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3271 Willow Park Drive Corona, CA 92881

4 Beds 3 Baths 1,822 sqft Built 1997

INVESTimate

$609,000

List Price

$2,530

$2,280 - $2,780

Rent Est.

$637,197  ( +4.63%)   1 YR EST. FORECAST

PROPERTY INFO

August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 1997
  • Price/Sqft : $334.25
  • 3 Days on Market
  • MLS # : IG20173109
  • Updated Date : 08/24/2020 at 21:50
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,822 sqft
  • Baths : 3 full
Listing Agent

Keller Williams Realty

Listing Agent's Description

This is an incredible turnkey home with a pool and RV parking. Yes! RV parking! located in Chase Ranch of Corona. The home has been completely upgraded to present day tones. Let’s start out by mentioning the beautiful new tile flooring throughout the downstairs. Oh, and the fireplace has all been upgraded and is absolutely stunning. All new paint! Upgraded contemporary kitchen with new marble counter tops, backsplash and newer appliances. Two Quiet cool fans! New A/C and furnace! Upstairs has new plush soft carpet. The list goes on and on. So, let’s continue. PAID OFF 15000 KW solar system! The pool has been completely redone with designer pebble tech and a spa. The backdrop has a pony wall with beautiful tile backsplash. Sit by the pool at night with your fire and ice gas fire pit. All new designer concrete throughout the back yard and a large built in barbecue. An entertainer’s delight! One more thing when you are done camping for the weekend come home and park your R/V on the side of the home behind the gate and save on R/V storage fees. LOW! LOW! LOW! tax rate! No HOA Dues! So, what are you waiting for? Come home to paradise today.

SEE MORE

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: Chase Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650k700kPrice in $149k732k

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

Neighborhood: Chase Ranch

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2120014001600180020002200240026002800Rent in $10822931

* 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
Orange Elementary School Primary Regular 789 28 7
Orange Elementary School Middle Regular 789 28 7
Santiago High School High Regular 3,692 129 8

Orange Elementary School

  • Education Level: Primary
  • # of students: 789
  • # of teachers: 28
7
GreatSchools Rating

Orange Elementary School

  • Education Level: Middle
  • # of students: 789
  • # of teachers: 28
7
GreatSchools Rating

Santiago High School

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

$548,100$669,900$609,000

PURCHASE PRICE

$2,277$2,783$2,530

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

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$1.6M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,530
EXPENSES Loan Payment -$2,247
Property Tax -$664
Property Insurance -$71
Property Management Fees -$149
CASH FLOW
-$602

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.

$609,000

PROJECTED PRICE

$2,530

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 4.63%
Maintenance Year (1-5) 8.00%
Vacancy 5.35%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$167,135

INVESTMENT

$167,135

Down Payment
$152,250
Rehab Estimate
$5,750
Closing Costs
$9,135

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,247

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $152,250
Loan Amount $456,750
See What Happens When You Reinvest Cash Flow

1.25

YEARS SAVED

$4,119

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,530

    LIST RENT
  • $1.39

    LIST RENT PER SQFT
  • $2,523

    COMP ESTIMATED VALUE
  • $1.39

    COMP AVG. RENT PER SQFT
Comps Range
$2,350
1$2,3502$2,4003$2,4954$2,5305$2,595
$2,595
RENT COMPS ANALYSIS
  • 3271 Willow Park Drive Corona, 4
    • 4 beds 3 baths ∙ 1,822 Sqft ∙ Built 1997 4 beds 3 baths ∙ 1,822 Sqft ∙ Built 1997
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,530
    • $1.39
    •  
  • 1088 Viewpointe Lane Corona, 1
    • 4 beds 3 baths ∙ 1,752 Sqft ∙ Built 1998 4 beds 3 baths ∙ 1,752 Sqft ∙ Built 1998
    property image
    LEASED 02/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.34
    •  
  • 1036 Sunbeam Lane Corona, 2
    • 4 beds 3 baths ∙ 1,752 Sqft ∙ Built 1997 4 beds 3 baths ∙ 1,752 Sqft ∙ Built 1997
    property image
    LEASED 04/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.37
    •  
  • 2871 Menorca Circle Corona, 3
    • 3 beds 3 baths ∙ 1,718 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,718 Sqft ∙ Built 2016
    property image
    LEASED 11/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $1.45
    •  
  • 1859 Marquez Way Corona, 5
    • 3 beds 3 baths ∙ 1,880 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,880 Sqft ∙ Built 2016
    property image
    LEASED 12/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,595
    • $1.38
    •  
PROPERTY LISTING DETAILS
Frank Baldwin
Keller Williams Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20173109
Last Updated: 08/24/2020
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