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9074 Fallbrook Canyon Drive Corona, CA 92883

3 Beds 3 Baths 1,450 sqft Built 1986

$475,000

List Price

$1,940

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1986
  • Price/Sqft : $327.59
  • 2 Days on Market
  • MLS # : IG21009428
  • Updated Date : 01/16/2021 at 08:41
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,450 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Assoc Brokers

Listing Agent's Description

Beautiful, stunning, and well taken care of home in the California Meadows neighborhood in South Corona. This 3 bd 2.5 ba home is move in ready. Walk into the living room with new vinyl flooring, cathedral ceiling and brick fireplace. The owners have recently remodeled the kitchen with beautiful new quartz counters and white cabinets. All new vinyl flooring on the main level. Upstairs the master bath has also been remodeled with quartz counter and double vanity, new white cabinets, and vinyl flooring. The master bedroom and two spacious secondary bedrooms along with a second bathroom complete the upstairs. The yard has been meticulously taken care of and includes the storage shed. This turnkey home is located a short distance from parks, shopping, restaurants, award winning elementary, and the 15 freeway.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$427,500$522,500$475,000

PURCHASE PRICE

$1,746$2,134$1,940

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,940
EXPENSES Loan Payment -$1,650
Property Tax -$528
Property Insurance -$62
HOA -$68
Property Management Fees -$114
CASH FLOW
-$483

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.

$475,000

PROJECTED PRICE

$1,940

PROJECTED RENT

0.41%

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

PROJECTED ANNUAL CASH FLOW

11530-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$131,625

INVESTMENT

$131,625

Down Payment
$118,750
Rehab Estimate
$5,750
Closing Costs
$7,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,650

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $118,750
Loan Amount $356,250
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,248

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,940

    LIST RENT
  • $1.34

    LIST RENT PER SQFT
  • $1,958

    COMP ESTIMATED VALUE
  • $1.35

    COMP AVG. RENT PER SQFT
Comps Range
$1,940
1$1,9402$2,1003$2,2004$2,3005$2,400
$2,400
RENT COMPS ANALYSIS
  • 9074 Fallbrook Canyon Drive Corona, CA 1
    • 3 beds 3 baths ∙ 1,450 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,450 Sqft ∙ Built 1986
    • Rent
    • Rent Per SQFT
    •  
    • $1,940
    • $1.34
    •  
  • 23203 Canyon Estates Drive Corona, CA 2
    • 4 beds 2 baths ∙ 1,545 Sqft ∙ Built 1987 4 beds 2 baths ∙ 1,545 Sqft ∙ Built 1987
    LEASED 10/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.36
    •  
  • 9142 Desert Acacia Lane Corona, CA 3
    • 3 beds 2 baths ∙ 1,686 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,686 Sqft ∙ Built 1993
    LEASED 11/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.30
    •  
  • 9172 Lantana Drive Corona, CA 4
    • 3 beds 3 baths ∙ 1,733 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,733 Sqft ∙ Built 1994
    LEASED 12/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.33
    •  
  • 8886 Deerweed Circle Corona, CA 5
    • 4 beds 3 baths ∙ 1,701 Sqft ∙ Built 1994 4 beds 3 baths ∙ 1,701 Sqft ∙ Built 1994
    LEASED 01/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.41
    •  
PROPERTY LISTING DETAILS
Janet Hawkins
Coldwell Banker Assoc Brokers
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG21009428
Last Updated: 01/16/2021
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