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PROPERTY INFO
FACTS
- Single Family
- Built In 1957
- Price/Sqft : $232.96
- 4 Days on Market
- MLS # : PW21023302
- Updated Date : 02/05/2021 at 15:50
CONSTRUCTION
- Beds : 3
- Floor Size : 2,318 sqft
- Baths : 2 full , 1 half
Listing Agent
Remax Tiffany Real Estate
Listing Agent's Description
1950s charmer looking to connect with that special buyer to bring out the best in each other! This 2,318 sq ft home, full of potential and positioned on a .31 acre lot has 3 over-sized bedrooms and 2.5 bath. The master bedroom sits at the rear of the home with windows overlooking the backyard and also has its own private bath. Everything in this lath and plaster built home is grand from the custom sized front entry door to the formal living room space with fireplace and hardwood floors. Built in cabinetry compliments the spacious dining area. Both the living room and the dining area sit at the front of the home with large windows overlooking the front yard. The family room (with a second fireplace) is an additional gathering place towards the back of the home with dual corner sliders overlooking the patio and backyard space. Enjoy your backyard views of the Santa Ana Mountains! The kitchen has a window overlooking the backyard also and leads into the service porch, direct garage access and a half bath. There’s plenty of storage space in this home and extras include pocket doors, indoor laundry and a workshop off of the garage. The long driveway stretches from the street to the back of the home with a rear facing garage entry. The roof is alcor aluminum. This home is one of 6 original ranch homes built on Citron. Whether you chose to bring this home back to the glory days of yesteryear or see it as a blank canvas to create your own masterpiece, this home can’t be missed.
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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: 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 | $2,620 |
| EXPENSES | Loan Payment | -$1,876 |
| Property Tax | -$511 | |
| Property Insurance | -$83 | |
| Property Management Fees | -$155 | |
|
CASH FLOW
-$5
|
||
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.
$540,000
PROJECTED PRICE
$2,620
PROJECTED RENT
0.49%
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
$148,850
LOAN DETAILS
$1,876
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $135,000 |
| Loan Amount | $405,000 |
5.58
YEARS SAVED
$34,470
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,620
LIST RENT -
$1.13
LIST RENT PER SQFT
-
$2,596
COMP ESTIMATED VALUE -
$1.12
COMP AVG. RENT PER SQFT
Comps Range
-
814 W Citron Street Corona, CA 2
- 3 beds 3 baths ∙ 2,318 Sqft ∙ Built 1957 3 beds 3 baths ∙ 2,318 Sqft ∙ Built 1957
- Rent
- Rent Per SQFT
- $2,620
- $1.13
-
524 Greengate Street Corona, CA 1
- 4 beds 2 baths ∙ 2,055 Sqft ∙ Built 1965 4 beds 2 baths ∙ 2,055 Sqft ∙ Built 1965
LEASED 04/14/20- Rent
- Rent Per SQFT
- $2,300
- $1.12
PROPERTY LISTING DETAILS
Remax Tiffany Real Estate
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: PW21023302
Last Updated: 02/05/2021
