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1420 E Orange Grove Avenue Orange, CA 92867

3 Beds 2 Baths 1,408 sqft Built 1959

$749,900

List Price

$3,220

$3K - $3.5K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 1959
  • Price/Sqft : $532.60
  • 6 Days on Market
  • MLS # : IG20228263
  • Updated Date : 10/30/2020 at 05:08
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,408 sqft
  • Baths : 2 full
Listing Agent

Reliance Real Estate Services

Listing Agent's Description

This home is a dollhouse! Located in the heart of Orange - within 1 mile of Old Towne Orange and 1.2 miles from Chapman university - this is a great location and property! Walking up to the home you will love the tree lined streets and welcoming front door. Stepping into the home there is a dining room on the left (could be converted back to a 4th bedroom as well), and the kitchen is on the right with white cabinetry and granite countertops. There is a side door to be able to go outside which is very convenient. The great room is large with a wood burning (gas ignition) fireplace. The sliding glass door looks out to the spacious backyard complete with a covered patio. All flooring was replaced just a few months ago, and there is 2 toned paint throughout with upgraded base and case. There are 2 additional bedrooms with an upgraded bathroom. The master suite is large and spacious and has a large sliding glass door to be able to go and enjoy the lush green backyard. The master bathroom has also been upgraded and features a large walk in shower plus his and hers sinks. There is a large, detached 2 car garage plus an oversized driveway. The air conditioner was recently replaced.

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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

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
Cambridge Elementary School Primary Regular 525 19 2
Yorba Middle School Middle Regular 582 26 5
Orange High School High Regular 1,927 79 4

Cambridge Elementary School

  • Education Level: Primary
  • # of students: 525
  • # of teachers: 19
2
GreatSchools Rating

Yorba Middle School

  • Education Level: Middle
  • # of students: 582
  • # of teachers: 26
5
GreatSchools Rating

Orange High School

  • Education Level: High
  • # of students: 1,927
  • # of teachers: 79
4
GreatSchools Rating
 

$674,910$824,890$749,900

PURCHASE PRICE

$2,898$3,542$3,220

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,220
EXPENSES Loan Payment -$2,767
Property Tax -$734
Property Insurance -$60
Property Management Fees -$158
CASH FLOW
-$499

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.

$749,900

PROJECTED PRICE

$3,220

PROJECTED RENT

0.43%

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

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$204,474

INVESTMENT

$204,474

Down Payment
$187,475
Rehab Estimate
$5,750
Closing Costs
$11,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,767

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $187,475
Loan Amount $562,425
See What Happens When You Reinvest Cash Flow

2.67

YEARS SAVED

$19,475

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,220

    LIST RENT
  • $2.29

    LIST RENT PER SQFT
  • $3,295

    COMP ESTIMATED VALUE
  • $2.34

    COMP AVG. RENT PER SQFT
Comps Range
$3,200
1$3,2002$3,2203$3,4004$3,4755$3,500
$3,500
RENT COMPS ANALYSIS
  • 1420 E Orange Grove Avenue Orange, CA 2
    • 3 beds 2 baths ∙ 1,408 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,408 Sqft ∙ Built 1959
    • Rent
    • Rent Per SQFT
    •  
    • $3,220
    • $2.29
    •  
  • 801 N Waverly Street Orange, CA 1
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1957
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.13
    •  
  • 1316 E Orange Grove Avenue Orange, CA 3
    • 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1958
    LEASED 12/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.52
    •  
  • 1343 E Lomita Avenue Orange, CA 4
    • 4 beds 1 baths ∙ 1,452 Sqft ∙ Built 1956 4 beds 1 baths ∙ 1,452 Sqft ∙ Built 1956
    LEASED 01/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,475
    • $2.39
    •  
  • 924 E Rose Avenue Orange, CA 5
    • 4 beds 2 baths ∙ 1,508 Sqft ∙ Built 1952 4 beds 2 baths ∙ 1,508 Sqft ∙ Built 1952
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.32
    •  
PROPERTY LISTING DETAILS
Heather Stevenson
Reliance Real Estate Services
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20228263
Last Updated: 10/30/2020
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