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814 W Citron Street Corona, CA 92882

3 Beds 3 Baths 2,318 sqft Built 1957

$540,000

List Price

$2,620

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

February 04, 2021 RECENTLY ADDED
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.

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
 

$486,000$594,000$540,000

PURCHASE PRICE

$2,358$2,882$2,620

RENT

DOWN PAYMENT
FINANCING

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

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$1.8M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

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$148,850

INVESTMENT

$148,850

Down Payment
$135,000
Rehab Estimate
$5,750
Closing Costs
$8,100

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,876

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $135,000
Loan Amount $405,000
See What Happens When You Reinvest Cash Flow

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
$2,300
1$2,3002$2,620
$2,620
RENT COMPS ANALYSIS
  • 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
Kim Zander
Remax Tiffany Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21023302
Last Updated: 02/05/2021
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