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706 Hackney Place Corona, CA 92879

3 Beds 3 Baths 1,318 sqft Built 1990

$449,900

List Price

$2,160

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

February 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1990
  • Price/Sqft : $341.35
  • 4 Days on Market
  • MLS # : CV21024042
  • Updated Date : 02/05/2021 at 08:56
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,318 sqft
  • Baths : 2 full , 1 half
Listing Agent

Market Magnate Realty

Listing Agent's Description

This absolutely beautiful home has everything it's new owners have been looking for. A great location, upgrades galore and over 1,300 square feet of comfortable and cozy living space. This end unit boasts numerous amenities including a tastefully remodeled kitchen with breakfast bar, granite counters, tile backsplash, laminate flooring and stainless steel appliances. The first level has a guest bathroom, an open and inviting living room with high cathedral ceilings, a remodeled stack stone fireplace and dual French doors leading to your very own backyard retreat with built-in BBQ Island perfect for hosting friends and family. The spacious upstairs master bedroom features it's own private bathroom with dual sinks, mirrored closets and plenty of natural light. Bedrooms two and three are good-sized and share another full bathroom complete with a deep vanity sink and a tub and shower. It also has energy efficient dual-pane windows and direct access to your 2-car garage. The First Impressions Community is the pride of the Corona Hills and is within walking distance to major retail and restaurants including Walmart, Applebees', Red Robin, UFC Gym, Home Depot and is just minutes to the 91 and 15 freeways.

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: 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
William Mckinley Elementary School Primary Regular 761 29 7
William Mckinley Elementary School Middle Regular 761 29 7
John F. Kennedy Middle College High School High Magnet 646 22 7

William Mckinley Elementary School

  • Education Level: Primary
  • # of students: 761
  • # of teachers: 29
7
GreatSchools Rating

William Mckinley Elementary School

  • Education Level: Middle
  • # of students: 761
  • # of teachers: 29
7
GreatSchools Rating

John F. Kennedy Middle College High School

  • Education Level: High
  • # of students: 646
  • # of teachers: 22
7
GreatSchools Rating
 

$404,910$494,890$449,900

PURCHASE PRICE

$1,944$2,376$2,160

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,160
EXPENSES Loan Payment -$1,563
Property Tax -$434
Property Insurance -$59
HOA -$195
Property Management Fees -$127
CASH FLOW
-$218

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.

$449,900

PROJECTED PRICE

$2,160

PROJECTED RENT

0.48%

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$124,974

INVESTMENT

$124,974

Down Payment
$112,475
Rehab Estimate
$5,750
Closing Costs
$6,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,563

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $112,475
Loan Amount $337,425
See What Happens When You Reinvest Cash Flow

2.83

YEARS SAVED

$10,243

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,160

    LIST RENT
  • $1.64

    LIST RENT PER SQFT
  • $2,155

    COMP ESTIMATED VALUE
  • $1.63

    COMP AVG. RENT PER SQFT
Comps Range
$2,160
1$2,1602$2,2003$2,2004$2,2955$2,495
$2,495
RENT COMPS ANALYSIS
  • 706 Hackney Place Corona, CA 1
    • 3 beds 3 baths ∙ 1,318 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,318 Sqft ∙ Built 1990
    • Rent
    • Rent Per SQFT
    •  
    • $2,160
    • $1.64
    •  
  • 2260 Dorado Street Corona, CA 2
    • 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
    •  
  • 585 Shenandoah Road Corona, CA 3
    • 3 beds 3 baths ∙ 1,384 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,384 Sqft ∙ Built 1997
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.59
    •  
  • 2260 Arabian Way Corona, CA 4
    • 3 beds 3 baths ∙ 1,318 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,318 Sqft ∙ Built 1990
    LEASED 07/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $1.74
    •  
  • 428 Colfax Circle Corona, CA 5
    • 3 beds 3 baths ∙ 1,509 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,509 Sqft ∙ Built 1989
    LEASED 01/05/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $1.65
    •  
PROPERTY LISTING DETAILS
Michael Mindiola
Market Magnate Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV21024042
Last Updated: 02/05/2021
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