1020 La Terraza · Corona, CA 92879

$430,000

6 bd · 6.0 ba · 941 sqft · MultiFamily · 72 Days on market

Built 1991 Good condition $457/sqft · 18% below area Est $525k · 18% under $499/mo HOA · 25% of rent

---

Why this score? — see what drove the B+ 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).

• Cash flow +28.1/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• Schools +5.1/10.0
• Condition / age +4.0/5.0
• Rent growth +3.2/5.0
• Livability +3.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

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, granite counter tops in kitchen and bathroom, upgraded cabinets, stainless steel appliances, wood laminate and 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! Highly desired lower level unit with a 1 car garage. Two patios off family room and bedroom. 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. 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

• Garage
• Community pool
• Built 1991

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/2.0-bath units multifamily listed at $430k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $451/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $430k).
• Recommended offer: $404k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.1% 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.
• Market conditions: Rents rising (+2.8%/yr); 85 active listings in the ZIP; solid renter incomes; 9,195 units permitted in Riverside County in 2024 (1,512 in 5+ unit buildings).
• At $6,107/mo this rent would consume 79% of the median local household income ($92k/yr) (locally 2058% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k 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.
• At projected returns (-3.0% appreciation + 2.8% rent growth), your $120k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($404k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y ago; this cycle's ask is 20376% above the opening price — seller raised mid-cycle; expect resistance to lowballs.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk; extreme-heat days projected 5→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $404,200 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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.
9. 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.
10. 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: 1.42% ✓
• Cap rate: 10.07%
• Cash-on-cash: 13.49%
• DSCR: 1.60
• GRM: 5.9

CMA / ARV

• ARV (median comp): $525,176
• List price: $430,000
• Delta: -18.12%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 3.4%
• Equity multiple: 1.13×
• Total profit: $15,541
• Equity at exit: $64,114

10-year hold

• IRR: 12.7%
• Equity multiple: 2.00×
• Total profit: $120,429
• Equity at exit: $37,179

Cash invested: $120,400 (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: 85
• Price-to-rent: 17.6×

Monthly cashflow live

• Estimated rent: $6,107 medium
• Mortgage (P&I): −$2,255
• Tax est. 1.5%: −$538 /mo · $6,450/yr
• Insurance: −$179
• HOA: −$499
• Vacancy / Maint / Mgmt: −$1,282
• Net cashflow: $1,354

Break-even live

Break-even rent $4,393

Max offer price $430,000

Occupancy floor 73%

Sensitivity live

Price	-10% $1,651	-5% $1,502	+0% $1,354	+5% $1,205	+10% $1,057
Rent	-10% $871	-5% $1,113	+0% $1,354	+5% $1,595	+10% $1,836
Rate	-1.0pp $1,570	-0.5pp $1,463	base $1,354	+0.5pp $1,242	+1.0pp $1,129

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	2	$6,108
Total (3 units)			$6,107

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: $107,500
• Closing costs: $12,900
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $499 · $5,988/yr
• Likely covers: watertrashexterior maint.poolgymsecurity

Listing history 19 events

1. 2026-06-18
   days on market $430,000 Active 72 DOM
2. 2026-06-17
   days on market $430,000 Active 71 DOM
3. 2026-06-16
   days on market $430,000 Active 70 DOM
4. 2026-06-15
   days on market $430,000 Active 69 DOM
5. 2026-06-13
   days on market $430,000 Active 67 DOM
6. 2026-06-13
   days on market $430,000 Active 66 DOM
7. 2026-06-09
   days on market $430,000 Active 63 DOM
8. 2026-06-08
   days on market $430,000 Active 62 DOM
9. 2026-06-07
   days on market $430,000 Active 61 DOM
10. 2026-06-04
    days on market $430,000 Active 58 DOM
11. 2026-06-03
    days on market $430,000 Active 57 DOM
12. 2026-06-02
    days on market $430,000 Active 56 DOM
13. 2026-06-01
    days on market $430,000 Active 55 DOM
14. 2026-05-31
    days on market $430,000 Active 54 DOM
15. 2026-05-11
    price $430,000 1134-char remark

    Show marketing remark (1134 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, granite counter tops in kitchen and bathroom, upgraded cabinets, stainless steel appliances, wood laminate and 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! Highly desired lower level unit with a 1 car garage. Two patios off family room and bedroom. 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. 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.

16. 2026-04-29
    listed $2,100
17. 2026-04-07
    listed $435,000 Active 1134-char remark

    Show marketing remark (1134 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, granite counter tops in kitchen and bathroom, upgraded cabinets, stainless steel appliances, wood laminate and 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! Highly desired lower level unit with a 1 car garage. Two patios off family room and bedroom. 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. 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.

18. 2015-04-04
    historical
19. 2015-01-22
    listed $235,000 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 6/10 Major 5 d/yr ≥101°F today · 14 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: $73,284
• − Mortgage interest: −$24,087
• − Property taxes: −$6,450
• − Insurance: −$2,150
• − Repairs & maintenance: −$5,863
• − Management: −$5,863
• − HOA: −$5,988
• − Depreciation: −$12,509
• Taxable income: $10,375
• Est. tax owed @ 24.0%: −$2,490
• After-tax cash flow: $13,757/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This turnkey rental in Triana at Corona Ranch is in good condition with upgrades throughout. It offers a well-maintained exterior, upgraded kitchen and bathrooms, and a low-maintenance HOA. Potential buyers and renters will appreciate the upgrades and low maintenance.

Value-add opportunities

• Both Paint exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Upgrade kitchen appliances — Modern appliances improve functionality and appeal
• Both Install smart home devices — Smart home devices increase convenience and marketability

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Upgrade kitchen appliances — Modern appliances improve functionality and appeal ↑
• Both Install smart home devices — Smart home devices increase convenience and marketability ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+83.0% since first listed

5 events — show timeline

• 2026-05-11 Price Changed $430,000 CRMLS
• 2026-04-29 Listed for Rent $2,100 APPFOLIO
• 2026-04-07 Listed $435,000 CRMLS
• 2015-04-04 Listing Removed — CRMLS
• 2015-01-22 Listed $235,000 CRMLS