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1243 E Chestnut Avenue Orange, CA 92867

3 Beds 1 Baths 1,894 sqft Built 1962

$825,000

List Price

$3,480

$3.2K - $3.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1962
  • Price/Sqft : $435.59
  • 9 Days on Market
  • MLS # : PW21027470
  • Updated Date : 02/19/2021 at 15:20
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,894 sqft
  • Baths : 1 full
Listing Agent

First Team Real Estate

Listing Agent's Description

Welcome to this meticulously kept and upgraded single-story home, with RV parking, on a huge lot, in the heart of Orange. This home has a very open and spacious floor plan from the moment you enter through the double door entry, leading you to the open concept kitchen and family room that has one of this home's 2 fireplaces. The other gas fireplace is in the living room/den area with double french door access and is large enough for a full-size pool table and lots of fun. (Could also be a fourth bedroom or a fabulous spot for a home office). The kitchen has all Frigidaire stainless steel appliances, canned lighting, and plenty of space for a full-size dining table and a cook's island if you desire. All bedrooms have an abundance of natural light streaming through the double pane windows and the master bedroom has a peaceful view of the backyard. You have plenty of room for your family and friends in this oversized back yard that has a built-in BBQ with a Pub height eating bar, covered patio, large grassy area, and a large side yard separately gated and suitable for a dog run. Within the last few years, this home has had a new roof, new water heater, canned lighting, new tub and shower enclosures and new family room carpet that compliments the homes real wood flooring which is in most other rooms. Close to shopping, Orange Circle, Hospitals, Chapman College and many freeways (55, 91, toll, 5, and 22). An absolute must see!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 92867

ZipNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800kPrice in $243k813k

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

Zip Code: 92867

ZipNIR Market*CityMarket2010Year2000 Q22019 Q2200022002400260028003000320034003600Rent in $18443604

* 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
Cerro Villa Middle School Middle Regular 1,028 40 6
Villa Park High School High Regular 2,475 89 8

Cerro Villa Middle School

  • Education Level: Middle
  • # of students: 1,028
  • # of teachers: 40
6
GreatSchools Rating

Villa Park High School

  • Education Level: High
  • # of students: 2,475
  • # of teachers: 89
8
GreatSchools Rating
 

$742,500$907,500$825,000

PURCHASE PRICE

$3,132$3,828$3,480

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,480
EXPENSES Loan Payment -$2,866
Property Tax -$790
Property Insurance -$72
Property Management Fees -$171
CASH FLOW
-$418

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.

$825,000

PROJECTED PRICE

$3,480

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 6.1%
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-$10k-$5.0k$0.0$5.0k$10k$15k$20k$25k

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$224,375

INVESTMENT

$224,375

Down Payment
$206,250
Rehab Estimate
$5,750
Closing Costs
$12,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$2,866

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $206,250
Loan Amount $618,750
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$23,592

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,480

    LIST RENT
  • $1.84

    LIST RENT PER SQFT
  • $3,802

    COMP ESTIMATED VALUE
  • $2.01

    COMP AVG. RENT PER SQFT
Comps Range
$3,150
1$3,1502$3,4803$3,6954$3,7005$4,000
$4,000
RENT COMPS ANALYSIS
  • 1243 E Chestnut Avenue Orange, CA 2
    • 3 beds 1 baths ∙ 1,894 Sqft ∙ Built 1962 3 beds 1 baths ∙ 1,894 Sqft ∙ Built 1962
    • Rent
    • Rent Per SQFT
    •  
    • $3,480
    • $1.84
    •  
  • 1735 N Lincoln Street Orange, CA 1
    • 4 beds 2 baths ∙ 1,802 Sqft ∙ Built 1962 4 beds 2 baths ∙ 1,802 Sqft ∙ Built 1962
    LEASED 03/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,150
    • $1.75
    •  
  • 1735 N Greengrove Street Orange, CA 3
    • 4 beds 2 baths ∙ 1,753 Sqft ∙ Built 1962 4 beds 2 baths ∙ 1,753 Sqft ∙ Built 1962
    LEASED 06/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,695
    • $2.11
    •  
  • 533 E Glendale Avenue Orange, CA 4
    • 4 beds 2 baths ∙ 1,872 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,872 Sqft ∙ Built 1963
    LEASED 08/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,700
    • $1.98
    •  
  • 831 E Hoover Avenue Orange, CA 5
    • 4 beds 2 baths ∙ 1,824 Sqft ∙ Built 1961 4 beds 2 baths ∙ 1,824 Sqft ∙ Built 1961
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.19
    •  
PROPERTY LISTING DETAILS
Jacqueline May
First Team Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21027470
Last Updated: 02/19/2021
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