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12591 Lemona Lane North Tustin, CA 92705

3 Beds 2 Baths 2,293 sqft Built 1960

$925,000

List Price

$3,680

$3.4K - $3.9K

Rent Est.

PROPERTY INFO

January 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1960
  • Price/Sqft : $403.40
  • 7 Days on Market
  • MLS # : PW21011280
  • Updated Date : 01/23/2021 at 14:45
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,293 sqft
  • Baths : 2 full
Listing Agent

Seven Gables Real Estate

Listing Agent's Description

This is a 1960 home - in pretty original condition - bring your contractor! Wonderful lot - watched the dog race around like a rabbit - there is lots of joy in this property.

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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: Red Hill

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800k850k900kPrice in $205k922k

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

Neighborhood: Red Hill

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q218002000220024002600280030003200340036003800Rent in $16013818

* 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
Red Hill Elementary School Primary Regular 582 21 8
Utt Middle School Middle Regular 945 34 5
Tustin High School High Regular 2,304 86 7

Red Hill Elementary School

  • Education Level: Primary
  • # of students: 582
  • # of teachers: 21
8
GreatSchools Rating

Utt Middle School

  • Education Level: Middle
  • # of students: 945
  • # of teachers: 34
5
GreatSchools Rating

Tustin High School

  • Education Level: High
  • # of students: 2,304
  • # of teachers: 86
7
GreatSchools Rating
 

$832,500$1,017,500$925,000

PURCHASE PRICE

$3,312$4,048$3,680

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,680
EXPENSES Loan Payment -$3,213
Property Tax -$861
Property Insurance -$82
Property Management Fees -$180
CASH FLOW
-$657

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$925,000

PROJECTED PRICE

$3,680

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 6.4%
Maintenance Year (1-5) 8.00%
Vacancy 5.81%
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$25k

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$250,875

INVESTMENT

$250,875

Down Payment
$231,250
Rehab Estimate
$5,750
Closing Costs
$13,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,213

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $231,250
Loan Amount $693,750
See What Happens When You Reinvest Cash Flow

2.17

YEARS SAVED

$13,800

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,680

    LIST RENT
  • $1.6

    LIST RENT PER SQFT
  • $3,692

    COMP ESTIMATED VALUE
  • $1.61

    COMP AVG. RENT PER SQFT
Comps Range
$3,300
1$3,3002$3,3503$3,4754$3,5505$3,680
$3,680
RENT COMPS ANALYSIS
  • 12591 Lemona Lane North Tustin, CA 5
    • 3 beds 2 baths ∙ 2,293 Sqft ∙ Built 1960 3 beds 2 baths ∙ 2,293 Sqft ∙ Built 1960
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,680
    • $1.60
    •  
  • 13132 Ranchwood Road Tustin, CA 1
    • 3 beds 2 baths ∙ 2,054 Sqft ∙ Built 1968 3 beds 2 baths ∙ 2,054 Sqft ∙ Built 1968
    property image
    LEASED 03/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $1.61
    •  
  • 1121 Castlegate Lane Santa Ana, CA 2
    • 3 beds 3 baths ∙ 2,035 Sqft ∙ Built 1969 3 beds 3 baths ∙ 2,035 Sqft ∙ Built 1969
    property image
    LEASED 09/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,350
    • $1.65
    •  
  • 13322 Diamond Head Drive Tustin, CA 3
    • 3 beds 2 baths ∙ 2,010 Sqft ∙ Built 1962 3 beds 2 baths ∙ 2,010 Sqft ∙ Built 1962
    property image
    LEASED 09/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,475
    • $1.73
    •  
  • 1552 Windsor Lane Santa Ana, CA 4
    • 4 beds 1 baths ∙ 2,441 Sqft ∙ Built 1953 4 beds 1 baths ∙ 2,441 Sqft ∙ Built 1953
    property image
    LEASED 09/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,550
    • $1.45
    •  
PROPERTY LISTING DETAILS
Jaci Woods
Seven Gables Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21011280
Last Updated: 01/23/2021
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