1015 La Terraza · Corona, CA 92879

$359,800

2 bd · 2.0 ba · 1,063 sqft · Condo public records · 71 Days on market

Built 1991 $444/mo HOA · 17% of rent ↓ 1% since listing

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Why this score? — see what drove the F grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +7.5/15.0
• Cash flow +6.0/30.0
• Schools +5.1/10.0
• Rent growth +3.2/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• DSCR +0.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Turnkey rental in highly desired Triana at Corona Ranch. This is an upgraded condo that features all new Milgard dual pane windows and sliders, vaulted ceilings, granite counter tops in kitchen and bathroom, upgraded cabinets, stainless steel appliances, tile floors, crown molding, walk in closet in master bedroom, in door laundry, washer, dryer, and fridge is included, gated community with pool, spa, gym, and clubhouse. Plenty of parking. Great location! Unit has a partial view. Owner pays for water and trash. Low-maintenance gated HOA community, HOA dues cover water, trash, and exterior maintenance. Seller has three units in the complex available and would ideally like to sell all three together. See attached supplements for more details. Units on floors 2 and 3 cannot have laminate flooring in main living areas, this units laminate wood flooring in photos was changed out to carpet. Positioned in one of Corona’s most convenient commuter locations with strong Inland Empire and Orange County access, this is an outstanding opportunity for a 1031 exchange buyer, passive-income investor, or portfolio expansion strategy seeking stable cash flow plus long-term Southern California appreciation.

Key facts

• Parking
• Community pool
• Built 1991

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $360k.

Deal economics

• At list price, monthly cash flow is $-692 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $238k (34.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $265k (26.3% below list).
• Recommended offer: $238k (34.0% below list) — sets the bar for cash-flow.
• Cap rate 4.0% vs local median 2.9% in Corona — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 63/100 on livability (#461 in CA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A-; Watch: commute C-, health & safety D, amenities F.
• Corona-Norco Unified (suburban): math 46% / reading 61% proficiency, ranked #312 of 1,400 in CA (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: William Mckinley Elementary (616 students, 81% FRL); Auburndale Intermediate (592 students, 88% FRL); Norco High (2,070 students, 72% FRL) — zoned schools average 80% FRL vs 35% district-wide (45 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.8%/yr); 90 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).
• This rent runs 35% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Riverside County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($338k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 19y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $225k; list at $360k implies a 60% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 6→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $237,511 (34.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.74% ✗
• Cap rate: 3.98%
• Cash-on-cash: -8.25%
• DSCR: 0.63
• GRM: 11.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.77% rent growth · sell at horizon

5-year hold

• IRR: -31.0%
• Equity multiple: -0.02×
• Total profit: $-102,780
• Equity at exit: $53,647

10-year hold

• IRR: -34.9%
• Equity multiple: -0.47×
• Total profit: $-147,859
• Equity at exit: $31,109

Cash invested: $100,744 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 92879

• Rents YoY: 2.8%
• Active inventory: 90
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $2,652 high
• Mortgage (P&I): −$1,887
• Tax from tax record: −$307 /mo · $3,678/yr
• Insurance: −$150
• HOA: −$444
• Vacancy / Maint / Mgmt: −$557
• Net cashflow: $-692

Break-even live

Break-even rent $3,528

Max offer price $237,511

Occupancy floor —

Sensitivity live

Price	-10% $-489	-5% $-590	+0% $-692	+5% $-794	+10% $-896
Rent	-10% $-902	-5% $-797	+0% $-692	+5% $-587	+10% $-483
Rate	-1.0pp $-511	-0.5pp $-601	base $-692	+0.5pp $-785	+1.0pp $-880

