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655 E Francis Street Corona, CA 92879

3 Beds 2 Baths 1,473 sqft Built 1957

$580,000

List Price

$2,240

$2K - $2.5K

Rent Est.

PROPERTY INFO

January 10, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1957
  • Price/Sqft : $393.75
  • 2 Days on Market
  • MLS # : TR21002530
  • Updated Date : 01/09/2021 at 21:45
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,473 sqft
  • Baths : 2 full
Listing Agent

Divina Realty

Listing Agent's Description

Come checkout this newly renovated and completely turnkey home on a large corner lot. As you walk in you’re greeted with a completely open floor plan. The kitchen is open with floating shelving, new cabinets, a large farm house sink and complete with high end, smart Cafe’ appliances. Off the kitchen is the dining and family rooms with large glass sliding doors and a modern gas fire place. The home is light and bright, offering three bedrooms, two bathrooms and an additional room (not included in the square footage) that can be used as an office or a fourth bedroom. The home includes new flooring, new baseboards, new cabinets, new interior doors, new bathroom vanities, new toilets, a new tankless water heater and the garage and roof were recently replaced as well! The home has an indoor laundry room that leads to your very spacious, private backyard with no neighbors behind and only to one side. The backyard has a pool, a large patio cover and plenty of space to entertain. The side yard also has plenty of space for a garden, storage, a dog run or can be used as RV parking. Wonderful location and close distance to schools, parks, shopping and easy access to 15 & 91 freeways. No HOA and low taxes!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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.

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
 

$522,000$638,000$580,000

PURCHASE PRICE

$2,016$2,464$2,240

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,240
EXPENSES Loan Payment -$2,015
Property Tax -$549
Property Insurance -$63
Property Management Fees -$132
CASH FLOW
-$519

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.

$580,000

PROJECTED PRICE

$2,240

PROJECTED RENT

0.39%

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-$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$159,450

INVESTMENT

$159,450

Down Payment
$145,000
Rehab Estimate
$5,750
Closing Costs
$8,700

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,015

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $145,000
Loan Amount $435,000
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$3,987

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,240

    LIST RENT
  • $1.52

    LIST RENT PER SQFT
  • $2,272

    COMP ESTIMATED VALUE
  • $1.54

    COMP AVG. RENT PER SQFT
Comps Range
$1,925
1$1,9252$2,2003$2,2404$2,3755$2,695
$2,695
RENT COMPS ANALYSIS
  • 655 E Francis Street Corona, CA 3
    • 3 beds 2 baths ∙ 1,473 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,473 Sqft ∙ Built 1957
    • Rent
    • Rent Per SQFT
    •  
    • $2,240
    • $1.52
    •  
  • 349 E Rancho Road Corona, CA 1
    • 3 beds 2 baths ∙ 1,278 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,278 Sqft ∙ Built 1959
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,925
    • $1.51
    •  
  • 323 E Rancho Road Corona, CA 2
    • 4 beds 2 baths ∙ 1,384 Sqft ∙ Built 1962 4 beds 2 baths ∙ 1,384 Sqft ∙ Built 1962
    LEASED 02/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.59
    •  
  • 332 E Rancho Road Corona, CA 4
    • 4 beds 2 baths ∙ 1,500 Sqft ∙ Built 1962 4 beds 2 baths ∙ 1,500 Sqft ∙ Built 1962
    LEASED 03/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,375
    • $1.58
    •  
  • 951 W Francis Street Corona, CA 5
    • 4 beds 2 baths ∙ 1,813 Sqft ∙ Built 1958 4 beds 2 baths ∙ 1,813 Sqft ∙ Built 1958
    LEASED 11/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,695
    • $1.49
    •  
PROPERTY LISTING DETAILS
Kathryn Nix
Divina Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: TR21002530
Last Updated: 01/09/2021
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