When buying a rental property, you need to consider where your tenants are likely to work and which areas are likely to have the biggest "tenant pool". The more reasonable rents of the Corona area attract tenants who can commute long distances. The opening of the Toll Road to southern OC has encouraged the commuting tenant.
Corona has developed into quite a business hub in the past twenty years or so! Many of your prospective tenants will come from within Corona itself.
Eastvale will tend to draw tenants who work in the Ontario area which is also a business hub.
But, it will not draw many tenants who commute to Orange County ... which is probably the largest group of commuters in the general tenant pool.
OC commuters will want homes as far west as possible and with good freeway access. South Corona is also very popular with tenants who have ties to OC. It is not unusual to have a couple where one works in Corona and the other in OC.
I speak from personal as well as professional experience. I bought two rental houses near McKinley/91 Fwy in 1989 before Corona became what it is today. South Corona was all orange groves! Today, my tenant pool seems to be restricted to people who work in Corona, along the 15FWY both ways and Riverside. Too far for OC commuters. When I have a vacancy, I get a lot of calls from people who do not want to look when they find out it is so far east. The Metro-Link train system can be helpful to some people ... I had one tenant who used it to commute to Orange but he only lasted a year or so.
So, you do want to pay attention to the OC commuters.
Good luck! Contact me if I can be of help to you in finding a good rental house!
I believe that due to the commuter traffic to Orange and LA counties, that the western side of Corona will be "more popular" and closer than the Eastvale community. However, Eastvale being newer in construction, you may find you that you get a bigger home for the money than in western Corona.
It's a personal choice and you, the buyer, must make that choice. Anyway you look at it, rental prices are up due to so many people losing their homes to short sale and forecloser.
As you can see from the previous responses, both areas have their perks. In contrast to many of the other replies, I will say that Eastvale is a good commuter area as well due to its close proximity to the 71 frwy as well as the 15, 60 and 10 freeways. You will find newer, larger homes in Eastvale than western Corona which may attract more families.
Please let me know if I can assist you further.
Melissa Munn, Realtor
Meridian Capital Real Estate
Both cities are good. Any other questions, please let me know.
C21 Town & Country
I call West Corona Sierra Del Oro. Its the community closest to the OC off Green River. It only takes about 15 minutes to get to Anaheim Hills. That is the main reason those homes are more expensive than most of Corona.Great neighborhood, quiet & built in 1988,1089. It has an award winning elementary school. You will get higher rents in SIerra Del Oro than Eastvale.
If I was to invest in Corona, I wouldn't be buying in either of the those locations. There are better areas that have a higher return on the investment. GRM is closer to 10 - 11. Its hard to do that in Sierra Del Oro
Eastvale, one of our newest cities, was built during the boom years on dairy land. Consequently, there are many short sales there. You will find newer homes with more square footage for your money and a nice assortment of shopping and dining.
West Corona, on the other hand is an older area. Sierra Del Oro, the westernmost area of Corona is made up of homes primarily built in the 80s and ranging in size. It features mature trees, nice established neighborhoods and close proximity to Orange County. The Mello Roos has been paid off, so you won't have that extra expense on your tax bill. This area is more expensive because it's closer to Orange County. This is especially important to communters.
Just east of Sierra Del Oro is also Western Corona. Within this area neighborhoods are more varied and there is a section known as "Coronita" that is unincorporated.
Our current market is heating up and many buyers and sellers are encountering multiple offers that often extend over the asking price.
There are a couple of homes that might work for you that I am aware of. Give me a call and we can really dial in what you want and need, and find you something that works with your budget. I am a real estate broker and I specialize in Corona.
Atlantic & Pacific Real Estate
For a long term investment I would prefer west corona, off Green River, since it is already well established, as Eastvale is having a large turnover in residents, and it is yet to be seen how stable the area will be. Eastvale isnt a bad area though, as I wouldnt mind an investment property in either area. A rental house in both areas could yeild a good family for tenants, and good appreciation potential in the long run.
I currently have a few bank owned properties that are in either area, some of which arent on the market yet. If you are interested, let me know and I can arrange for you to see them.
In my opinion I would choose the Eastvale area. The homes in that area are newer which should equate to less maintenance and upkeep for yourself.
If you would like to talk further or have any other questions please feel free to give me a call.
Next Level Realty