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3676 Candlewood Street Corona, CA 92879

4 Beds 2 Baths 1,235 sqft Built 1968

$485,000

List Price

$1,990

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1968
  • Price/Sqft : $392.71
  • 3 Days on Market
  • MLS # : CV20234443
  • Updated Date : 11/07/2020 at 15:42
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,235 sqft
  • Baths : 2 full
Listing Agent

Century 21 Experience

Listing Agent's Description

Located just south of the 91 Freeway in a quiet suburban neighborhood of Corona, rests a 4 bedroom, 2 bathroom, 1,235 square foot single story home new to the market! The home sits on a large corner lot of the neighborhood covering just over 8,000 sqft! This home also features a 1 bedroom, 1 full bathroom rear living unit with a living room, kitchen, and separate access to the unit! Most recently, the home has been completely remodeled with new hardwood flooring, fresh interior and exterior paint, new roof, new smart system HVAC system, new front entrance door, new closets and interior doors, new energy efficient double-pane windows, new countertops in kitchen and bathrooms, new appliances, renovated bathrooms. The exterior of the home features a beautiful front yard with plush green landscaping, irrigation system, upgraded driveway. The backyard boasts of a cement patio, a new oak-wood fencing, with a decadent firepit terrific for outside entertainment. This is one of the BEST homes in the neighborhood and will make the perfect home for you and your family!

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MARKET HIGHLIGHTS

  • 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)
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)

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
Home Gardens Academy Primary Regular 905 33 5
Citrus Hills Intermediate School Middle Regular 1,160 46 6
Santiago High School High Regular 3,692 129 8

Home Gardens Academy

  • Education Level: Primary
  • # of students: 905
  • # of teachers: 33
5
GreatSchools Rating

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
 

$436,500$533,500$485,000

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 -$1,789
Property Tax -$462
Property Insurance -$57
Property Management Fees -$117
CASH FLOW
-$436

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.

$485,000

PROJECTED PRICE

$1,990

PROJECTED RENT

0.41%

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

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$134,275

INVESTMENT

$134,275

Down Payment
$121,250
Rehab Estimate
$5,750
Closing Costs
$7,275

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,789

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $121,250
Loan Amount $363,750
See What Happens When You Reinvest Cash Flow

1.42

YEARS SAVED

$4,522

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
  • $1.61

    LIST RENT PER SQFT
  • $1,954

    COMP ESTIMATED VALUE
  • $1.58

    COMP AVG. RENT PER SQFT
Comps Range
$1,990
1$1,9902$2,1003$2,1504$2,3005$2,400
$2,400
RENT COMPS ANALYSIS
  • 3676 Candlewood Street Corona, CA 1
    • 4 beds 2 baths ∙ 1,235 Sqft ∙ Built 1968 4 beds 2 baths ∙ 1,235 Sqft ∙ Built 1968
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,990
    • $1.61
    •  
  • 2386 Weatherwood Road Corona, CA 2
    • 3 beds 3 baths ∙ 1,398 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,398 Sqft ∙ Built 1985
    property image
    LEASED 05/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.50
    •  
  • 186 Iron Bark Road Corona, CA 3
    • 3 beds 3 baths ∙ 1,398 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,398 Sqft ∙ Built 1985
    property image
    LEASED 04/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.54
    •  
  • 3513 April Shower Drive Riverside, CA 4
    • 3 beds 3 baths ∙ 1,466 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,466 Sqft ∙ Built 1988
    property image
    LEASED 02/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.57
    •  
  • 3370 Summer Glen Drive Corona, CA 5
    • 3 beds 2 baths ∙ 1,395 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,395 Sqft ∙ Built 1988
    property image
    LEASED 12/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.72
    •  
PROPERTY LISTING DETAILS
Devoree Ealy
Century 21 Experience
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20234443
Last Updated: 11/07/2020
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