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726 Santa Paula Street Corona, CA 92882

3 Beds 2 Baths 1,687 sqft Built 1983

$550,000

List Price

$2,270

$2K - $2.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1983
  • Price/Sqft : $326.02
  • 2 Days on Market
  • MLS # : 21698610
  • Updated Date : 02/27/2021 at 16:58
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,687 sqft
  • Baths : 2 full
Listing Agent

Your Home Team Real Estate

Listing Agent's Description

WOW! Where do I start?! You will fall in love with this home! There have been many updates in less than 4yrs. To list a few updates... Complete new house wiring, popcorn ceiling removal, Complete outside paint, Brand new secret garden landscape and garden, fruit trees, new front concrete driveway, front house entrance hardscape, new custom iron side gate and side iron doors, new RV concrete side driveway, new irrigation system, new Epoxy floor in bonus room! New paint inside and out, very clean and inviting. If you are looking for more space for your family, want to grow into extra space, or just need space for all of your toys and RV, you've found your perfect home! Did I mention the bonus room!? You can use it for overflow or gym room or secure play area? The list goes on! This home will not last long! Pictures don't give the full spectrum, you'll love it in person. Qualified buyers, please inquire.

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
Raney Intermediate School Middle Regular 738 30 5
Corona High School High Regular 2,933 110 5
Corona High School High Unknown NA

Raney Intermediate School

  • Education Level: Middle
  • # of students: 738
  • # of teachers: 30
5
GreatSchools Rating

Corona High School

  • Education Level: High
  • # of students: 2,933
  • # of teachers: 110
5
GreatSchools Rating

Corona High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$495,000$605,000$550,000

PURCHASE PRICE

$2,043$2,497$2,270

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,270
EXPENSES Loan Payment -$1,910
Property Tax -$521
Property Insurance -$68
Property Management Fees -$134
CASH FLOW
-$363

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.

$550,000

PROJECTED PRICE

$2,270

PROJECTED RENT

0.41%

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

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

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$151,500

INVESTMENT

$151,500

Down Payment
$137,500
Rehab Estimate
$5,750
Closing Costs
$8,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,910

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $137,500
Loan Amount $412,500
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$8,969

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,270

    LIST RENT
  • $1.35

    LIST RENT PER SQFT
  • $2,526

    COMP ESTIMATED VALUE
  • $1.5

    COMP AVG. RENT PER SQFT
Comps Range
$2,250
1$2,2502$2,2703$2,4004$2,4005$2,550
$2,550
RENT COMPS ANALYSIS
  • 726 Santa Paula Street Corona, CA 2
    • 3 beds 2 baths ∙ 1,687 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,687 Sqft ∙ Built 1983
    • Rent
    • Rent Per SQFT
    •  
    • $2,270
    • $1.35
    •  
  • 1369 Brockton Drive Corona, CA 1
    • 3 beds 3 baths ∙ 1,504 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,504 Sqft ∙ Built 1988
    LEASED 02/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.50
    •  
  • 1120 W Citron Street Corona, CA 3
    • 4 beds 2 baths ∙ 1,540 Sqft ∙ Built 1975 4 beds 2 baths ∙ 1,540 Sqft ∙ Built 1975
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.56
    •  
  • 1116 Daffodil Street Corona, CA 4
    • 4 beds 2 baths ∙ 1,604 Sqft ∙ Built 1976 4 beds 2 baths ∙ 1,604 Sqft ∙ Built 1976
    LEASED 06/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.50
    •  
  • 1817 Ponderosa Circle Corona, CA 5
    • 3 beds 3 baths ∙ 1,784 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,784 Sqft ∙ Built 1986
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.43
    •  
PROPERTY LISTING DETAILS
Stacie Hardaway
Your Home Team Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 21698610
Last Updated: 02/27/2021
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