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PROPERTY INFO
FACTS
- Single Family
- Built In 1994
- Price/Sqft : $261.04
- 3 Days on Market
- MLS # : IV21018830
- Updated Date : 01/29/2021 at 17:48
CONSTRUCTION
- Beds : 4
- Floor Size : 2,605 sqft
- Baths : 2 full , 1 half
Listing Agent
Coleman Realty Group
Listing Agent's Description
NO HOA!!! NO MELLO ROOS!! LOW TAXES!! Home located in beautiful South Corona. Great Location. One of the most sought-after neighborhoods in Corona! 4 Bedrooms plus Large Bonus Room. 2.5 Baths. 2605 Square Feet. Enjoy a Formal Dining Room, Living Room and Den. Porcelain Tile Flooring throughout the main floor. Kitchen with huge Island and Granite Counter tops. Ceiling Fans in every room. Living room boasts a cozy Fireplace in family room for those cold day. Shutters. Spacious Master Bedroom with Walk-in Closet, Dual Vanities, Tiled Tub and Separate Shower Stall! Permitted Loft / Bonus Room added to second floor ideal for classroom setting can also be used for as an office, playroom, gym, media room, or game room. Permitted balcony added to the second floor with great views of the mountain. Backyard has built-in fireplace perfect for family and friends gathering. Nestled in a Gorgeous Cul-de-Sac and Close to the 15 and 91 Freeway. Close to Parks and Schools. Easy access to Shopping & Dining. Hurry wouldn’t last long!
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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: South Corona
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: South Corona
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $2,670 |
| EXPENSES | Loan Payment | -$2,362 |
| Property Tax | -$734 | |
| Property Insurance | -$90 | |
| Property Management Fees | -$158 | |
|
CASH FLOW
-$673
|
||
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.
$680,000
PROJECTED PRICE
$2,670
PROJECTED RENT
0.39%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.95% |
| Appreciation Year (1-5) | 5.2% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.35% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$185,950
LOAN DETAILS
$2,362
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $170,000 |
| Loan Amount | $510,000 |
0.92
YEARS SAVED
$2,508
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,670
LIST RENT -
$1.02
LIST RENT PER SQFT
-
$2,657
COMP ESTIMATED VALUE -
$1.02
COMP AVG. RENT PER SQFT
Comps Range
-
2841 Athens Circle Corona, CA 3
- 4 beds 3 baths ∙ 2,605 Sqft ∙ Built 1994 4 beds 3 baths ∙ 2,605 Sqft ∙ Built 1994
![property image]()
- Rent
- Rent Per SQFT
- $2,670
- $1.02
-
2976 Stonewall Drive Corona, CA 1
- 4 beds 3 baths ∙ 2,676 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,676 Sqft ∙ Built 1998
![property image]()
LEASED 02/16/20- Rent
- Rent Per SQFT
- $2,600
- $0.97
-
1375 Wigeon Drive Corona, CA 2
- 4 beds 2 baths ∙ 2,532 Sqft ∙ Built 2002 4 beds 2 baths ∙ 2,532 Sqft ∙ Built 2002
![property image]()
LEASED 02/13/20- Rent
- Rent Per SQFT
- $2,650
- $1.05
-
1263 Strawcross Lane Corona, CA 4
- 3 beds 3 baths ∙ 2,713 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,713 Sqft ∙ Built 2005
![property image]()
LEASED 08/31/20- Rent
- Rent Per SQFT
- $2,785
- $1.03
-
2868 Briarhaven Lane Corona, CA 5
- 4 beds 3 baths ∙ 2,759 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,759 Sqft ∙ Built 1997
![property image]()
LEASED 03/16/20- Rent
- Rent Per SQFT
- $2,850
- $1.03
PROPERTY LISTING DETAILS
Coleman Realty Group
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: IV21018830
Last Updated: 01/29/2021
