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3271 Willow Park Drive 
Corona, CA
92881
4 Beds 3 Baths 1,822 sqft
Built 1997
INVESTimate
$609,000
List Price
$167,135
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PROPERTY INFO
FACTS
- Built In 1997
- Price/Sqft : $334.25
- 3 Days on Market
- MLS # : IG20173109
- Updated Date : 08/24/2020 at 21:50
CONSTRUCTION
- Beds : 4
- Floor Size : 1,822 sqft
- Baths : 3 full
Listing Agent
Keller Williams Realty
Listing Agent's Description
This is an incredible turnkey home with a pool and RV parking. Yes! RV parking! located in Chase Ranch of Corona. The home has been completely upgraded to present day tones. Let’s start out by mentioning the beautiful new tile flooring throughout the downstairs. Oh, and the fireplace has all been upgraded and is absolutely stunning. All new paint! Upgraded contemporary kitchen with new marble counter tops, backsplash and newer appliances. Two Quiet cool fans! New A/C and furnace! Upstairs has new plush soft carpet. The list goes on and on. So, let’s continue. PAID OFF 15000 KW solar system! The pool has been completely redone with designer pebble tech and a spa. The backdrop has a pony wall with beautiful tile backsplash. Sit by the pool at night with your fire and ice gas fire pit. All new designer concrete throughout the back yard and a large built in barbecue. An entertainer’s delight! One more thing when you are done camping for the weekend come home and park your R/V on the side of the home behind the gate and save on R/V storage fees. LOW! LOW! LOW! tax rate! No HOA Dues! So, what are you waiting for? Come home to paradise today.
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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: Chase Ranch
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Chase Ranch
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $2,530 |
| EXPENSES | Loan Payment | -$2,247 |
| Property Tax | -$664 | |
| Property Insurance | -$71 | |
| Property Management Fees | -$149 | |
|
CASH FLOW
-$602
|
||
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.
$609,000
PROJECTED PRICE
$2,530
PROJECTED RENT
0.42%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 3.95% |
| Appreciation Year (1-5) | 4.63% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.35% |
| Length of Stay Years | 2 |
TOTAL CASH OUT OF POCKET
INVESTMENT
$167,135
LOAN DETAILS
$2,247
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $152,250 |
| Loan Amount | $456,750 |
1.25
YEARS SAVED
$4,119
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,530
LIST RENT -
$1.39
LIST RENT PER SQFT
-
$2,523
COMP ESTIMATED VALUE -
$1.39
COMP AVG. RENT PER SQFT
Comps Range
-
3271 Willow Park Drive Corona, 4
- 4 beds 3 baths ∙ 1,822 Sqft ∙ Built 1997 4 beds 3 baths ∙ 1,822 Sqft ∙ Built 1997
![property image]()
- Rent
- Rent Per SQFT
- $2,530
- $1.39
-
1088 Viewpointe Lane Corona, 1
- 4 beds 3 baths ∙ 1,752 Sqft ∙ Built 1998 4 beds 3 baths ∙ 1,752 Sqft ∙ Built 1998
![property image]()
LEASED 02/14/20- Rent
- Rent Per SQFT
- $2,350
- $1.34
-
1036 Sunbeam Lane Corona, 2
- 4 beds 3 baths ∙ 1,752 Sqft ∙ Built 1997 4 beds 3 baths ∙ 1,752 Sqft ∙ Built 1997
![property image]()
LEASED 04/23/20- Rent
- Rent Per SQFT
- $2,400
- $1.37
-
2871 Menorca Circle Corona, 3
- 3 beds 3 baths ∙ 1,718 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,718 Sqft ∙ Built 2016
![property image]()
LEASED 11/22/19- Rent
- Rent Per SQFT
- $2,495
- $1.45
-
1859 Marquez Way Corona, 5
- 3 beds 3 baths ∙ 1,880 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,880 Sqft ∙ Built 2016
![property image]()
LEASED 12/06/19- Rent
- Rent Per SQFT
- $2,595
- $1.38
PROPERTY LISTING DETAILS
Keller Williams Realty
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: IG20173109
Last Updated: 08/24/2020
