro

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q212001400160018002000220024002600Rent in $10822746

* 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
Cesar Chavez Academy Primary Regular 952 33 6
Cesar Chavez Academy Middle Regular 952 33 6
Corona High School High Regular 2,933 110 5

Cesar Chavez Academy

  • Education Level: Primary
  • # of students: 952
  • # of teachers: 33
6
GreatSchools Rating

Cesar Chavez Academy

  • Education Level: Middle
  • # of students: 952
  • # of teachers: 33
6
GreatSchools Rating

Corona High School

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

$557,899$681,877$619,888

PURCHASE PRICE

$2,313$2,827$2,570

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$1.4M$1.6M$1.8M

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$1.4M$1.6M$1.8M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,570
EXPENSES Loan Payment -$2,287
Property Tax -$674
Property Insurance -$83
Property Management Fees -$152
CASH FLOW
-$626

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.

$619,888

PROJECTED PRICE

$2,570

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 5.83%
Maintenance Year (1-5) 8.00%
Vacancy 5.35%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$170,020

INVESTMENT

$170,020

Down Payment
$154,972
Rehab Estimate
$5,750
Closing Costs
$9,298

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,287

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $154,972
Loan Amount $464,916
See What Happens When You Reinvest Cash Flow

1.17

YEARS SAVED

$3,674

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,570

    LIST RENT
  • $1.11

    LIST RENT PER SQFT
  • $2,569

    COMP ESTIMATED VALUE
  • $1.11

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,5003$2,5504$2,5705$2,700
$2,700
RENT COMPS ANALYSIS
  • 2690 Via Corazon Drive Corona, 4
    • 4 beds 3 baths ∙ 2,314 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,314 Sqft ∙ Built 1989
    • Rent
    • Rent Per SQFT
    •  
    • $2,570
    • $1.11
    •  
  • 2351 Pepperwood Lane Corona, 1
    • 4 beds 3 baths ∙ 2,142 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,142 Sqft ∙ Built 1989
    LEASED 08/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.07
    •  
  • 1439 Canyon Crest Drive Corona, 2
    • 4 beds 3 baths ∙ 2,348 Sqft ∙ Built 1992 4 beds 3 baths ∙ 2,348 Sqft ∙ Built 1992
    LEASED 02/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.06
    •  
  • 2330 Bloomfield Lane Corona, 3
    • 4 beds 3 baths ∙ 2,182 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,182 Sqft ∙ Built 1989
    LEASED 06/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.17
    •  
  • 3355 Deaver Drive Corona, 5
    • 4 beds 3 baths ∙ 2,363 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,363 Sqft ∙ Built 1988
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.14
    •  
PROPERTY LISTING DETAILS
Coleen Hyams
Redfin
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20170030
Last Updated: 08/21/2020
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