1153 E Grand · Corona, CA 92879

$1,189,000

27 bd · 26.1 ba · — sqft · MultiFamily · 123 Days on market

Built 1940 0.30 ac lot

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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 9 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

A truly unique Victorian, six-unit multifamily property is a rare find in the Corona market. Here's a chance to acquire an income-generating asset. This property currently has 5 tenants, with one unit that is vacant waiting for another tenant to move in. The property consists of 6 units all 1 bedroom 1 bath, and 1 unit is a studio , stoves and refrigerators are included. Huge concrete area on the backside of the property for tenant parking along with detached four car garages. Extra long driveway. This is a perfect opportunity for a cash buyer to expand their portfolio.

Key facts

• Tenant parking
• Extra long driveway
• Six-unit multifamily

Tags

• SIX-UNIT MULTIFAMILY
• INCOME-GENERATING ASSET
• TENANT PARKING
• DETACHED FOUR CAR GARAGES
• EXTRA LONG DRIVEWAY

What this means for you Summary

Snapshot

• This is a 9 × 3-bed/?-bath units multifamily listed at $1.19M.

Deal economics

• At list price, monthly cash flow is $14k ($171k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($28k rent vs $1.19M).
• Recommended offer: $1.05M (12.0% below list) — sets the bar for market timing.
• Cap rate 20.7% 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 $28,412/mo this rent would consume 370% 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 $8k of loan paydown is wiped out by about $36k 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 $333k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 123 days — a 12% lower offer ($1.05M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $108k; list at $1.19M implies a 1001% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,046,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 123 days. Have you received any prior offers? Is the seller open to a 12% 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. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 2.39% ✓
• Cap rate: 20.65%
• Cash-on-cash: 51.29%
• DSCR: 3.28
• GRM: 3.5

CMA / ARV

• ARV (median comp): $707,077
• List price: $1,189,000
• Delta: 68.16%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 48.9%
• Equity multiple: 3.12×
• Total profit: $707,424
• Equity at exit: $177,284

10-year hold

• IRR: 54.4%
• Equity multiple: 6.28×
• Total profit: $1,757,869
• Equity at exit: $102,803

Cash invested: $332,920 (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: 31.4×

Monthly cashflow live

• Estimated rent: $28,412 high
• Mortgage (P&I): −$6,235
• Tax est. 1.5%: −$1,486 /mo · $17,835/yr
• Insurance: −$495
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,967
• Net cashflow: $14,229

Break-even live

Break-even rent $10,401

Max offer price $1,189,000

Occupancy floor 45%

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

Units	Beds	Baths	Est. rent
▸ 9× units	3	—	$28,413
Total (9 units)			$28,412

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: $297,250
• Closing costs: $35,670
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-09
   days on market $1,189,000 Active 123 DOM
2. 2026-06-08
   days on market $1,189,000 Active 122 DOM
3. 2026-06-07
   days on market $1,189,000 Active 121 DOM
4. 2026-06-04
   days on market $1,189,000 Active 118 DOM
5. 2026-06-03
   days on market $1,189,000 Active 117 DOM
6. 2026-06-02
   days on market $1,189,000 Active 116 DOM
7. 2026-06-01
   days on market $1,189,000 Active 115 DOM
8. 2026-05-31
   days on market $1,189,000 Active 114 DOM
9. 2026-02-06
   listed $1,189,000 Active 577-char remark

   Show marketing remark (577 chars)

   A truly unique Victorian, six-unit multifamily property is a rare find in the Corona market. Here's a chance to acquire an income-generating asset. This property currently has 5 tenants, with one unit that is vacant waiting for another tenant to move in. The property consists of 6 units all 1 bedroom 1 bath, and 1 unit is a studio , stoves and refrigerators are included. Huge concrete area on the backside of the property for tenant parking along with detached four car garages. Extra long driveway. This is a perfect opportunity for a cash buyer to expand their portfolio.

10. 1993-09-09
    soldstatus $108,000
11. 1991-03-15
    soldstatus $110,000

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥100°F today · 18 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: $340,944
• − Mortgage interest: −$66,602
• − Property taxes: −$17,835
• − Insurance: −$5,945
• − Repairs & maintenance: −$27,276
• − Management: −$27,276
• − Depreciation: −$34,589
• Taxable income: $161,421
• Est. tax owed @ 24.0%: −$38,741
• After-tax cash flow: $132,002/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

+980.9% since first listed

3 events — show timeline

• 2026-02-06 Listed $1,189,000 CRMLS
• 1993-09-09 Sold (Public Records) $108,000 Public Records
• 1991-03-15 Sold (Public Records) $110,000 Public Records

Property tax history

+2.0%/yr

Latest (2025): $2,344 · +3.3% YoY. Source: county tax records.