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3495 Somerdale Street Corona, CA 92879

4 Beds 2 Baths 1,132 sqft Built 1963

$439,000

List Price

$1,990

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1963
  • Price/Sqft : $387.81
  • 6 Days on Market
  • MLS # : 21702930
  • Updated Date : 03/09/2021 at 12:53
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,132 sqft
  • Baths : 1 full , 1 half
Listing Agent

Revilo Realty, Inc.

Listing Agent's Description

Beautiful 4-Bedroom Home on Large Corner Lot in Quiet Corona Residential Neighborhood! Vaulted ceilings & tile floors throughout. Living room w/ ceiling fan. Spacious backyard w/ covered patio - perfect for entertaining! Fully gated lot. 2 car garage. RV parking access.

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: Home Gardens

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $116k627k

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

Neighborhood: Home Gardens

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q210001200140016001800200022002400Rent in $9112579

* 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
Citrus Hills Intermediate School Middle Regular 1,160 46 6
Santiago High School High Regular 3,692 129 8
Citrus Hills Intermediate School Middle Unknown NA

Citrus Hills Intermediate School

  • Education Level: Middle
  • # of students: 1,160
  • # of teachers: 46
6
GreatSchools Rating

Santiago High School

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

Citrus Hills Intermediate School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$395,100$482,900$439,000

PURCHASE PRICE

$1,791$2,189$1,990

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,990
EXPENSES Loan Payment -$1,525
Property Tax -$422
Property Insurance -$55
Property Management Fees -$117
CASH FLOW
-$128

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.

$439,000

PROJECTED PRICE

$1,990

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 9.0%
Maintenance Year (1-5) 8.00%
Vacancy 5.41%
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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$122,085

INVESTMENT

$122,085

Down Payment
$109,750
Rehab Estimate
$5,750
Closing Costs
$6,585

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,525

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $109,750
Loan Amount $329,250
See What Happens When You Reinvest Cash Flow

3.92

YEARS SAVED

$16,145

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,990

    LIST RENT
  • $1.76

    LIST RENT PER SQFT
  • $2,038

    COMP ESTIMATED VALUE
  • $1.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,990
1$1,9902$2,1503$2,200
$2,200
RENT COMPS ANALYSIS
  • 3495 Somerdale Street Corona, CA 1
    • 4 beds 2 baths ∙ 1,132 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,132 Sqft ∙ Built 1963
    • Rent
    • Rent Per SQFT
    •  
    • $1,990
    • $1.76
    •  
  • 3570 Candlewood Street Corona, CA 2
    • 5 beds 2 baths ∙ 1,358 Sqft ∙ Built 1968 5 beds 2 baths ∙ 1,358 Sqft ∙ Built 1968
    LEASED 11/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.58
    •  
  • 13173 Harlow Avenue Corona, CA 3
    • 3 beds 2 baths ∙ 1,088 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,088 Sqft ∙ Built 1965
    LEASED 01/16/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $2.02
    •  
PROPERTY LISTING DETAILS
Oliver Moussazadeh
Revilo Realty, Inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 21702930
Last Updated: 03/09/2021
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