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9299 Palm Canyon Drive Corona, CA 92883

4 Beds 2 Baths 1,809 sqft Built 1987

$540,000

List Price

$2,260

$2K - $2.5K

Rent Est.

PROPERTY INFO

February 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1987
  • Price/Sqft : $298.51
  • 4 Days on Market
  • MLS # : PW21022821
  • Updated Date : 02/04/2021 at 14:17
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,809 sqft
  • Baths : 2 full
Listing Agent

Impact Properties, Inc

Listing Agent's Description

Discover this beautifully renovated 4-bedroom, 2-3/4 bathoom, 1809 sqft home in the California Meadow neighborhood of Corona. The beautifully manicured front lawn directs you to the entrance of the recently painted home. Walk through the 6-panel door, and you are greeted by a beautiful living room with gas fireplace, an open floorplan with high ceilings, baseboards, and a fully re-painted interior. Make your way through the dining room and find the recently remodeled kitchen with new countertops, recessed lighting, and all new appliances. A convenient kitchen nook leads to a cozy family room with direct access to the back yard. One downstairs bedroom has access to a bathroom. Make your way upstairs and you will find three additional bedrooms. The Master bedroom suite has a fully remodeled ensuite bathroom with marble countertops, dual sinks, and a beautifully oversized walk-in shower with glass doors. The two remaining upstairs bedrooms also have access to a newly remodeled bathroom, and one of the bedrooms has an oversized space. The large back yard also has an elevated concrete and fenced-in dog run. This home will go quickly, so see it while you can!

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: 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
El Cerrito Middle School Middle Regular 1,256 43 8
Santiago High School High Regular 3,692 129 8
El Cerrito Middle School Middle Unknown NA

El Cerrito Middle School

  • Education Level: Middle
  • # of students: 1,256
  • # of teachers: 43
8
GreatSchools Rating

Santiago High School

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

El Cerrito Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

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

PURCHASE PRICE

$2,034$2,486$2,260

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,260
EXPENSES Loan Payment -$1,876
Property Tax -$600
Property Insurance -$71
HOA -$68
Property Management Fees -$133
CASH FLOW
-$488

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

$2,260

PROJECTED RENT

0.42%

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-$10k-$5.0k$0.0$5.0k$10k

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$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 65% 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

1.17

YEARS SAVED

$2,950

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,260

    LIST RENT
  • $1.25

    LIST RENT PER SQFT
  • $2,239

    COMP ESTIMATED VALUE
  • $1.24

    COMP AVG. RENT PER SQFT
Comps Range
$2,100
1$2,1002$2,2003$2,2604$2,3955$2,495
$2,495
RENT COMPS ANALYSIS
  • 9299 Palm Canyon Drive Corona, CA 3
    • 4 beds 2 baths ∙ 1,809 Sqft ∙ Built 1987 4 beds 2 baths ∙ 1,809 Sqft ∙ Built 1987
    • Rent
    • Rent Per SQFT
    •  
    • $2,260
    • $1.25
    •  
  • 9195 Desert Acacia Lane Corona, CA 1
    • 3 beds 2 baths ∙ 1,686 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,686 Sqft ∙ Built 1993
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.25
    •  
  • 9251 Palm Canyon Drive Corona, CA 2
    • 4 beds 3 baths ∙ 1,809 Sqft ∙ Built 1987 4 beds 3 baths ∙ 1,809 Sqft ∙ Built 1987
    LEASED 11/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.22
    •  
  • 22835 Rockcress Street Corona, CA 4
    • 3 beds 2 baths ∙ 1,926 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,926 Sqft ∙ Built 1994
    LEASED 03/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $1.24
    •  
  • 9375 Nickellaus Court Corona, CA 5
    • 4 beds 3 baths ∙ 2,014 Sqft ∙ Built 1999 4 beds 3 baths ∙ 2,014 Sqft ∙ Built 1999
    LEASED 12/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $1.24
    •  
PROPERTY LISTING DETAILS
Aaron Zapata
Impact Properties, Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21022821
Last Updated: 02/04/2021
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