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3588 Chestnut Drive Norco, CA 92860

3 Beds 2 Baths 1,566 sqft Built 1973

$578,000

List Price

$2,320

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

November 26, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1973
  • Price/Sqft : $369.09
  • 7 Days on Market
  • MLS # : SR20245894
  • Updated Date : 11/26/2020 at 11:25
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,566 sqft
  • Baths : 2 full
Listing Agent

Rodeo Realty

Listing Agent's Description

Here is the home you have been waiting for! Norco bluffs fully remodeled inside, flat usable half acre horse property with a pool Enter into your formal living room and dining room combo. Stunning ceramic tile wood look flooring throughout. Step into your dream kitchen. Fully remodeled kitchen, tons of cabinets with soft close hardware, custom quartz counters, under cabinet lighting, window over sink and a viking range any chef would love. Large family room with full wall brick fireplace open wood beam raised ceilings. All interior doors have been updated. Guest bath fully remodeled with new vanity and quartz counters, new lighting. Both guest bedrooms have upgraded carpet and padding. Large master, with 2 closets, upgraded carpet. , Master ensuite with new vanity, oversized custom designed and tiled shower. All windows have been upgraded dual pane. Slider off family room with blinds built into glass brings to your patio perfect for entertaining. Fully covered and spans the length of the house. Enjoy summer days in your pool and evening fires around your fire pit with natural gas. RV access is all concrete and large enough to fit any size RV. Rear of property is all flat and usable and ready for your horses or toys. Access to miles of trails and river bed right out of your gate. Close to shopping, public arena and parks.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$520,200$635,800$578,000

PURCHASE PRICE

$2,088$2,552$2,320

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,320
EXPENSES Loan Payment -$2,133
Property Tax -$537
Property Insurance -$65
Property Management Fees -$137
CASH FLOW
-$552

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.

$578,000

PROJECTED PRICE

$2,320

PROJECTED RENT

0.40%

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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

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$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$158,920

INVESTMENT

$158,920

Down Payment
$144,500
Rehab Estimate
$5,750
Closing Costs
$8,670

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,133

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $144,500
Loan Amount $433,500
See What Happens When You Reinvest Cash Flow

1.42

YEARS SAVED

$4,993

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,320

    LIST RENT
  • $1.48

    LIST RENT PER SQFT
  • $2,349

    COMP ESTIMATED VALUE
  • $1.5

    COMP AVG. RENT PER SQFT
Comps Range
$2,320
1$2,3202$2,4753$2,5004$2,5505$2,750
$2,750
RENT COMPS ANALYSIS
  • 3588 Chestnut Drive Norco, CA 1
    • 3 beds 2 baths ∙ 1,566 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,566 Sqft ∙ Built 1973
    • Rent
    • Rent Per SQFT
    •  
    • $2,320
    • $1.48
    •  
  • 1786 Panoramic Drive Corona, CA 2
    • 3 beds 3 baths ∙ 1,678 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,678 Sqft ∙ Built 1989
    LEASED 07/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,475
    • $1.47
    •  
  • 1879 Bowdoin Street Corona, CA 3
    • 4 beds 3 baths ∙ 1,562 Sqft ∙ Built 1989 4 beds 3 baths ∙ 1,562 Sqft ∙ Built 1989
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.60
    •  
  • 1829 Rockcrest Drive Corona, CA 4
    • 4 beds 3 baths ∙ 1,753 Sqft ∙ Built 1988 4 beds 3 baths ∙ 1,753 Sqft ∙ Built 1988
    LEASED 01/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.45
    •  
  • 2400 Vine Avenue Norco, CA 5
    • 3 beds 2 baths ∙ 1,859 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,859 Sqft ∙ Built 1973
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.48
    •  
PROPERTY LISTING DETAILS
Carmit Benbaruh
Rodeo Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SR20245894
Last Updated: 11/26/2020
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