Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

2811 Palma Circle Corona, CA 92881

3 Beds 3 Baths 1,880 sqft Built 2018

$549,900

List Price

$2,390

$2.2K - $2.6K

Rent Est.

PROPERTY INFO

December 02, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2018
  • Price/Sqft : $292.50
  • 5 Days on Market
  • MLS # : IG20249830
  • Updated Date : 12/02/2020 at 16:32
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,880 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty

Listing Agent's Description

Welcome to luxury living in the gated community of Terrassa! This elegant home overflows with charm inside & out. This home has 3 bed & 3 bath with 1,880 SqFt of open living space. Enter the home noticing sprawling hallways, high ceilings and high quality wood-like laminate floors throughout. Sit, relax and enjoy the large great room/family room cascading plenty of natural light, plantation shutters, and recessed lighting. Open to the great room/family room is the gourmet kitchen with granite countertops, elegant tile backsplash, large granite island, upgraded cabinets with plenty of storage, pendant lighting, 5 burner double oven convection range, stainless steel appliances & farm sink with added hutch cabinet nook area with floating shelves. Entertain in the backyard that has a finished stamped concrete patio while the kids play on artificial turf with low maintenance landscaping. Storage racks hang from the ceiling in your oversized 2 car garage. Upstairs are 2 bedrooms and your master suite. The spacious master suite features recessed lighting, ceiling fan and en-suite master bath with quarts counters, separate tub with a tiled shower & large walk-in closet. The additional two bedrooms offer ceiling fans, and plantation shutters which are next to the hall bathroom with quartz counters and dual sinks. Terrassa Villas is a place to experience life in a vibrant, gated “luxury lifestyle” community surrounded by convenience and family activities.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: El Cerrito

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $143k627k

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

Neighborhood: El Cerrito

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
Susan B. Anthony Elementary School Primary Regular 938 32 9
Susan B. Anthony Elementary School Middle Regular 938 32 9
Santiago High School High Regular 3,692 129 8

Susan B. Anthony Elementary School

  • Education Level: Primary
  • # of students: 938
  • # of teachers: 32
9
GreatSchools Rating

Susan B. Anthony Elementary School

  • Education Level: Middle
  • # of students: 938
  • # of teachers: 32
9
GreatSchools Rating

Santiago High School

  • Education Level: High
  • # of students: 3,692
  • # of teachers: 129
8
GreatSchools Rating
 

$494,910$604,890$549,900

PURCHASE PRICE

$2,151$2,629$2,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,390
EXPENSES Loan Payment -$2,029
Property Tax -$566
Property Insurance -$73
HOA -$150
Property Management Fees -$141
CASH FLOW
-$569

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.

$549,900

PROJECTED PRICE

$2,390

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 6.2%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$151,474

INVESTMENT

$151,474

Down Payment
$137,475
Rehab Estimate
$5,750
Closing Costs
$8,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,029

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $137,475
Loan Amount $412,425
See What Happens When You Reinvest Cash Flow

0.92

YEARS SAVED

$2,395

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,390

    LIST RENT
  • $1.27

    LIST RENT PER SQFT
  • $2,557

    COMP ESTIMATED VALUE
  • $1.36

    COMP AVG. RENT PER SQFT
Comps Range
$2,350
1$2,3502$2,3903$2,4004$2,4955$2,595
$2,595
RENT COMPS ANALYSIS
  • 2811 Palma Circle Corona, CA 2
    • 3 beds 3 baths ∙ 1,880 Sqft ∙ Built 2018 3 beds 3 baths ∙ 1,880 Sqft ∙ Built 2018
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,390
    • $1.27
    •  
  • 1088 Viewpointe Lane Corona, CA 1
    • 4 beds 3 baths ∙ 1,752 Sqft ∙ Built 1998 4 beds 3 baths ∙ 1,752 Sqft ∙ Built 1998
    property image
    LEASED 02/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.34
    •  
  • 1067 Viewpointe Corona, CA 3
    • 4 beds 3 baths ∙ 1,886 Sqft ∙ Built 1998 4 beds 3 baths ∙ 1,886 Sqft ∙ Built 1998
    property image
    LEASED 02/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.27
    •  
  • 2871 Menorca Circle Corona, CA 4
    • 3 beds 3 baths ∙ 1,718 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,718 Sqft ∙ Built 2016
    property image
    LEASED 11/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $1.45
    •  
  • 1859 Marquez Way Corona, CA 5
    • 3 beds 3 baths ∙ 1,880 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,880 Sqft ∙ Built 2016
    property image
    LEASED 12/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,595
    • $1.38
    •  
PROPERTY LISTING DETAILS
Oscar Tortola
Keller Williams Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20249830
Last Updated: 12/02/2020
BESbswy