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8697 Woodview Drive Corona, CA 92883

4 Beds 3 Baths 2,340 sqft Built 1999

$550,000

List Price

$2,670

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $235.04
  • 3 Days on Market
  • MLS # : IV20255454
  • Updated Date : 12/11/2020 at 16:08
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,340 sqft
  • Baths : 2 full , 1 half
Listing Agent

Redfin

Listing Agent's Description

Move-in ready two-story home with great curb appeal in the desirable Wild Rose community with no rear neighbors and beautiful Cleveland National Forest views. This home features a spacious floorplan, is sitting on a large 11,761 sqft lot, and has updates throughout. 4 bedrooms and 2.5 bathrooms with a 3rd-floor bonus room. Conveniently located near schools, shopping, dining, and more!

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • 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)

PRICE & RENT TRENDS

Neighborhood: Wildrose

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $149k627k

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

Neighborhood: Wildrose

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
Temescal Valley Elementary School Primary Regular 935 33 10
Temescal Valley Elementary School Middle Regular 935 33 10
Santiago High School High Regular 3,692 129 8

Temescal Valley Elementary School

  • Education Level: Primary
  • # of students: 935
  • # of teachers: 33
10
GreatSchools Rating

Temescal Valley Elementary School

  • Education Level: Middle
  • # of students: 935
  • # of teachers: 33
10
GreatSchools Rating

Santiago High School

  • Education Level: High
  • # of students: 3,692
  • # of teachers: 129
8
GreatSchools Rating
 

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

PURCHASE PRICE

$2,403$2,937$2,670

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,670
EXPENSES Loan Payment -$2,029
Property Tax -$553
Property Insurance -$84
HOA -$65
Property Management Fees -$158
CASH FLOW
-$219

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

$2,670

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.95%
Appreciation Year (1-5) 4.0%
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

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$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

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

$2,029

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $137,500
Loan Amount $412,500
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$21,950

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,670

    LIST RENT
  • $1.14

    LIST RENT PER SQFT
  • $2,726

    COMP ESTIMATED VALUE
  • $1.17

    COMP AVG. RENT PER SQFT
Comps Range
$2,600
1$2,6002$2,6703$2,7954$2,7955$2,800
$2,800
RENT COMPS ANALYSIS
  • 8697 Woodview Drive Corona, CA 2
    • 4 beds 3 baths ∙ 2,340 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,340 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $2,670
    • $1.14
    •  
  • 22675 Silver Dollar Street Corona, CA 1
    • 5 beds 2 baths ∙ 2,345 Sqft ∙ Built 1997 5 beds 2 baths ∙ 2,345 Sqft ∙ Built 1997
    LEASED 12/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.11
    •  
  • 22842 Rockcress Street Corona, CA 3
    • 5 beds 3 baths ∙ 2,343 Sqft ∙ Built 1994 5 beds 3 baths ∙ 2,343 Sqft ∙ Built 1994
    LEASED 12/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,795
    • $1.19
    •  
  • 8810 Lemonwood Drive Corona, CA 4
    • 4 beds 3 baths ∙ 2,457 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,457 Sqft ∙ Built 1998
    LEASED 02/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,795
    • $1.14
    •  
  • 8911 Flintridge Lane Corona, CA 5
    • 4 beds 3 baths ∙ 2,297 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,297 Sqft ∙ Built 1998
    LEASED 08/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.22
    •  
PROPERTY LISTING DETAILS
Coleen Hyams
Redfin
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20255454
Last Updated: 12/11/2020
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