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PROPERTY INFO
FACTS
- Single Family
- Built In 1989
- Price/Sqft : $248.90
- 3 Days on Market
- MLS # : RS21035551
- Updated Date : 02/19/2021 at 20:40
CONSTRUCTION
- Beds : 4
- Floor Size : 2,511 sqft
- Baths : 3 full
Listing Agent
C-21 Classic Estates
Listing Agent's Description
Spacious 2 story 4 bedrooms, 3 full bathrooms, 3 fireplaces, 3 car garage, nested in most desirable area of Corona Hills With Great curb appeal no Association fees and Mello Ross. .Spacious living & dinning room with wood planked flooring, spiral wooden stairs leads the way up to a double door & over-sized master bedroom w/ re-treat, fire place & private balcony with amazing views to the beautiful mountains. Double door entry. Master bath has Double sinks, a separate shower and tub. Two bedroom with double sink jack and Jill bathroom. Down stairs room for an office . Recessed lighting ,wood & tile flooring throughout. . Large & bright kitchen with walk in pantry. Beautifully landscaped front & backyard perfect for relaxing and entertaining. Patio cover & gas hook up for BBQ Conveniently located, walk to elementary school, park, shopping centers, & fine dinning,
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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: Corona Hills
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Corona Hills
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $2,980 |
| EXPENSES | Loan Payment | -$2,171 |
| Property Tax | -$629 | |
| Property Insurance | -$88 | |
| Property Management Fees | -$176 | |
|
CASH FLOW
-$83
|
||
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
$2,980
PROJECTED RENT
0.48%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.95% |
| Appreciation Year (1-5) | 7.3% |
| 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
$171,375
LOAN DETAILS
$2,171
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $156,250 |
| Loan Amount | $468,750 |
5.08
YEARS SAVED
$32,815
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,980
LIST RENT -
$1.19
LIST RENT PER SQFT
-
$2,969
COMP ESTIMATED VALUE -
$1.18
COMP AVG. RENT PER SQFT
Comps Range
-
2885 New Castle Way Corona, CA 4
- 4 beds 3 baths ∙ 2,511 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,511 Sqft ∙ Built 1989
- Rent
- Rent Per SQFT
- $2,980
- $1.19
-
2614 Las Mercedes Lane Corona, CA 1
- 4 beds 3 baths ∙ 2,325 Sqft ∙ Built 1990 4 beds 3 baths ∙ 2,325 Sqft ∙ Built 1990
LEASED 06/16/20- Rent
- Rent Per SQFT
- $2,700
- $1.16
-
2909 Dorchester Circle Corona, CA 2
- 4 beds 3 baths ∙ 2,412 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,412 Sqft ∙ Built 1989
LEASED 09/29/20- Rent
- Rent Per SQFT
- $2,800
- $1.16
-
436 Bristol Way Corona, CA 3
- 4 beds 3 baths ∙ 2,511 Sqft ∙ Built 1992 4 beds 3 baths ∙ 2,511 Sqft ∙ Built 1992
LEASED 01/31/21- Rent
- Rent Per SQFT
- $2,950
- $1.17
-
2925 Griffin Circle Corona, CA 5
- 4 beds 3 baths ∙ 2,410 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,410 Sqft ∙ Built 1989
LEASED 06/11/20- Rent
- Rent Per SQFT
- $3,000
- $1.24
PROPERTY LISTING DETAILS
C-21 Classic Estates
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: RS21035551
Last Updated: 02/19/2021
