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PROPERTY INFO
FACTS
- Single Family
- Built In 1944
- Price/Sqft : $372.55
- 4 Days on Market
- MLS # : IG21034742
- Updated Date : 02/20/2021 at 16:44
CONSTRUCTION
- Beds : 3
- Floor Size : 1,071 sqft
- Baths : 1 full
Listing Agent
Century 21 Town & Country
Listing Agent's Description
This classic mid-century beauty is ready to shine. Walking in you will feel the instant coziness this home provides. The detached garage may also be used as a work station. The rear unit has 1 bathroom and away from the main house with a private entrance. Entertain in your oversized backyard with plenty of space to plant your very own garden. Make sure to bring your toys since the large gate will allow for easy access. Venture out a short distance to the countless outdoor recreational activities and shops. Conveniently located near major freeways.
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MARKET HIGHLIGHTS
- 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)
- 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)
PRICE & RENT TRENDS
Neighborhood: Central Corona
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Central Corona
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $1,880 |
| EXPENSES | Loan Payment | -$1,386 |
| Property Tax | -$378 | |
| Property Insurance | -$53 | |
| Property Management Fees | -$111 | |
|
CASH FLOW
-$48
|
||
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.
$399,000
PROJECTED PRICE
$1,880
PROJECTED RENT
0.47%
PROJECTED RENT / PRICE RATIO
| 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
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$111,485
LOAN DETAILS
$1,386
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $99,750 |
| Loan Amount | $299,250 |
5.17
YEARS SAVED
$21,282
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$1,880
LIST RENT -
$1.76
LIST RENT PER SQFT
-
$1,649
COMP ESTIMATED VALUE -
$1.54
COMP AVG. RENT PER SQFT
Comps Range
-
707 W 10th Street Corona, CA 1
- 3 beds 1 baths ∙ 1,071 Sqft ∙ Built 1944 3 beds 1 baths ∙ 1,071 Sqft ∙ Built 1944
- Rent
- Rent Per SQFT
- $1,880
- $1.76
-
410 W. 5th St Corona, CA 2
- 3 beds 1 baths ∙ 1,274 Sqft ∙ Built 1932 3 beds 1 baths ∙ 1,274 Sqft ∙ Built 1932
LEASED 06/30/20- Rent
- Rent Per SQFT
- $1,900
- $1.49
-
323 E Rancho Road Corona, CA 3
- 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
PROPERTY LISTING DETAILS
Century 21 Town & Country
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: IG21034742
Last Updated: 02/20/2021
