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2873 Coral Street Corona, CA 92882

4 Beds 3 Baths 2,307 sqft Built 1995

$659,000

List Price

$2,680

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

January 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1995
  • Price/Sqft : $285.65
  • 4 Days on Market
  • MLS # : SW21003579
  • Updated Date : 01/07/2021 at 13:17
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,307 sqft
  • Baths : 2 full , 1 half
Listing Agent

Redfin Corporation

Listing Agent's Description

Beautiful South Corona home that has been lovingly cared for by the original owners! As you enter in you will be greeted by sunlight from the high ceilings and windows, the separate formal living room and private dining room split by the beautiful staircase. Enter into the great room to find the family room and adjoining kitchen convenient for those large family gatherings. You also have tons of room for cars and storage in the 3 car garage. Upstairs, you find 3 large guest rooms that share a bathroom with dual vanity sinks and a computer niche in the hallway. The primary suite is large and has lots of closet space. This home is on a large, pool-sized lot, with mature landscaping. Updates include a newer AC unit, water heater, toilets, and flooring downstairs. SO MUCH POTENTIAL! This is a gem that doesn't get let go of very often! Close to shopping, dining, churches, schools, and more!

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: South Corona

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650k700kPrice in $149k712k

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

Neighborhood: South Corona

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2120014001600180020002200240026002800Rent in $10822894

* 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
Ben Franklin Elementary School Primary Regular 831 29 8
Ben Franklin Elementary School Middle Regular 831 29 8
Corona High School High Regular 2,933 110 5

Ben Franklin Elementary School

  • Education Level: Primary
  • # of students: 831
  • # of teachers: 29
8
GreatSchools Rating

Ben Franklin Elementary School

  • Education Level: Middle
  • # of students: 831
  • # of teachers: 29
8
GreatSchools Rating

Corona High School

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

$593,100$724,900$659,000

PURCHASE PRICE

$2,412$2,948$2,680

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,680
EXPENSES Loan Payment -$2,289
Property Tax -$711
Property Insurance -$83
Property Management Fees -$158
CASH FLOW
-$561

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.

$659,000

PROJECTED PRICE

$2,680

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 5.2%
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$15k

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$180,385

INVESTMENT

$180,385

Down Payment
$164,750
Rehab Estimate
$5,750
Closing Costs
$9,885

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,289

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $164,750
Loan Amount $494,250
See What Happens When You Reinvest Cash Flow

1.42

YEARS SAVED

$5,181

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,680

    LIST RENT
  • $1.16

    LIST RENT PER SQFT
  • $2,711

    COMP ESTIMATED VALUE
  • $1.18

    COMP AVG. RENT PER SQFT
Comps Range
$2,595
1$2,5952$2,6003$2,6504$2,6805$2,695
$2,695
RENT COMPS ANALYSIS
  • 2873 Coral Street Corona, CA 4
    • 4 beds 3 baths ∙ 2,307 Sqft ∙ Built 1995 4 beds 3 baths ∙ 2,307 Sqft ∙ Built 1995
    • Rent
    • Rent Per SQFT
    •  
    • $2,680
    • $1.16
    •  
  • 2135 Valor Circle Corona, CA 1
    • 5 beds 3 baths ∙ 2,336 Sqft ∙ Built 1988 5 beds 3 baths ∙ 2,336 Sqft ∙ Built 1988
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,595
    • $1.11
    •  
  • 2809 Vera Cruz Corona, CA 2
    • 4 beds 3 baths ∙ 2,160 Sqft ∙ Built 1994 4 beds 3 baths ∙ 2,160 Sqft ∙ Built 1994
    LEASED 09/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.20
    •  
  • 1037 Regina Way Corona, CA 3
    • 5 beds 3 baths ∙ 2,301 Sqft ∙ Built 2000 5 beds 3 baths ∙ 2,301 Sqft ∙ Built 2000
    LEASED 03/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.15
    •  
  • 1385 Combs Way Corona, CA 5
    • 4 beds 3 baths ∙ 2,179 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,179 Sqft ∙ Built 1999
    LEASED 02/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,695
    • $1.24
    •  
PROPERTY LISTING DETAILS
Amy Wilson
Redfin Corporation
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW21003579
Last Updated: 01/07/2021
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