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PROPERTY INFO
FACTS
- Single Family
- Built In 1985
- Price/Sqft : $399.31
- 14 Days on Market
- MLS # : OC21141079
- Updated Date : 07/09/2021 at 18:36
CONSTRUCTION
- Beds : 3
- Floor Size : 1,152 sqft
- Baths : 2 full
Listing Agent
Keller Williams Corona Market Center
Listing Agent's Description
This culdesac-situated Single Story in the highly desirable family-friendly community of Sierra Heights offers 3 bedrooms and 2 full Bathrooms with a Bright open floor plan. As you enter the family room you notice the cozy Fireplace, vaulted ceilings, beautiful laminate wood flooring and fun-for-entertaining wet bar. The kitchen is open to the dining area with a vaulted ceiling and overlooks the backyard with the Alumawood patio cover with recessed lighting. The Master Bedroom features a private entrance to the backyard, High vaulted ceilings, two separate closets, and an upgraded master bath. Close to schools, parks, shopping centers, restaurants, and access to the 91 Freeway.
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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: La Sierra
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: La Sierra
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $2,030 |
| EXPENSES | Loan Payment | -$1,598 |
| Property Tax | -$467 | |
| Property Insurance | -$55 | |
| HOA | -$125 | |
| Property Management Fees | -$120 | |
|
CASH FLOW
-$335
|
||
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.
$460,000
PROJECTED PRICE
$2,030
PROJECTED RENT
0.44%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.96% |
| Appreciation Year (1-5) | 8.6% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.43% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$127,650
LOAN DETAILS
$1,598
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $115,000 |
| Loan Amount | $345,000 |
1.67
YEARS SAVED
$5,198
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,030
LIST RENT -
$1.76
LIST RENT PER SQFT
-
$1,777
COMP ESTIMATED VALUE -
$1.54
COMP AVG. RENT PER SQFT
Comps Range
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LEASED 01/31/20- Rent
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- $1,900
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2386 Weatherwood Road Corona, CA 3
- 3 beds 3 baths ∙ 1,398 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,398 Sqft ∙ Built 1985
LEASED 05/09/20- Rent
- Rent Per SQFT
- $2,100
- $1.50
-
2260 Dorado Street Corona, CA 4
- 3 beds 3 baths ∙ 1,414 Sqft ∙ Built 1996 3 beds 3 baths ∙ 1,414 Sqft ∙ Built 1996
LEASED 05/27/20- Rent
- Rent Per SQFT
- $2,200
- $1.56
-
3513 April Shower Drive Riverside, CA 5
- 3 beds 3 baths ∙ 1,466 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,466 Sqft ∙ Built 1988
LEASED 02/22/20- Rent
- Rent Per SQFT
- $2,300
- $1.57
PROPERTY LISTING DETAILS
Keller Williams Corona Market Center
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: OC21141079
Last Updated: 07/09/2021
