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

415 E Monterey Road Corona, CA 92879

3 Beds 2 Baths 1,858 sqft Built 1964

$559,000

List Price

$2,460

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

December 18, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1964
  • Price/Sqft : $300.86
  • 3 Days on Market
  • MLS # : IG20259830
  • Updated Date : 12/19/2020 at 09:09
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,858 sqft
  • Baths : 1 full , 1 half
Listing Agent

Keller Williams Realty

Listing Agent's Description

Turnkey! Turnkey! Gorgeous pool home located in the Heart of Corona. Tree-lined Streets and the feel of peace and tranquility. This three-bedroom two bath home boasting 1858 sq. ft. of living space is absolutely beautiful. Newer Tile throughout the downstairs. The kitchen has newer appliances and Corian counter tops. Cabinets were all refinished and recessed lighting has been installed. This open floorplan is great for entertaining or just relaxing by the two fireplaces. One fireplace in the living room and one in the family/dining room. Upstairs has also been upgraded. The upstairs bathroom has been remodeled. All new carpet upstairs with a whole house fan to bring in the cool air from the outside for optimum energy savings. The entire home on the inside has been repainted with neutral tones. The back yard has a well-maintained pool with newer pool equipment. Private lounging area outside off the family room. You have got to see this gem of Corona.

SEE MORE

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: Central Corona

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $143k627k

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

Neighborhood: Central Corona

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21200140016001800200022002400Rent in $10822579

* 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
Lincoln Alternative Elementary School Primary Magnet 967 35 9
Lincoln Alternative Elementary School Middle Magnet 967 35 9
Centennial High School High Regular 3,306 119 8

Lincoln Alternative Elementary School

  • Education Level: Primary
  • # of students: 967
  • # of teachers: 35
9
GreatSchools Rating

Lincoln Alternative Elementary School

  • Education Level: Middle
  • # of students: 967
  • # of teachers: 35
9
GreatSchools Rating

Centennial High School

  • Education Level: High
  • # of students: 3,306
  • # of teachers: 119
8
GreatSchools Rating
 

$503,100$614,900$559,000

PURCHASE PRICE

$2,214$2,706$2,460

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,460
EXPENSES Loan Payment -$2,062
Property Tax -$529
Property Insurance -$72
Property Management Fees -$145
CASH FLOW
-$349

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.

$559,000

PROJECTED PRICE

$2,460

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.96%
Appreciation Year (1-5) 7.5%
Maintenance Year (1-5) 8.00%
Vacancy 5.43%
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-$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$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$153,885

INVESTMENT

$153,885

Down Payment
$139,750
Rehab Estimate
$5,750
Closing Costs
$8,385

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$2,062

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $139,750
Loan Amount $419,250
See What Happens When You Reinvest Cash Flow

2.58

YEARS SAVED

$13,850

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,460

    LIST RENT
  • $1.32

    LIST RENT PER SQFT
  • $2,276

    COMP ESTIMATED VALUE
  • $1.23

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,3503$2,460
$2,460
RENT COMPS ANALYSIS
  • 415 E Monterey Road Corona, CA 3
    • 3 beds 2 baths ∙ 1,858 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,858 Sqft ∙ Built 1964
    • Rent
    • Rent Per SQFT
    •  
    • $2,460
    • $1.32
    •  
  • 524 Greengate Street Corona, CA 1
    • 4 beds 2 baths ∙ 2,055 Sqft ∙ Built 1965 4 beds 2 baths ∙ 2,055 Sqft ∙ Built 1965
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.12
    •  
  • 410 E Rancho Road Corona, CA 2
    • 3 beds 2 baths ∙ 1,764 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,764 Sqft ∙ Built 1959
    LEASED 12/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.33
    •  
PROPERTY LISTING DETAILS
Frank Baldwin
Keller Williams Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20259830
Last Updated: 12/19/2020
BESbswy