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3571 Park Hill Drive Corona, CA 92881

5 Beds 3 Baths 2,901 sqft Built 2000

INVESTimate

$709,000

List Price

$3,030

$2,780 - $3,280

Rent Est.

$746,010  ( +5.22%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 2000
  • Price/Sqft : $244.40
  • 5 Days on Market
  • MLS # : IG20171323
  • Updated Date : 08/23/2020 at 16:19
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,901 sqft
  • Baths : 3 full
Listing Agent

Keller Williams Realty

Listing Agent's Description

Turnkey POOL & SPA home in Prime South Corona neighborhood with 5 bedrooms/3 bathrooms, and 3 car garage, extra large driveway which includes a DOWNSTAIRS BEDROOM & FULL BATHROOM . NO HOA and NO MELLO ROOS and LOW TAXES. What more do you need? Double Door entry welcomes you to cathedral ceilings, chandelier, and dual staircase. Fireplace equipped family room opens up to a fully upgraded kitchen with island and WALK IN PANTRY to store all your groceries and essentials during Covid times. Beautiful flooring throughout. All bathrooms and kitchen upgraded with granite. Tropical backyard serene and peaceful beckons you to lush greenery and Palm Trees. Alumawood patio provides shade with recessed lighting. Come and Gather at the pool or fire pit with family and friends at Your New Home in a great neighborhood. SANTIAGO HIGH SCHOOL ZONE. Mountain Views. Leased 25 Solar Panels cuts electric bills. Upgraded Sprinkler box. Dual pane energy efficient E-3 glass windows throughout designed to reflect solar heat energy outdoors avoiding unwanted heat to enter the home. Speed away to OC via foothill extension and minutes to 91 freeway. Shopping and award winning Schools & parks nearby.

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: South Corona

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650k700kPrice in $149k712k

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

Neighborhood: South Corona

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2120014001600180020002200240026002800Rent in $10822894

* 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
 

$638,100$779,900$709,000

PURCHASE PRICE

$2,727$3,333$3,030

RENT

DOWN PAYMENT
FINANCING

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-$10k-$5.0k$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,030
EXPENSES Loan Payment -$2,616
Property Tax -$669
Property Insurance -$97
Property Management Fees -$179
CASH FLOW
-$531

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.

$709,000

PROJECTED PRICE

$3,030

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 5.22%
Maintenance Year (1-5) 8.00%
Vacancy 5.35%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$193,635

INVESTMENT

$193,635

Down Payment
$177,250
Rehab Estimate
$5,750
Closing Costs
$10,635

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,616

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $177,250
Loan Amount $531,750
See What Happens When You Reinvest Cash Flow

2.17

YEARS SAVED

$12,705

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,030

    LIST RENT
  • $1.04

    LIST RENT PER SQFT
  • $3,162

    COMP ESTIMATED VALUE
  • $1.09

    COMP AVG. RENT PER SQFT
Comps Range
$2,895
1$2,8952$3,0003$3,0304$3,1955$3,495
$3,495
RENT COMPS ANALYSIS
  • 3571 Park Hill Drive Corona, 3
    • 5 beds 3 baths ∙ 2,901 Sqft ∙ Built 2000 5 beds 3 baths ∙ 2,901 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $3,030
    • $1.04
    •  
  • 2990 Bavaria Drive Corona, 1
    • 4 beds 3 baths ∙ 2,740 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,740 Sqft ∙ Built 1998
    LEASED 10/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,895
    • $1.06
    •  
  • 1387 Roadrunner Drive Corona, 2
    • 5 beds 3 baths ∙ 2,884 Sqft ∙ Built 1999 5 beds 3 baths ∙ 2,884 Sqft ∙ Built 1999
    LEASED 09/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.04
    •  
  • 946 Stanislaus Drive Corona, 4
    • 5 beds 2 baths ∙ 2,851 Sqft ∙ Built 2000 5 beds 2 baths ∙ 2,851 Sqft ∙ Built 2000
    LEASED 07/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,195
    • $1.12
    •  
  • 3780 Huron Circle Corona, 5
    • 5 beds 3 baths ∙ 3,058 Sqft ∙ Built 2000 5 beds 3 baths ∙ 3,058 Sqft ∙ Built 2000
    LEASED 11/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,495
    • $1.14
    •  
PROPERTY LISTING DETAILS
Dan Jey
Keller Williams Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20171323
Last Updated: 08/23/2020
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