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3080 Corona Avenue Norco, CA 92860

3 Beds 1 Baths 1,170 sqft Built 1961

$477,900

List Price

$2,150

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

December 02, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1961
  • Price/Sqft : $408.46
  • 6 Days on Market
  • MLS # : IG20249481
  • Updated Date : 12/01/2020 at 15:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,170 sqft
  • Baths : 1 full
Listing Agent

Remax One

Listing Agent's Description

Buy with Confidence! This is a very well-maintained, nicely appointed Home with good sized rooms. Property is fenced and just about 1/4-Acre, and one horse or other large animal is allowed, has a detached oversized 3-car drywall-finished GARAGE (one bay has been converted with 3/4-bath, recessed lights, water heater and 220V.). Termite Inspection completed and Clearance issued. Both the KITCHEN and BATH have all-wood cabinets, with easy-closers and pull-outs, recessed lights. Large Shower with bench is fully tiled with top-of-line fixtures and 3/8" solid Glass Door. House features Wood-look porcelain TILE FLOORS/4" baseboards throughout; OFFICE has built-in desks and cabinets, DUAL PANE WINDOWs are 4-year old and include mini-blinds, sliding door has blinds inside the glass, house has 4 high-end ceiling FANS. No rusty water heater, there is a Takagi on-demand Tankless Hot Water System. ROOF and A/C unit are 4 years new, and all ducting has been replaced; Exterior Walls are insulated and the Attic space is insulated. Yards have new sod, mow-strips & all sprinklers work; Patios poured with rebar in front/back, privacy wood fence in rear, most of lot is chain link fenced. The PRICE includes APPLIANCES - 30" gas range, microwave, quiet Bosch dishwasher, Broan trash compactor and Whirlpool Cabrio washer-dryer, natl gas Weber Grill and Two Tuff-Sheds - everything you need to get started! Enjoy a decent view of the snow-covered San Gabriel Mountains - weather permitting.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Norco

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $149k643k

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

Neighborhood: Norco

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q212001400160018002000220024002600Rent in $10822691

* 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
Sierra Vista Elementary School Primary Regular 459 20 5
Norco Intermediate School Middle Regular 751 31 7
John F. Kennedy Middle College High School High Magnet 646 22 7

Sierra Vista Elementary School

  • Education Level: Primary
  • # of students: 459
  • # of teachers: 20
5
GreatSchools Rating

Norco Intermediate School

  • Education Level: Middle
  • # of students: 751
  • # of teachers: 31
7
GreatSchools Rating

John F. Kennedy Middle College High School

  • Education Level: High
  • # of students: 646
  • # of teachers: 22
7
GreatSchools Rating
 

$430,110$525,690$477,900

PURCHASE PRICE

$1,935$2,365$2,150

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,150
EXPENSES Loan Payment -$1,763
Property Tax -$445
Property Insurance -$56
Property Management Fees -$127
CASH FLOW
-$240

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.

$477,900

PROJECTED PRICE

$2,150

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 7.2%
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-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$132,394

INVESTMENT

$132,394

Down Payment
$119,475
Rehab Estimate
$5,750
Closing Costs
$7,169

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,763

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $119,475
Loan Amount $358,425
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$16,003

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,150

    LIST RENT
  • $1.84

    LIST RENT PER SQFT
  • $2,241

    COMP ESTIMATED VALUE
  • $1.92

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,1503$2,600
$2,600
RENT COMPS ANALYSIS
  • 3080 Corona Avenue Norco, CA 2
    • 3 beds 1 baths ∙ 1,170 Sqft ∙ Built 1961 3 beds 1 baths ∙ 1,170 Sqft ∙ Built 1961
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.84
    •  
  • 659 Vaughan Street Norco, CA 1
    • 3 beds 2 baths ∙ 1,125 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,125 Sqft ∙ Built 1962
    LEASED 10/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.87
    •  
  • 1598 1st Street Norco, CA 3
    • 4 beds 2 baths ∙ 1,324 Sqft ∙ Built 1974 4 beds 2 baths ∙ 1,324 Sqft ∙ Built 1974
    LEASED 07/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.96
    •  
PROPERTY LISTING DETAILS
Steven Parker
Remax One
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20249481
Last Updated: 12/01/2020
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