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416 Yosemite Circle Corona, CA 92879

3 Beds 2 Baths 1,203 sqft Built 1988

$504,000

List Price

$1,900

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

November 08, 2020 RECENTLY ADDED
FACTS
  • Built In 1988
  • Price/Sqft : $418.95
  • 3 Days on Market
  • MLS # : IG20234891
  • Updated Date : 11/07/2020 at 16:11
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,203 sqft
  • Baths : 2 full
Listing Agent

Homequest Real Estate

Listing Agent's Description

Turnkey home in the highly desirable location of Corona Hills. This charming single-level home features an upgrade floor plan, an open living room/dining room combo with fireplace. The kitchen has quartz countertops and newer upgraded kitchen aid stainless steel appliances. The master bathroom has dual sinks, large bathtub and beautiful counter tops and vanities. Lots of windows and high ceilings provide a warm and bright feel. Laminate wood flooring throughout. Direct access to the two car attached garage, with a workbench and plenty of space for two cars. the heating and air conditioner were both replaced in 2016. The water heater was upgraded to 50 gallons in 2018.

SEE MORE

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: Corona Hills

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $149k627k

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

Neighborhood: Corona Hills

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
Corona Ranch Elementary School Primary Regular 1,105 38 8
Corona Ranch Elementary School Middle Regular 1,105 38 8
Centennial High School High Regular 3,306 119 8

Corona Ranch Elementary School

  • Education Level: Primary
  • # of students: 1,105
  • # of teachers: 38
8
GreatSchools Rating

Corona Ranch Elementary School

  • Education Level: Middle
  • # of students: 1,105
  • # of teachers: 38
8
GreatSchools Rating

Centennial High School

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

$453,600$554,400$504,000

PURCHASE PRICE

$1,710$2,090$1,900

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,900
EXPENSES Loan Payment -$1,860
Property Tax -$486
Property Insurance -$56
Property Management Fees -$112
CASH FLOW
-$614

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.

$504,000

PROJECTED PRICE

$1,900

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 7.3%
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

PROJECTED ANNUAL CASH FLOW

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

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$139,310

INVESTMENT

$139,310

Down Payment
$126,000
Rehab Estimate
$5,750
Closing Costs
$7,560

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,860

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $126,000
Loan Amount $378,000
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$818

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,900

    LIST RENT
  • $1.58

    LIST RENT PER SQFT
  • $1,910

    COMP ESTIMATED VALUE
  • $1.59

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$2,1003$2,1004$2,2005$2,495
$2,495
RENT COMPS ANALYSIS
  • 416 Yosemite Circle Corona, CA 1
    • 3 beds 2 baths ∙ 1,203 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,203 Sqft ∙ Built 1988
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.58
    •  
  • 419 Brookhaven Circle Corona, CA 2
    • 3 beds 3 baths ∙ 1,384 Sqft ∙ Built 1995 3 beds 3 baths ∙ 1,384 Sqft ∙ Built 1995
    property image
    LEASED 06/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.52
    •  
  • 2239 Belgion Place Corona, CA 3
    • 3 beds 3 baths ∙ 1,318 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,318 Sqft ∙ Built 1990
    property image
    LEASED 09/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.59
    •  
  • 585 Shenandoah Road Corona, CA 4
    • 3 beds 3 baths ∙ 1,384 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,384 Sqft ∙ Built 1997
    property image
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.59
    •  
  • 382 Hobart Circle Corona, CA 5
    • 3 beds 3 baths ∙ 1,509 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,509 Sqft ∙ Built 1989
    property image
    LEASED 09/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $1.65
    •  
PROPERTY LISTING DETAILS
Tamara De Mint
Homequest Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20234891
Last Updated: 11/07/2020
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