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2979 Lombardy Lane Corona, CA 92881

3 Beds 2 Baths 1,559 sqft Built 2000

$539,000

List Price

$2,340

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

January 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $345.73
  • 8 Days on Market
  • MLS # : OC21005526
  • Updated Date : 01/14/2021 at 19:21
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,559 sqft
  • Baths : 1 full , 1 half
Listing Agent

First Team Real Estate

Listing Agent's Description

Job transfer forces sale!!! Sellers love the home and neighborhood and don’t want to move...But....We have a wonderful 3-bedroom 2.5 bath detached home in the Morning Sky Development of Mountain Gate. The kitchen is nicely upgraded with a big center island with granite counters, stainless steel appliances and newer cabinets. Beautiful wood floors highlight the lower level with neutral carpeting on the upper level. This floorplan features a separate living and family room with vaulted ceilings and a spacious laundry room on the upper level. the master bedroom has vaulted ceilings and a really nice big walk-in closet with upgraded closet organizers. Home is located in close proximity to award winning elementary and middle schools, parks and shopping!!!

SEE MORE

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

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
Eisenhower Elementary School Primary Regular 920 33 9
Eisenhower Elementary School Middle Regular 920 33 9
Santiago High School High Regular 3,692 129 8

Eisenhower Elementary School

  • Education Level: Primary
  • # of students: 920
  • # of teachers: 33
9
GreatSchools Rating

Eisenhower Elementary School

  • Education Level: Middle
  • # of students: 920
  • # of teachers: 33
9
GreatSchools Rating

Santiago High School

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

$485,100$592,900$539,000

PURCHASE PRICE

$2,106$2,574$2,340

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,340
EXPENSES Loan Payment -$1,872
Property Tax -$654
Property Insurance -$65
HOA -$75
Property Management Fees -$138
CASH FLOW
-$465

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.

$539,000

PROJECTED PRICE

$2,340

PROJECTED RENT

0.43%

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$148,585

INVESTMENT

$148,585

Down Payment
$134,750
Rehab Estimate
$5,750
Closing Costs
$8,085

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,872

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $134,750
Loan Amount $404,250
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$3,439

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,340

    LIST RENT
  • $1.5

    LIST RENT PER SQFT
  • $2,128

    COMP ESTIMATED VALUE
  • $1.37

    COMP AVG. RENT PER SQFT
Comps Range
$2,340
1$2,3402$2,3503$2,4004$2,4005$2,450
$2,450
RENT COMPS ANALYSIS
  • 2979 Lombardy Lane Corona, CA 1
    • 3 beds 2 baths ∙ 1,559 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,559 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $2,340
    • $1.50
    •  
  • 1088 Viewpointe Lane Corona, CA 2
    • 4 beds 3 baths ∙ 1,752 Sqft ∙ Built 1998 4 beds 3 baths ∙ 1,752 Sqft ∙ Built 1998
    LEASED 02/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.34
    •  
  • 1036 Sunbeam Lane Corona, CA 3
    • 4 beds 3 baths ∙ 1,752 Sqft ∙ Built 1997 4 beds 3 baths ∙ 1,752 Sqft ∙ Built 1997
    LEASED 04/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.37
    •  
  • 1089 Aurora Lane Corona, CA 4
    • 4 beds 3 baths ∙ 1,752 Sqft ∙ Built 1997 4 beds 3 baths ∙ 1,752 Sqft ∙ Built 1997
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.37
    •  
  • 240 Jessica Lane Corona, CA 5
    • 3 beds 3 baths ∙ 1,769 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,769 Sqft ∙ Built 1999
    LEASED 01/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.38
    •  
PROPERTY LISTING DETAILS
Sam Chinarian
First Team Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21005526
Last Updated: 01/14/2021
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