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PROPERTY INFO
FACTS
- Single Family
- Built In 1996
- Price/Sqft : $354.12
- 3 Days on Market
- MLS # : IG21035586
- Updated Date : 02/19/2021 at 22:53
CONSTRUCTION
- Beds : 4
- Floor Size : 1,807 sqft
- Baths : 2 full
Listing Agent
Silver Terrace Real Estate
Listing Agent's Description
BEAUTIFUL FORMAL MODEL “MOUNTAIN VIEW” HOME IN GREAT NEIGHBORHOOD...ONE OF THE LARGEST LOTS IN THE TRACT! SINGLE STORY HOME ON FLAT INSIDE CORNER LOT! 1,807 SQ.FT. THAT INCLUDES 3 BEDROOMS+OFFICE OR 4TH BEDROOM, 2 FULL BATHROOMS, LARGE AND OPEN KITCHEN, LIVING ROOM, DINING ROOM, FAMILY ROOM, EATING AREA AND HUGE BACKYARD. LOT SIZE IS JUST UNDER 1/3 OF AN ACRE AND BACKYARD INCLUDES A BASKETBALL COURT/HOOP ALREADY IN THE GROUND. THERE IS A COVERED PATIO AREA WITH CUSTOM CONCRETE/BRICKWORK + FRUIT TREES, VIEW AND LARGE GRASS AREA PERFECT FOR THE LITTLE ONES TO BURN OFF SOME ENERGY! THIS LOT HAS PLENTY OF ROOM FOR A POOL, CASITA, BUYER’S TOYS AND OR ENTERTAINERS BACKYARD! POTENTIAL RV / BOAT ACCESS TO BACKYARD. FRONT AND BACKYARDS ARE BEAUTIFULLY LANDSCAPED. MAKE THIS YOUR OWN RESORT BACKYARD! HOME HAS UPGRADES THROUGHOUT AND HAS BEEN WELL TAKEN CARE OF! CUSTOM PAINT, UPGRADED WOOD SHUTTERS, CEILING FANS, LIGHTING AND BASEBOARDS THROUGHOUT.. KITCHEN HAS UPGRADED PORCELAIN TILE FLOORING, GRANITE COUNTER TOPS, UPGRADED BACKSPLASH ROCK UP THE WALLS AND UPGRADED CABINETS WITH UPGRADED HARDWARE. BRICK FIREPLACE AND BUILT IN CABINETRY IN LIVING ROOM. CLOSE TO GREAT DESIRED CORONA/NORCO SCHOOL DISTRICT. NO HOA, EASY ACCESS TO THE 91, 71, & 241FWY. TOLL ROAD FOR COMMUTERS. ONLY MINUTES TO ANAHEIM HILLS. THIS HOME WILL GO FAST...MOVE IN CONDITION!
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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: 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 | $2,780 |
| EXPENSES | Loan Payment | -$2,223 |
| Property Tax | -$765 | |
| Property Insurance | -$71 | |
| Property Management Fees | -$164 | |
|
CASH FLOW
-$443
|
||
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.
$639,900
PROJECTED PRICE
$2,780
PROJECTED RENT
0.43%
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
$175,324
LOAN DETAILS
$2,223
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $159,975 |
| Loan Amount | $479,925 |
2.08
YEARS SAVED
$8,704
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,780
LIST RENT -
$1.54
LIST RENT PER SQFT
-
$2,805
COMP ESTIMATED VALUE -
$1.55
COMP AVG. RENT PER SQFT
Comps Range
-
3015 Graceland Way Corona, CA 4
- 4 beds 2 baths ∙ 1,807 Sqft ∙ Built 1996 4 beds 2 baths ∙ 1,807 Sqft ∙ Built 1996
- Rent
- Rent Per SQFT
- $2,780
- $1.54
-
2998 Deadwood Drive Corona, CA 1
- 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1994
LEASED 12/19/19- Rent
- Rent Per SQFT
- $2,550
- $1.59
-
3112 Hannover Street Corona, CA 2
- 3 beds 2 baths ∙ 1,671 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,671 Sqft ∙ Built 1999
LEASED 10/15/19- Rent
- Rent Per SQFT
- $2,600
- $1.56
-
3417 Ellesmere Drive Corona, CA 3
- 3 beds 3 baths ∙ 1,699 Sqft ∙ Built 1995 3 beds 3 baths ∙ 1,699 Sqft ∙ Built 1995
LEASED 12/02/20- Rent
- Rent Per SQFT
- $2,650
- $1.56
-
3258 Camden Lane Corona, CA 5
- 4 beds 2 baths ∙ 2,000 Sqft ∙ Built 1997 4 beds 2 baths ∙ 2,000 Sqft ∙ Built 1997
LEASED 06/11/20- Rent
- Rent Per SQFT
- $3,000
- $1.50
PROPERTY LISTING DETAILS
Silver Terrace Real Estate
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: IG21035586
Last Updated: 02/19/2021
