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2871 Echo Springs Drive Corona, CA 92883

3 Beds 3 Baths 1,847 sqft Built 2005

$529,000

List Price

$2,310

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $286.41
  • 6 Days on Market
  • MLS # : PW21018506
  • Updated Date : 02/16/2021 at 13:34
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,847 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Completely detached Turn Key home with large patio in highly desired Dos Lagos area! This home features 3 bed 2.5 bath with bonus room downstairs with additional bonus space upstairs just off the master suite. The kitchen has been upgraded with quartz counters, subway tile backsplash, and white cabinets. Upgraded flooring/carpet throughout. New interior paint throughout. Guest and master baths upgraded with new floor and vanities. NEW AC/Heating unit and water heater. GE appliances. Low HOA. Community has 2 parks, 1 pool and 1 dog park. Walking distance to Dos Lagos shopping/restaurants.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Dos Lagos

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $149k627k

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

Neighborhood: Dos Lagos

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21200140016001800200022002400260028003000Rent in $10823179

* 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
El Cerrito Middle School Middle Regular 1,256 43 8
Centennial High School High Regular 3,306 119 8
El Cerrito Middle School Middle Unknown NA

El Cerrito Middle School

  • Education Level: Middle
  • # of students: 1,256
  • # of teachers: 43
8
GreatSchools Rating

Centennial High School

  • Education Level: High
  • # of students: 3,306
  • # of teachers: 119
8
GreatSchools Rating

El Cerrito Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$476,100$581,900$529,000

PURCHASE PRICE

$2,079$2,541$2,310

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,310
EXPENSES Loan Payment -$1,837
Property Tax -$616
Property Insurance -$72
HOA -$185
Property Management Fees -$136
CASH FLOW
-$537

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.

$529,000

PROJECTED PRICE

$2,310

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 6.9%
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

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k

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$145,935

INVESTMENT

$145,935

Down Payment
$132,250
Rehab Estimate
$5,750
Closing Costs
$7,935

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,837

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $132,250
Loan Amount $396,750
See What Happens When You Reinvest Cash Flow

0.58

YEARS SAVED

$1,187

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,310

    LIST RENT
  • $1.25

    LIST RENT PER SQFT
  • $2,304

    COMP ESTIMATED VALUE
  • $1.25

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,2003$2,2004$2,3005$2,310
$2,310
RENT COMPS ANALYSIS
  • 2871 Echo Springs Drive Corona, CA 5
    • 3 beds 3 baths ∙ 1,847 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,847 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $2,310
    • $1.25
    •  
  • 9195 Desert Acacia Lane Corona, CA 1
    • 3 beds 2 baths ∙ 1,686 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,686 Sqft ∙ Built 1993
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.25
    •  
  • 4313 Owens Street Corona, CA 2
    • 3 beds 3 baths ∙ 1,857 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,857 Sqft ∙ Built 2006
    LEASED 07/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.18
    •  
  • 9142 Desert Acacia Lane Corona, CA 3
    • 3 beds 2 baths ∙ 1,686 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,686 Sqft ∙ Built 1993
    LEASED 11/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.30
    •  
  • 4453 Owens Street Corona, CA 4
    • 3 beds 3 baths ∙ 1,825 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,825 Sqft ∙ Built 2007
    LEASED 01/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.26
    •  
PROPERTY LISTING DETAILS
Andrew Willoughby
Coldwell Banker Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21018506
Last Updated: 02/16/2021
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