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1291 Olwyn Drive Tustin, CA 92780

3 Beds 2 Baths 1,518 sqft Built 1963

$849,900

List Price

$3,050

$2.8K - $3.3K

Rent Est.

PROPERTY INFO

February 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1963
  • Price/Sqft : $559.88
  • 4 Days on Market
  • MLS # : PW21024014
  • Updated Date : 02/04/2021 at 16:16
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,518 sqft
  • Baths : 2 full
Listing Agent

Century 21 Masters

Listing Agent's Description

3D Tour available!!! Click the "VT Camera" link above to view. Another beautiful rehab completed by the star of HGTV's Flip or Flop. No expense was spared on the transformation of this mid-century 3 bedroom, 2 bath home. The home is pristine and the many designer touches are highlighted by all the natural light. Whether you have a growing family or love to entertain, this home is perfect! The distressed wood laminate flooring throughout the home is not only beautiful, but it is easily maintained. The open kitchen has been completely redone with all new shaker cabinets, beautiful Quartz counter tops, a stunning tile backsplash and stainless steel appliances. The master bedroom has an en-suite bathroom that is a spa like oasis with a new double vanity, black fixtures, quartz counter tops and a custom tiled shower. The secondary bathroom has also been beautifully appointed with a new vanity, tile flooring, and a custom tiled shower. There are 2 more good sized bedrooms with ample closet space. The backyard features a newly landscaped grass area, and a new concrete patio! All of this AND a brand new 200 amp electrical panel and new water lines! Show your most discerning buyers this home, they are sure to fall in love!

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

Neighborhood: Red Hill

NeighborhoodNIR Market*CityMarket2010Year20002019300k350k400k450k500k550k600k650k700k750k800k850k900kPrice in $272k922k

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

Neighborhood: Red Hill

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q22000220024002600280030003200340036003800Rent in $19813818

* 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
Barbara Benson Elementary School Primary Regular 353 14 5
Utt Middle School Middle Regular 945 34 5
Tustin High School High Regular 2,304 86 7

Barbara Benson Elementary School

  • Education Level: Primary
  • # of students: 353
  • # of teachers: 14
5
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
 

$764,910$934,890$849,900

PURCHASE PRICE

$2,745$3,355$3,050

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,050
EXPENSES Loan Payment -$2,952
Property Tax -$814
Property Insurance -$64
Property Management Fees -$149
CASH FLOW
-$929

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.

$849,900

PROJECTED PRICE

$3,050

PROJECTED RENT

0.36%

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

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$230,974

INVESTMENT

$230,974

Down Payment
$212,475
Rehab Estimate
$5,750
Closing Costs
$12,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,952

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $212,475
Loan Amount $637,425
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,924

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,050

    LIST RENT
  • $2.01

    LIST RENT PER SQFT
  • $3,051

    COMP ESTIMATED VALUE
  • $2.01

    COMP AVG. RENT PER SQFT
Comps Range
$2,600
1$2,6002$2,7003$3,0004$3,0505$3,200
$3,200
RENT COMPS ANALYSIS
  • 1291 Olwyn Drive Tustin, CA 4
    • 3 beds 2 baths ∙ 1,518 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,518 Sqft ∙ Built 1963
    • Rent
    • Rent Per SQFT
    •  
    • $3,050
    • $2.01
    •  
  • 457 E 1st Street Tustin, CA 1
    • 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 2
    • 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
    •  
  • 1321 Lurline Lane Tustin, CA 3
    • 4 beds 2 baths ∙ 1,407 Sqft ∙ Built 1960 4 beds 2 baths ∙ 1,407 Sqft ∙ Built 1960
    LEASED 11/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $2.13
    •  
  • 12801 Del Rey Drive North Tustin, CA 5
    • 3 beds 1 baths ∙ 1,665 Sqft ∙ Built 1959 3 beds 1 baths ∙ 1,665 Sqft ∙ Built 1959
    LEASED 09/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.92
    •  
PROPERTY LISTING DETAILS
Adam Lindholm
Century 21 Masters
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21024014
Last Updated: 02/04/2021
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