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $89,950
• Closing costs: $10,794
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1030 Vista del Cerro Dr #204 Corona, CA	1.0	1.0	724	$2,000	$2.76	46d	1	0.11mi
2130 Almeria St Unit 102 Corona, CA	2.0	2.5	1371	$2,950	$2.15	3d	1	0.17mi
620 Silver Spur Way Norco, CA	3.0	2.0	1200	$3,600	$3.00	45d	1	0.39mi
2209 Ascot St Corona, CA	3.0	2.5	1318	$2,995	$2.27	45d	1	0.41mi
2235 Indigo Hills Dr #6 Corona, CA	2.0	2.0	1380	$2,950	$2.14	45d	1	0.52mi
2178 Stoneridge Dr Corona, CA	1.0–3.0	1.0–2.0	946	$2,528	$2.67	0d	10	0.64mi
2215 Lakeside Pl Corona, CA	2.0–3.0	1.0–2.0	1043	$2,265	$2.17	1d	25	0.66mi
2341 Mary Helen St Unit 104 Corona, CA	3.0	2.5	1000	$2,550	$2.55	45d	1	0.69mi
2361 Mary Helen St Unit 102 Corona, CA	2.0	1.5	1000	$2,395	$2.40	3d	1	0.70mi
2235 Treehouse Ln Corona, CA	1.0–2.0	1.0–2.0	886	$2,779	$3.13	1d	18	0.76mi
2225 Collett Ave Corona, CA	1.0–3.0	1.0–2.0	1117	$2,937	$2.63	0d	33	0.83mi
501 Roosevelt St Corona, CA	3.0	2.0	1272	$3,350	$2.63	13d	1	0.84mi
451 Wellesley Dr Corona, CA	1.0–3.0	1.0–3.0	1038	$3,032	$2.92	0d	15	0.85mi
2365 Promenade Ave Corona, CA	1.0–2.0	1.0–2.0	892	$2,559	$2.87	1d	17	1.00mi
545 Hamilton Dr Corona, CA	1.0	1.0	900	$1,900	$2.11	26d	1	1.15mi
3827 Grant St #54 Corona, CA	3.0	2.5	1354	$3,250	$2.40	6d	1	1.49mi

HOA detail condo

• Monthly dues: $444 · $5,328/yr
• Likely covers: watertrashexterior maint.poolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 35 events

1. 2026-06-18
   days on market $359,800 Active 71 DOM
2. 2026-06-17
   days on market $359,800 Active 70 DOM
3. 2026-06-16
   days on market $359,800 Active 69 DOM
4. 2026-06-15
   days on market $359,800 Active 68 DOM
5. 2026-06-13
   days on market $359,800 Active 66 DOM
6. 2026-06-13
   days on market $359,800 Active 65 DOM
7. 2026-06-09
   days on market $359,800 Active 62 DOM
8. 2026-06-07
   pricedays on market $359,800 Active 61 DOM
9. 2026-06-04
   days on market $360,000 Active 58 DOM
10. 2026-06-03
    days on market $360,000 Active 57 DOM
11. 2026-06-02
    days on market $360,000 Active 56 DOM
12. 2026-06-01
    days on market $360,000 Active 55 DOM
13. 2026-05-31
    days on market $360,000 Active 54 DOM
14. 2026-04-07
    listed $360,000 Active 1213-char remark

    Show marketing remark (1213 chars)

    Turnkey rental in highly desired Triana at Corona Ranch. This is an upgraded condo that features all new Milgard dual pane windows and sliders, vaulted ceilings, granite counter tops in kitchen and bathroom, upgraded cabinets, stainless steel appliances, tile floors, crown molding, walk in closet in master bedroom, in door laundry, washer, dryer, and fridge is included, gated community with pool, spa, gym, and clubhouse. Plenty of parking. Great location! Unit has a partial view. Owner pays for water and trash. Low-maintenance gated HOA community, HOA dues cover water, trash, and exterior maintenance. Seller has three units in the complex available and would ideally like to sell all three together. See attached supplements for more details. Units on floors 2 and 3 cannot have laminate flooring in main living areas, this units laminate wood flooring in photos was changed out to carpet. Positioned in one of Corona’s most convenient commuter locations with strong Inland Empire and Orange County access, this is an outstanding opportunity for a 1031 exchange buyer, passive-income investor, or portfolio expansion strategy seeking stable cash flow plus long-term Southern California appreciation.

