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335 Gay Street Corona, CA 92879

4 Beds 2 Baths 1,350 sqft Built 1962

$499,900

List Price

$2,300

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

December 23, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1962
  • Price/Sqft : $370.30
  • 5 Days on Market
  • MLS # : SW20262139
  • Updated Date : 12/23/2020 at 13:43
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,350 sqft
  • Baths : 2 full
Listing Agent

Meridian Capital Real Estate

Listing Agent's Description

Great neighborhood! This home features 4 bedrooms and 2 baths, nice yard with plenty of fruit treas. Newer windows and some upgrades So much pride of ownership in the community. Walking distance to parks, schools, shopping. Freeway close 91 and 15. Currently the home could use a little TLC but overall in good condition. If you are willing to shine this rock it will turn back into a diamond.

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • 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)

PRICE & RENT TRENDS

Neighborhood: Central Corona

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $143k627k

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

Neighborhood: Central Corona

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21200140016001800200022002400Rent in $10822579

* 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
Lincoln Alternative Elementary School Primary Magnet 967 35 9
Lincoln Alternative Elementary School Middle Magnet 967 35 9
Centennial High School High Regular 3,306 119 8

Lincoln Alternative Elementary School

  • Education Level: Primary
  • # of students: 967
  • # of teachers: 35
9
GreatSchools Rating

Lincoln Alternative Elementary School

  • Education Level: Middle
  • # of students: 967
  • # of teachers: 35
9
GreatSchools Rating

Centennial High School

  • Education Level: High
  • # of students: 3,306
  • # of teachers: 119
8
GreatSchools Rating
 

$449,910$549,890$499,900

PURCHASE PRICE

$2,070$2,530$2,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,300
EXPENSES Loan Payment -$1,844
Property Tax -$473
Property Insurance -$60
Property Management Fees -$136
CASH FLOW
-$213

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.

$499,900

PROJECTED PRICE

$2,300

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 7.5%
Maintenance Year (1-5) 8.00%
Vacancy 5.43%
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$1.6M

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$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$138,224

INVESTMENT

$138,224

Down Payment
$124,975
Rehab Estimate
$5,750
Closing Costs
$7,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,844

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $124,975
Loan Amount $374,925
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$19,574

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,300

    LIST RENT
  • $1.7

    LIST RENT PER SQFT
  • $2,106

    COMP ESTIMATED VALUE
  • $1.56

    COMP AVG. RENT PER SQFT
Comps Range
$1,925
1$1,9252$2,2003$2,3004$2,3755$2,400
$2,400
RENT COMPS ANALYSIS
  • 335 Gay Street Corona, CA 3
    • 4 beds 2 baths ∙ 1,350 Sqft ∙ Built 1962 4 beds 2 baths ∙ 1,350 Sqft ∙ Built 1962
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.70
    •  
  • 349 E Rancho Road Corona, CA 1
    • 3 beds 2 baths ∙ 1,278 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,278 Sqft ∙ Built 1959
    property image
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,925
    • $1.51
    •  
  • 323 E Rancho Road Corona, CA 2
    • 4 beds 2 baths ∙ 1,384 Sqft ∙ Built 1962 4 beds 2 baths ∙ 1,384 Sqft ∙ Built 1962
    property image
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.59
    •  
  • 332 E Rancho Road Corona, CA 4
    • 4 beds 2 baths ∙ 1,500 Sqft ∙ Built 1962 4 beds 2 baths ∙ 1,500 Sqft ∙ Built 1962
    property image
    LEASED 03/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,375
    • $1.58
    •  
  • 1120 W Citron Street Corona, CA 5
    • 4 beds 2 baths ∙ 1,540 Sqft ∙ Built 1975 4 beds 2 baths ∙ 1,540 Sqft ∙ Built 1975
    property image
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.56
    •  
PROPERTY LISTING DETAILS
John Germing
Meridian Capital Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW20262139
Last Updated: 12/23/2020
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