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3100 Castelar Court Corona, CA 92882

3 Beds 2 Baths 1,262 sqft Built 1990

$399,900

List Price

$1,920

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

October 31, 2020 RECENTLY ADDED
FACTS
  • Built In 1990
  • Price/Sqft : $316.88
  • 5 Days on Market
  • MLS # : IG20229771
  • Updated Date : 11/01/2020 at 20:16
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,262 sqft
  • Baths : 2 full
Listing Agent

Century 21 Garland

Listing Agent's Description

Stunning Sierra Del Oro Condominium Located in Highly Desirable "Terraces" Community!! Breathtaking Views of the Cleveland National Forest! Just a few miles inland from the Orange County Line. This Home is a two Story home on the Second Level. Featuring a High Cathedral Ceiling over the Living and Dining Room Area. Fireplace and built in Shelving in Living room. Upgraded Kitchen with Designer Cabinets, (with glass doors and lighting), Granite Counter tops, and Stone Tile Backsplash. Stainless Steel Upgraded Appliances, including a bottom freezer door Refrigerator. Indoor Laundry area with a Stackable Washer and Dryer. Private Balcony with a Storage room. One car detached garage, plus one covered parking space. Two Spacious bedrooms, (high ceiling in master), with two full baths. The 3rd bedroom is an upstairs loft room overlooking the Formal Living and Dining area, Perfect for Office or Gym. Gorgeous Gated Common Swimming Pool and Spa. Great Location!! Close to 91,71 and 241. Low fees.

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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: Sierra del Oro

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650kPrice in $149k673k

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

Neighborhood: Sierra del Oro

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q212001400160018002000220024002600Rent in $10822746

* 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
Cesar Chavez Academy Primary Regular 952 33 6
Cesar Chavez Academy Middle Regular 952 33 6
Corona High School High Regular 2,933 110 5

Cesar Chavez Academy

  • Education Level: Primary
  • # of students: 952
  • # of teachers: 33
6
GreatSchools Rating

Cesar Chavez Academy

  • Education Level: Middle
  • # of students: 952
  • # of teachers: 33
6
GreatSchools Rating

Corona High School

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

$359,910$439,890$399,900

PURCHASE PRICE

$1,728$2,112$1,920

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,920
EXPENSES Loan Payment -$1,475
Property Tax -$435
Property Insurance -$58
HOA -$295
Property Management Fees -$113
CASH FLOW
-$457

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.

$399,900

PROJECTED PRICE

$1,920

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 5.8%
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

PROJECTED ANNUAL CASH FLOW

11530-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$111,724

INVESTMENT

$111,724

Down Payment
$99,975
Rehab Estimate
$5,750
Closing Costs
$5,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,475

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $99,975
Loan Amount $299,925
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$557

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,920

    LIST RENT
  • $1.52

    LIST RENT PER SQFT
  • $1,912

    COMP ESTIMATED VALUE
  • $1.52

    COMP AVG. RENT PER SQFT
Comps Range
$1,920
1$1,9202$2,2953$2,3004$2,4955$2,500
$2,500
RENT COMPS ANALYSIS
  • 3100 Castelar Court Corona, CA 1
    • 3 beds 2 baths ∙ 1,262 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,262 Sqft ∙ Built 1990
    • Rent
    • Rent Per SQFT
    •  
    • $1,920
    • $1.52
    •  
  • 3227 Skyview Lane Corona, CA 2
    • 3 beds 2 baths ∙ 1,607 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,607 Sqft ∙ Built 1989
    LEASED 11/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $1.43
    •  
  • 2159 Pine Crest Drive Corona, CA 3
    • 3 beds 2 baths ∙ 1,511 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,511 Sqft ∙ Built 1975
    LEASED 06/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.52
    •  
  • 3236 Braemar Lane Corona, CA 4
    • 3 beds 2 baths ∙ 1,607 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,607 Sqft ∙ Built 1989
    LEASED 07/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $1.55
    •  
  • 3455 Skyview Lane Corona, CA 5
    • 3 beds 2 baths ∙ 1,607 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,607 Sqft ∙ Built 1988
    LEASED 07/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.56
    •  
PROPERTY LISTING DETAILS
Tammi Schilling
Century 21 Garland
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20229771
Last Updated: 11/01/2020
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