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12872 Loretta Drive North Tustin, CA 92705

3 Beds 2 Baths 1,146 sqft Built 1954

$799,000

List Price

$2,700

$2.5K - $3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1954
  • Price/Sqft : $697.21
  • 10 Days on Market
  • MLS # : OC21058163
  • Updated Date : 03/23/2021 at 19:23
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,146 sqft
  • Baths : 2 full
Listing Agent

Hart Coastal Group

Listing Agent's Description

End of cul de sac, paid solar, fully remodeled. Don’t miss this charming 3 bedroom, 2 bath home in desirable North Tustin. The current owners have extensively remodeled so you can move in and enjoy. A few highlights include remodeled kitchen and baths, refinished original hardwood floors, new stucco, new HVAC, new windows, newer PEX and copper pipes, tankless water heater, crown molding, craftsman baseboards and plantation shutters. Master bedroom has a remodeled en suite bath. Two additional guest rooms share a full bath. Wood and tile flooring throughout. The large, private backyard is designed for entertaining with a custom wood patio with seating, pergola with grape vines, and a bar with fridge and sink. The yard also has many mature fruit trees and garden beds with a drip system. The spacious side yards have a chicken coop and large storage shed. New 7 ft vinyl fence. Plenty of room to add a pool. 2 car garage. No HOA.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: North Tustin

NeighborhoodNIR Market*CityMarket2010Year20002019300k400k500k600k700k800k900kPrice in $205k964k

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

Neighborhood: North Tustin

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
Santiago Middle School Middle Charter 967 38 5
El Modena High School High Regular 2,196 89 7
Santiago Middle School Middle Unknown NA

Santiago Middle School

  • Education Level: Middle
  • # of students: 967
  • # of teachers: 38
5
GreatSchools Rating

El Modena High School

  • Education Level: High
  • # of students: 2,196
  • # of teachers: 89
7
GreatSchools Rating

Santiago Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$719,100$878,900$799,000

PURCHASE PRICE

$2,430$2,970$2,700

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,700
EXPENSES Loan Payment -$2,775
Property Tax -$787
Property Insurance -$55
Property Management Fees -$132
CASH FLOW
-$1,049

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.

$799,000

PROJECTED PRICE

$2,700

PROJECTED RENT

0.34%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 4.9%
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

PROJECTED ANNUAL CASH FLOW

11530-$20k-$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$217,485

INVESTMENT

$217,485

Down Payment
$199,750
Rehab Estimate
$5,750
Closing Costs
$11,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,775

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $199,750
Loan Amount $599,250
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$258

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,700

    LIST RENT
  • $2.36

    LIST RENT PER SQFT
  • $2,193

    COMP ESTIMATED VALUE
  • $1.91

    COMP AVG. RENT PER SQFT
Comps Range
$2,250
1$2,2502$2,6003$2,7004$2,700
$2,700
RENT COMPS ANALYSIS
  • 12872 Loretta Drive North Tustin, CA 4
    • 3 beds 2 baths ∙ 1,146 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,146 Sqft ∙ Built 1954
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $2.36
    •  
  • 2030 E Santa Clara Avenue Santa Ana, CA 1
    • 3 beds 2 baths ∙ 1,285 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,285 Sqft ∙ Built 1963
    LEASED 12/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.75
    •  
  • 457 E 1st Street Tustin, CA 2
    • 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 1964
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.97
    •  
  • 12700 Newport Avenue Tustin, CA 3
    • 3 beds 2 baths ∙ 1,336 Sqft ∙ Built 1969 3 beds 2 baths ∙ 1,336 Sqft ∙ Built 1969
    LEASED 08/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $2.02
    •  
PROPERTY LISTING DETAILS
Kimberly Hart
Hart Coastal Group
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21058163
Last Updated: 03/23/2021
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