15. 2025-11-20
    historical $1,800
16. 2025-11-13
    listed $1,800
17. 2011-11-28
    historical
18. 2011-11-27
    status Active
19. 2011-11-15
    historical Hold
20. 2011-10-21
    status Active
21. 2011-10-08
    historical Hold
22. 2011-09-28
    status Active
23. 2011-09-15
    historical Hold
24. 2011-09-10
    status Active
25. 2011-08-29
    historical Hold
26. 2011-08-26
    listed $140,000 Active
27. 2009-10-29
    price $184,900 Expired
28. 2008-07-14
    historical
29. 2008-04-17
    price $234,900
30. 2008-03-10
    price $249,900
31. 2008-03-05
    listed $2,499,000
32. 2007-03-23
    historical
33. 2007-03-15
    soldstatus $225,000 Closed Sale
34. 2007-02-14
    listed $225,000
35. 2006-12-19
    soldstatus $365,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $3,678 · $307/mo
• Projected year-2 tax: $3,678 · $307/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 7/10 Severe 6 d/yr ≥101°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 19 unhealthy d/yr today · 23 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,823
• − Mortgage interest: −$20,154
• − Property taxes: −$3,678
• − Insurance: −$1,799
• − Repairs & maintenance: −$2,546
• − Management: −$2,546
• − HOA: −$5,328
• − Depreciation: −$10,467
• Taxable loss: −$14,695
• Est. tax savings @ 24.0%: +$3,527
• After-tax cash flow: $-4,780/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Corona-Norco Unified
• NCES district ID: 0609850
• Math proficiency: 46% ▲ 1.00%
• Reading proficiency: 61% ▬ 0.00%
• Median HH income: $83,380
• Composite: 50.72/100
• National rank: #3920
• State rank: #312 of 1400 in CA

Livability — Corona

• Score: 63/100
• State rank: #461
• US rank: #15787

Category grades

Amenities F Commute C- Cost of living F Crime B- Employment A+ Housing A- Health & safety D User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Corona, CA
• County: Riverside County · 2,287,001 people
• City population: 188,369
• Metro: Riverside-San Bernardino-Ontario, CA
• Population (ZIP): 49,317
• Household income: $92,229
• Rent vs Own: 43.4% rent · 56.6% own
• Severe rent burden: 2058.0

Population outlook (Riverside County) Hauer SSP2

• Today (2025): 2,664,475 people
• By 2030: 2,802,692 · +5.2%
• By 2040: 3,050,904 · +14.5%
• By 2050: 3,256,783 · +22.2%
• By 2075: 3,655,058 · +37.2%
• By 2100: 3,766,594 · +41.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: Hispanic / Latino 59% White 21% Two or more races 13% Asian 13% Black 5% Native American 2%
• Hispanic origin (detail): Mexican 50%
• Common ancestry: Italian 2% Romanian 1% Armenian 1%
• Foreign-born: 30% · Canada, Vietnam, China
• Languages at home: 43% English-only · Spanish 44% Tagalog/Filipino 2% Other Indo-European 2%

Political lean MEDSL · Riverside

• 2024 margin: Toss-up / Even · D 48.0% · R 49.3% · Other 2.6%
• 2008→2024 swing: -3.6pp toward R · 2008: 2.3pp · 2024: -1.3pp
• All cycles: 2024: R+1.3 2020: D+8.0 2016: D+4.3 2012: R+0.4 2008: D+2.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -395.32%
• Current HPI: 380.3129
• Rent YoY: ▲ 2.77%
• Metro: Riverside-San Bernardino-Ontario, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

-1.4% since first listed

22 events — show timeline

• 2026-04-07 Listed $360,000 CRMLS
• 2025-11-20 Rental Removed $1,800 CRMLS
• 2025-11-13 Listed for Rent $1,800 CRMLS
• 2011-11-28 Listing Removed — CRMLS
• 2011-11-27 Relisted — CRMLS
• 2011-11-15 Delisted — CRMLS
• 2011-10-21 Relisted — CRMLS
• 2011-10-08 Delisted — CRMLS
• 2011-09-28 Relisted — CRMLS
• 2011-09-15 Delisted — CRMLS
• 2011-09-10 Relisted — CRMLS
• 2011-08-29 Delisted — CRMLS
• 2011-08-26 Listed $140,000 CRMLS
• 2009-10-29 Price Changed $184,900 CRMLS
• 2008-07-14 Listing Removed — CRMLS
• 2008-04-17 Price Changed $234,900 CRMLS
• 2008-03-10 Price Changed $249,900 CRMLS
• 2008-03-05 Listed $2,499,000 CRMLS
• 2007-03-23 Listing Removed — CRMLS
• 2007-03-15 Sold (MLS) $225,000 CRMLS
• 2007-02-14 Listed $225,000 CRMLS
• 2006-12-19 Sold (Public Records) $365,000 Public Records

Property tax history

+1.5%/yr

Latest (2025): $3,678 · +3.2% YoY. Source: county tax records.