Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

1518 Mitchell Avenue Tustin, CA 92780

3 Beds 2 Baths 1,496 sqft Built 1964

$546,900

List Price

$2,920

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
February 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1964
  • Price/Sqft : $365.57
  • 6 Days on Market
  • MLS # : TR21041059
  • Updated Date : 02/26/2021 at 22:04
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,496 sqft
  • Baths : 1 full , 1 half
Listing Agent

Homecoin.com

Listing Agent's Description

Don't let this opportunity pass you by. This is the largest model in the development, completely remodeled and turnkey. When viewing the photos, please don't miss the double pane energy efficient windows and doors, the two fireplaces, and don't miss the view from the Master bedroom balcony! All stainless steel Frigidaire Gallery collection Appliances in the kitchen with 42" shaker style cabinets. Engineered Water Resistant wood tiles throughout, all sitting within walking distance to Old Town Tustin, 3 min to 5 and 55 freeways.

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

Neighborhood: Tustin

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700kPrice in $243k745k

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

Neighborhood: Tustin

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q22000220024002600280030003200Rent in $18443366

* 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
W. R. Nelson Elementary School Primary Regular 643 22 4
Utt Middle School Middle Regular 945 34 5
Tustin High School High Regular 2,304 86 7

W. R. Nelson Elementary School

  • Education Level: Primary
  • # of students: 643
  • # of teachers: 22
4
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
 

$492,210$601,590$546,900

PURCHASE PRICE

$2,628$3,212$2,920

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,920
EXPENSES Loan Payment -$1,900
Property Tax -$583
Property Insurance -$63
HOA -$300
Property Management Fees -$143
CASH FLOW
-$69

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.

$546,900

PROJECTED PRICE

$2,920

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 6.3%
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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$150,679

INVESTMENT

$150,679

Down Payment
$136,725
Rehab Estimate
$5,750
Closing Costs
$8,204

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,900

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $136,725
Loan Amount $410,175
See What Happens When You Reinvest Cash Flow

5

YEARS SAVED

$28,449

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,920

    LIST RENT
  • $1.95

    LIST RENT PER SQFT
  • $3,127

    COMP ESTIMATED VALUE
  • $2.09

    COMP AVG. RENT PER SQFT
Comps Range
$2,900
1$2,9002$2,9203$2,9904$3,0005$3,350
$3,350
RENT COMPS ANALYSIS
  • 1518 Mitchell Avenue Tustin, CA 2
    • 3 beds 2 baths ∙ 1,496 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,496 Sqft ∙ Built 1964
    • Rent
    • Rent Per SQFT
    •  
    • $2,920
    • $1.95
    •  
  • 14451 Deerfield Avenue Tustin, CA 1
    • 3 beds 2 baths ∙ 1,414 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,414 Sqft ∙ Built 1971
    LEASED 05/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $2.05
    •  
  • 1467 Sycamore Avenue Tustin, CA 3
    • 4 beds 3 baths ∙ 1,357 Sqft ∙ Built 1964 4 beds 3 baths ∙ 1,357 Sqft ∙ Built 1964
    LEASED 01/03/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,990
    • $2.20
    •  
  • 14332 Hamlet Lane Tustin, CA 4
    • 3 beds 1 baths ∙ 1,514 Sqft ∙ Built 1968 3 beds 1 baths ∙ 1,514 Sqft ∙ Built 1968
    LEASED 12/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.98
    •  
  • 14441 Cherrywood Lane Tustin, CA 5
    • 4 beds 2 baths ∙ 1,576 Sqft ∙ Built 1973 4 beds 2 baths ∙ 1,576 Sqft ∙ Built 1973
    LEASED 01/09/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,350
    • $2.13
    •  
PROPERTY LISTING DETAILS
Jonathan Minerick
Homecoin.com
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: TR21041059
Last Updated: 02/26/2021
BESbswy