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792 Shaffer Street Corona, CA 92879

3 Beds 2 Baths 1,937 sqft Built 1999

$572,500

List Price

$2,600

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

February 03, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $295.56
  • 5 Days on Market
  • MLS # : SB21021107
  • Updated Date : 02/03/2021 at 16:41
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,937 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Of California Inc

Listing Agent's Description

BEAUTIFUL THREE BEDROOM THREE BATH HOME LOCATED IN A GREAT COMMUNITY AT CORONA RANCH. THERE IS A ROOM UPSTAIRS THAT COULD EASILY BECOME A 4TH BEDROOM OR OFFICE. THERE IS A NEWLY BUILT IN GROUND POOL IN THE BACK YARD. THE DINING ROOM LIVING AREA IS SPACIOUS WITH WOOD FLOORING AND VAULTED CEILINGS. THE KITCHEN FEATURES GRANITE COUNTER TOPS, CHERRY WOOD CABINETS, COMPOSITE SINK AND STAINLESS STEEL APPLIANCES. THERE IS TILE FLOORING THROUGHOUT THE KITCHEN AND FAMILY ROOM AREA. THERE ARE NEW HIGH-END CEDAR PLUSH CARPER.THERE IS ONE MAIN FLOOR BEDROOM AND FULL BATH. THE MASTER BEDROOM IS SPACIOUS WITH CEILING FANS AND WALK IN CLOSET. THE BACKYARD IS AN ENTERTAINER'S DELIGHT WITH CUSTOM COVERED PATIO COMPLETE WITH A CEILING FAN AND THERE IS A BUILT IN BBQ ISLAND WITH REFRIGERATOR AND SINK. GREAT LOCATION!! CLOSE TO SHOPPING AND 91/15 FREEWAYS. WALKING DISTANCE TO CORONA RANCH ELEMENTARY AND TO VILLAGE LOOP PARK. TAX RECORDS LIST THIS SINGLE FAMILY RESIDENCE AS A CONDOMINIUM. THIS ONE WON'T LAST!

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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 Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $149k627k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Corona Ranch

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q212001400160018002000220024002600Rent in $10822621

* 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
Auburndale Intermediate School Middle Regular 507 24 3
Norco High School High Regular 2,244 83 7
Auburndale Intermediate School Middle Unknown NA

Auburndale Intermediate School

  • Education Level: Middle
  • # of students: 507
  • # of teachers: 24
3
GreatSchools Rating

Norco High School

  • Education Level: High
  • # of students: 2,244
  • # of teachers: 83
7
GreatSchools Rating

Auburndale Intermediate School

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

$515,250$629,750$572,500

PURCHASE PRICE

$2,340$2,860$2,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,600
EXPENSES Loan Payment -$1,989
Property Tax -$590
Property Insurance -$74
HOA -$52
Property Management Fees -$153
CASH FLOW
-$258

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.

$572,500

PROJECTED PRICE

$2,600

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 7.5%
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$1.6M$1.8M

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$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$157,463

INVESTMENT

$157,463

Down Payment
$143,125
Rehab Estimate
$5,750
Closing Costs
$8,588

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,989

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $143,125
Loan Amount $429,375
See What Happens When You Reinvest Cash Flow

3.25

YEARS SAVED

$15,590

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,600

    LIST RENT
  • $1.34

    LIST RENT PER SQFT
  • $2,751

    COMP ESTIMATED VALUE
  • $1.42

    COMP AVG. RENT PER SQFT
Comps Range
$2,400
1$2,4002$2,5003$2,6004$2,7505$2,800
$2,800
RENT COMPS ANALYSIS
  • 792 Shaffer Street Corona, CA 3
    • 3 beds 2 baths ∙ 1,937 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,937 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.34
    •  
  • 1340 Flamingo Drive Corona, CA 1
    • 4 beds 3 baths ∙ 1,809 Sqft ∙ Built 1998 4 beds 3 baths ∙ 1,809 Sqft ∙ Built 1998
    LEASED 06/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.33
    •  
  • 761 Bonanza Circle Corona, CA 2
    • 3 beds 2 baths ∙ 1,752 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,752 Sqft ∙ Built 1995
    LEASED 08/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.43
    •  
  • 1382 Elgin Way Corona, CA 4
    • 4 beds 3 baths ∙ 1,937 Sqft ∙ Built 1997 4 beds 3 baths ∙ 1,937 Sqft ∙ Built 1997
    LEASED 11/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.42
    •  
  • 1363 Wilke Drive Corona, CA 5
    • 3 beds 3 baths ∙ 1,872 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,872 Sqft ∙ Built 1999
    LEASED 08/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.50
    •  
PROPERTY LISTING DETAILS
Aubrey Myers
Exp Realty Of California Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SB21021107
Last Updated: 02/03/2021
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