4901 Green River Rd #104

Corona, CA 92878

$140,000A

2 bd · 2.0 ba · 1,278 sqft · Built 1972 · Land · Active · 55 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,760/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$359
• HOA: −$0
• Vac / Maint / Mgmt: −$580
• Net cashflow: $1,088/mo
• Annual: $13,054/yr
• Cap rate: 16.69%
• Cash-on-cash: 37.13%
• DSCR: 2.65
• 1% rule: 1.97%
• Cash to close: $39,200

Investor read

• This is a 2-bed/2.0-bath land listed at $140k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $140k).
• It's been on market 55 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• In year one you build about $15k of equity ($968 loan paydown + $14k appreciation (10.0% local appreciation)).
• 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: Cesar Chavez Academy (938 students, 78% FRL); Corona High (2,251 students, 86% FRL) — zoned schools average 82% FRL vs 35% district-wide (47 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $125/mo.
• Market conditions: Rents rising (+1.6%/yr); 23 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).
• Riverside County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 8 sale attempts since 15y 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 $32k; list at $140k implies a 331% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 1.6% rent growth), your $39k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); severe wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.