Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

3535 Chestnut Dr. Norco, CA 92860

3 Beds 2 Baths 2,030 sqft Built 1974

$706,000

List Price

$2,670

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1974
  • Price/Sqft : $347.78
  • 9 Days on Market
  • MLS # : PW20226468
  • Updated Date : 11/02/2020 at 15:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,030 sqft
  • Baths : 2 full
Listing Agent

City Lights Realty

Listing Agent's Description

Beautiful upgraded home and horse property, turn key ready for a new family. Wood flooring and crown molding through out the house with beautiful white shutters. Shiplap in the living room and in various rooms throughout the house. LED lighting for energy efficiency. Newly remodeled kitchen with GE Cafe appliances. Bonus room turned into and office with custom double desk and storage and wood plank custom accent wall. Custom closets in bedrooms with drawers for added storage. Great outdoor living space with french doors that lead out to the back yard that includes a pool and hot tub built-in barbecue and cooking space. The home has RV parking in addition to a separate backyard space for live stock. Currently home owner have a chicken coupe and goats. This home looks like it came straight out of a magazine with little detailed accents everywhere. Viewings will be scheduled starting 10-30-2020 For scheduled viewings please contact the Agent: ***REALTOR IS ONSITE ON TUESDAY SO FEEL FREE TO SCHEDULE A SHOWING today. Jamie Van 626-228-4623 *All offers need to be sent to powers.in.jesus.name@gmail.com please include pre-qualification letter, credit report and bank statements.

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: 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
Highland Elementary School Primary Regular 653 24 8
Highland Elementary School Middle Regular 653 24 8
John F. Kennedy Middle College High School High Magnet 646 22 7

Highland Elementary School

  • Education Level: Primary
  • # of students: 653
  • # of teachers: 24
8
GreatSchools Rating

Highland Elementary School

  • Education Level: Middle
  • # of students: 653
  • # of teachers: 24
8
GreatSchools Rating

John F. Kennedy Middle College High School

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

$635,400$776,600$706,000

PURCHASE PRICE

$2,403$2,937$2,670

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,670
EXPENSES Loan Payment -$2,605
Property Tax -$657
Property Insurance -$76
Property Management Fees -$158
CASH FLOW
-$825

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.

$706,000

PROJECTED PRICE

$2,670

PROJECTED RENT

0.38%

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$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530-$15k-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$192,840

INVESTMENT

$192,840

Down Payment
$176,500
Rehab Estimate
$5,750
Closing Costs
$10,590

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,605

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $176,500
Loan Amount $529,500
See What Happens When You Reinvest Cash Flow

0.58

YEARS SAVED

$1,859

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,670

    LIST RENT
  • $1.32

    LIST RENT PER SQFT
  • $2,741

    COMP ESTIMATED VALUE
  • $1.35

    COMP AVG. RENT PER SQFT
Comps Range
$2,400
1$2,4002$2,4003$2,6704$2,995
$2,995
RENT COMPS ANALYSIS
  • 3535 Chestnut Dr. Riverside, CA 3
    • 3 beds 2 baths ∙ 2,030 Sqft ∙ Built 1974 3 beds 2 baths ∙ 2,030 Sqft ∙ Built 1974
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,670
    • $1.32
    •  
  • 1156 Gentle Drive Corona, CA 1
    • 4 beds 3 baths ∙ 1,724 Sqft ∙ Built 1964 4 beds 3 baths ∙ 1,724 Sqft ∙ Built 1964
    property image
    LEASED 07/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.39
    •  
  • 1842 Champlain Drive Corona, CA 2
    • 4 beds 3 baths ∙ 1,853 Sqft ∙ Built 1986 4 beds 3 baths ∙ 1,853 Sqft ∙ Built 1986
    property image
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.30
    •  
  • 3060 Broken Arrow Street Corona, CA 4
    • 4 beds 3 baths ∙ 2,209 Sqft ∙ Built 1975 4 beds 3 baths ∙ 2,209 Sqft ∙ Built 1975
    property image
    LEASED 01/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $1.36
    •  
PROPERTY LISTING DETAILS
Jamie Van
City Lights Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20226468
Last Updated: 11/02/2020
BESbswy