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1015 E Culver Avenue Orange, CA 92866

3 Beds 2 Baths 2,076 sqft Built 1961

$899,000

List Price

$3,580

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

November 02, 2020 RECENTLY ADDED
FACTS
  • Built In 1961
  • Price/Sqft : $433.04
  • 2 Days on Market
  • MLS # : IG20231013
  • Updated Date : 11/02/2020 at 22:31
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,076 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty

Listing Agent's Description

This gorgeous home located in a very desirable neighborhood of Orange county on a quiet Cul de Sac is ready and waiting for you. Boasting 2076 sq. feet. This 3-bedroom two bath home has been turned into a turnkey huge open floor plan home, from the remodeled bathrooms to the upgraded kitchen. This home is perfect. All new ceiling fans, blinds, Quartz counter tops, all new paint, new laminate wood floors and so much more. Retire to the expansive living rooms for rest and relaxation. Yes! we said living rooms! There are two large living rooms. The back yard has professional landscaping and a beautiful pool! This home is located near Chapman College and Old Towne Orange. Perfect for evening strolls throughout the neighborhood! This turnkey home is ready go. Just move in and relax because you are home!

SEE MORE

MARKET HIGHLIGHTS

  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
  • The area has major technology nodes of excellence: Los Angeles (Media and entertainment); Pasadena (High-tech engineering, data analytics); Riverside (Agtech, transportation/ distribution); San Diego (Healthcare, biotech, wireless communications); Irvine (Medtech, cyber security); El Segundo (Aerospace and defense IT, space transport) [BCG, 2018]
  • Southern California produces more technology PhDs per year than any other region in the country and many of the higher educated students stay within Souther California contributing to readily available workforce skills making the area more attractive than Silicon Valley (BCG, 2018)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)
  • Southern California has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (USMayors.org, 2018)
  • Headquarters to several Fortune 500 companies: Amgen, Farmers Insurance, Walt Disney, Avery Dennison, Activision Blizzard, CBRE Group, Edison International, Molina Healthcare, First American Financial, Pacific Life, Qualcomm and Sempra Energy (Fortune, 2018)
  • Los Angeles has been awarded the 2028 Olympics under a funding commitment of $88 billion to upgrade the transportation infrastructure connecting disparate pockets of the metro area. This is expected to produce additional employment in the coming years. (BCG, 2018)
  • As part of Southern California area, Orange County market inherits all the benefits from the area.

PRICE & RENT TRENDS

Zip Code: 92866

ZipNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700kPrice in $240k742k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Zip Code: 92866

ZipNIR Market*CityMarket2010Year2000 Q22019 Q218002000220024002600280030003200Rent in $16793345

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Palmyra Elementary School Primary Regular 512 22 5
Palmyra Elementary School Middle Regular 512 22 5
Orange High School High Regular 1,927 79 4

Palmyra Elementary School

  • Education Level: Primary
  • # of students: 512
  • # of teachers: 22
5
GreatSchools Rating

Palmyra Elementary School

  • Education Level: Middle
  • # of students: 512
  • # of teachers: 22
5
GreatSchools Rating

Orange High School

  • Education Level: High
  • # of students: 1,927
  • # of teachers: 79
4
GreatSchools Rating
 

$809,100$988,900$899,000

PURCHASE PRICE

$3,222$3,938$3,580

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,580
EXPENSES Loan Payment -$3,317
Property Tax -$880
Property Insurance -$76
Property Management Fees -$175
CASH FLOW
-$868

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 13% of earned rent to cover both maintenance and periods of vacancy.

$899,000

PROJECTED PRICE

$3,580

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 5.3%
Maintenance Year (1-5) 8.00%
Vacancy 5.38%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

PROJECTED ANNUAL CASH FLOW

11530-$15k-$10k-$5.0k$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$243,985

INVESTMENT

$243,985

Down Payment
$224,750
Rehab Estimate
$5,750
Closing Costs
$13,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$3,317

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $224,750
Loan Amount $674,250
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$9,114

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $3,580

    LIST RENT
  • $1.72

    LIST RENT PER SQFT
  • $4,157

    COMP ESTIMATED VALUE
  • $2

    COMP AVG. RENT PER SQFT
Comps Range
$3,395
1$3,3952$3,4003$3,5804$4,0005$4,280
$4,280
RENT COMPS ANALYSIS
  • 1015 E Culver Avenue Orange, CA 3
    • 3 beds 2 baths ∙ 2,076 Sqft ∙ Built 1961 3 beds 2 baths ∙ 2,076 Sqft ∙ Built 1961
    • Rent
    • Rent Per SQFT
    •  
    • $3,580
    • $1.72
    •  
  • 195 S Shattuck Place Orange, CA 1
    • 4 beds 1 baths ∙ 1,728 Sqft ∙ Built 1977 4 beds 1 baths ∙ 1,728 Sqft ∙ Built 1977
    LEASED 08/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,395
    • $1.96
    •  
  • 2425 N Linwood Avenue Santa Ana, CA 2
    • 4 beds 2 baths ∙ 1,752 Sqft ∙ Built 1972 4 beds 2 baths ∙ 1,752 Sqft ∙ Built 1972
    LEASED 07/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $1.94
    •  
  • 2144 E Burdie Lane Orange, CA 4
    • 4 beds 3 baths ∙ 1,988 Sqft ∙ Built 1963 4 beds 3 baths ∙ 1,988 Sqft ∙ Built 1963
    LEASED 11/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.01
    •  
  • 444 N Shattuck Place Orange, CA 5
    • 4 beds 2 baths ∙ 2,042 Sqft ∙ Built 1957 4 beds 2 baths ∙ 2,042 Sqft ∙ Built 1957
    LEASED 07/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,280
    • $2.10
    •  
PROPERTY LISTING DETAILS
Shereen Gald
Keller Williams Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20231013
Last Updated: 11/02/2020
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