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27223 Lasso Way Corona, CA 92883

4 Beds 3 Baths 2,255 sqft Built 2001

$625,000

List Price

$2,400

$2.2K - $2.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $277.16
  • 1 Days on Market
  • MLS # : OC21151632
  • Updated Date : 07/13/2021 at 10:27
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,255 sqft
  • Baths : 3 full
Listing Agent

Re/max First Class

Listing Agent's Description

Highly sought 2 story single house located in the city of Corona, Horsethief Canyon. This well maintained house has 4 bedrooms, 3 full bathrooms, a great size loft for an office area with 2255sq.ft of living space. The floorplan features a spacious living room with adjacent formal dining room with lofty ceilings and recessed lights throughout. Conveniently there is a bedroom downstairs with a full bath next to it, indoor laundry room and a cozy family room with a wood fire place. The kitchen features granite countertops with an island. While the sliding door from the kitchen leads you outside to a huge backyard with a pool for hot summer days. Upstairs you will find a large loft and the three additional rooms. The master suite with his/hers sink, a full bath and a walk in closet. Two good size bedrooms . This home comes with 3 car garage and wide driveway. A beautiful place to call home. The community amenities include tennis courts, two pools, spa, club house, gym, parks and so much more.

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
Temescal Canyon High School High Regular 2,172 89 7

Temescal Canyon High School

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

$562,500$687,500$625,000

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 -$2,171
Property Tax -$550
Property Insurance -$82
HOA -$85
Property Management Fees -$142
CASH FLOW
-$629

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.

$625,000

PROJECTED PRICE

$2,400

PROJECTED RENT

0.38%

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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$171,375

INVESTMENT

$171,375

Down Payment
$156,250
Rehab Estimate
$5,750
Closing Costs
$9,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,171

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $156,250
Loan Amount $468,750
See What Happens When You Reinvest Cash Flow

0.83

YEARS SAVED

$2,129

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
  • $1.06

    LIST RENT PER SQFT
  • $2,565

    COMP ESTIMATED VALUE
  • $1.14

    COMP AVG. RENT PER SQFT
Comps Range
$2,400
1$2,4002$2,4753$2,4954$2,6505$2,800
$2,800
RENT COMPS ANALYSIS
  • 27223 Lasso Way Corona, CA 1
    • 4 beds 3 baths ∙ 2,255 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,255 Sqft ∙ Built 2001
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.06
    •  
  • 13710 Desert Ridge Corona, CA 2
    • 4 beds 2 baths ∙ 2,176 Sqft ∙ Built 2000 4 beds 2 baths ∙ 2,176 Sqft ∙ Built 2000
    property image
    LEASED 05/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,475
    • $1.14
    •  
  • 13522 Fairfield Dr. Corona, CA 3
    • 4 beds 3 baths ∙ 2,233 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,233 Sqft ∙ Built 1999
    property image
    LEASED 04/08/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $1.12
    •  
  • 27481 Pacos Rdg Corona, CA 4
    • 3 beds 3 baths ∙ 2,274 Sqft ∙ Built 2002 3 beds 3 baths ∙ 2,274 Sqft ∙ Built 2002
    property image
    LEASED 04/06/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.17
    •  
  • 13333 Goldenhorn Drive Corona, CA 5
    • 5 beds 3 baths ∙ 2,496 Sqft ∙ Built 2001 5 beds 3 baths ∙ 2,496 Sqft ∙ Built 2001
    property image
    LEASED 08/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.12
    •  
PROPERTY LISTING DETAILS
Marlene Maya
Re/max First Class
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21151632
Last Updated: 07/13/2021
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