Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

1129 S Corta Drive Santa Ana, CA 92704

3 Beds 2 Baths 1,242 sqft Built 1959

$679,999

List Price

$2,470

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

December 24, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1959
  • Price/Sqft : $547.50
  • 5 Days on Market
  • MLS # : PW20261813
  • Updated Date : 12/24/2020 at 17:02
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,242 sqft
  • Baths : 2 full
Listing Agent

Century 21 Award

Listing Agent's Description

Pride of ownership in this Riverview West home. Recently updated with fresh paint inside and out! Upon entry, spacious living room and dining area offer hardwood floors, crown molding, and vaulted ceilings. Updated gourmet kitchen offers custom cabinetry, recess lighting, granite counter tops and stainless appliances. Versatile breakfast bar and dining area off the kitchen, offer plenty of eating area. Master bedroom offers hardwood flooring and crown molding along w/ private bathroom. Updated hall bathroom offers newer vanity and mosaic backsplash. Spacious backyard offers covered patio, storage shed and block Wall throughout propety line. With the recently installed solar panels, much of the roof has been updated. Other great features include dual pane windows, updated electrical panel, central AC and huge extended driveway which allows for 6-8 cars or a 32ft RV! Ideally located near Mile Square Park and close to schools and shopping center. Don’t wait on this one! - virtual tour this Saturday 1045am - Go To: https://us02web.zoom.us/j/4522854928

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: West Side

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700kPrice in $194k742k

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

Neighborhood: West Side

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2160018002000220024002600280030003200Rent in $14573345

* 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
Newhope Elementary School Primary Regular 469 18 5
Fitz Intermediate School Middle Regular 675 24 5
Los Amigos High School High Regular 1,787 74 5

Newhope Elementary School

  • Education Level: Primary
  • # of students: 469
  • # of teachers: 18
5
GreatSchools Rating

Fitz Intermediate School

  • Education Level: Middle
  • # of students: 675
  • # of teachers: 24
5
GreatSchools Rating

Los Amigos High School

  • Education Level: High
  • # of students: 1,787
  • # of teachers: 74
5
GreatSchools Rating
 

$611,999$747,999$679,999

PURCHASE PRICE

$2,223$2,717$2,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,470
EXPENSES Loan Payment -$2,509
Property Tax -$692
Property Insurance -$57
Property Management Fees -$121
CASH FLOW
-$909

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$679,999

PROJECTED PRICE

$2,470

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 7.1%
Maintenance Year (1-5) 8.00%
Vacancy 4.35%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$185,950

INVESTMENT

$185,950

Down Payment
$170,000
Rehab Estimate
$5,750
Closing Costs
$10,200

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,509

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $170,000
Loan Amount $509,999
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$1,191

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,470

    LIST RENT
  • $1.99

    LIST RENT PER SQFT
  • $2,496

    COMP ESTIMATED VALUE
  • $2.01

    COMP AVG. RENT PER SQFT
Comps Range
$2,470
1$2,4702$2,8503$2,9004$3,0005$3,100
$3,100
RENT COMPS ANALYSIS
  • 1129 S Corta Drive Santa Ana, CA 1
    • 3 beds 2 baths ∙ 1,242 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,242 Sqft ∙ Built 1959
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,470
    • $1.99
    •  
  • 15998 Mount Mitchell Circle Fountain Valley, CA 2
    • 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1967 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1967
    property image
    LEASED 06/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $2.12
    •  
  • 11671 Rosemary Avenue Fountain Valley, CA 3
    • 4 beds 2 baths ∙ 1,480 Sqft ∙ Built 1964 4 beds 2 baths ∙ 1,480 Sqft ∙ Built 1964
    property image
    LEASED 09/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.96
    •  
  • 830 S Austin Street Santa Ana, CA 4
    • 4 beds 2 baths ∙ 1,491 Sqft ∙ Built 1956 4 beds 2 baths ∙ 1,491 Sqft ∙ Built 1956
    property image
    LEASED 12/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $2.01
    •  
  • 5428 W Wisteria Place Santa Ana, CA 5
    • 4 beds 2 baths ∙ 1,590 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,590 Sqft ∙ Built 1963
    property image
    LEASED 12/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.95
    •  
PROPERTY LISTING DETAILS
Alexander Piana
Century 21 Award
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20261813
Last Updated: 12/24/2020
BESbswy