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PROPERTY INFO
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.
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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
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Wildrose
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
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
| 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
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$131,625
LOAN DETAILS
$1,650
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $118,750 |
| Loan Amount | $356,250 |
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
-
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
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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
Coldwell Banker Assoc Brokers
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: IG21009428
Last Updated: 01/16/2021
