Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

9394 Palm Canyon Drive Corona, CA 92883

3 Beds 2 Baths 1,014 sqft Built 1987

$435,000

List Price

$1,890

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

January 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1987
  • Price/Sqft : $428.99
  • 3 Days on Market
  • MLS # : IG21013379
  • Updated Date : 01/23/2021 at 14:38
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,014 sqft
  • Baths : 2 full
Listing Agent

Realty One Group West

Listing Agent's Description

Rarely available single story home located in the California Meadows subdivision in Temescal Valley. One of the larger lots in the community! 3 Bedrooms, 2 Bathrooms, Family Room and Kitchen/Eating Area. Renovated cabinetry in the Kitchen and Bathrooms, tile and wood flooring throughout. Fireplace in the Family Room. Huge backyard with storage sheds and multiple fruit trees. New Furnace installed in January 2020. Highest rated Elementary School in the area, Temescal Valley Elementary (Greatschools rated 9/10). VERY LOW TAXES!!! Hurry on this one!!!

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
 

$391,500$478,500$435,000

PURCHASE PRICE

$1,701$2,079$1,890

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,890
EXPENSES Loan Payment -$1,511
Property Tax -$484
Property Insurance -$52
HOA -$68
Property Management Fees -$112
CASH FLOW
-$336

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.

$435,000

PROJECTED PRICE

$1,890

PROJECTED RENT

0.43%

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$121,025

INVESTMENT

$121,025

Down Payment
$108,750
Rehab Estimate
$5,750
Closing Costs
$6,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,511

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $108,750
Loan Amount $326,250
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$4,207

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,890

    LIST RENT
  • $1.86

    LIST RENT PER SQFT
  • $1,541

    COMP ESTIMATED VALUE
  • $1.52

    COMP AVG. RENT PER SQFT
Comps Range
$1,890
1$1,8902$1,9953$2,100
$2,100
RENT COMPS ANALYSIS
  • 9394 Palm Canyon Drive Corona, CA 1
    • 3 beds 2 baths ∙ 1,014 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,014 Sqft ∙ Built 1987
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,890
    • $1.86
    •  
  • 9333 Palm Canyon Drive Corona, CA 2
    • 4 beds 2 baths ∙ 1,350 Sqft ∙ Built 1987 4 beds 2 baths ∙ 1,350 Sqft ∙ Built 1987
    property image
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.48
    •  
  • 10471 Wagonroad W Corona, CA 3
    • 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1985
    property image
    LEASED 11/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.56
    •  
PROPERTY LISTING DETAILS
Joseph Foley
Realty One Group West
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG21013379
Last Updated: 01/23/2021
BESbswy