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1616 N Dressage Street Orange, CA 92869

3 Beds 3 Baths 1,877 sqft Built 1976

$799,000

List Price

$3,200

$3K - $3.5K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1976
  • Price/Sqft : $425.68
  • 12 Days on Market
  • MLS # : PW21003149
  • Updated Date : 01/14/2021 at 13:10
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,877 sqft
  • Baths : 2 full , 1 half
Listing Agent

Caliber Real Estate Group

Listing Agent's Description

This is More Than Just a Home, It's a Lifestyle. This Orange Park Acre Home features 3 bedrooms 2.5 bathrooms and is just under 1,900 sqft. Located in the gated equestrian community of Wilderness this East Orange home has stables, a riding arena and RV parking. As you walk into the home you are greeted by soaring ceilings in the living room that has a fireplace and recessed lighting. The formal dining room is off of the kitchen that has newer stainless steel appliances, updated cabinets and granite counters. The family room is open to the kitchen and has a slider to the back yard. Finishing out the downstairs is a half bath and direct access to the 2 car garage. Upstairs features a loft area with built-in, a master suite with vaulted ceilings and an updated bathroom. Down the hall are two additional bedrooms and a bathroom with granite counters. The previous owner took down a wall between two bedrooms making a larger room can easily be converted back into a 4 bedroom. Some other upgrades include a whole house fan, new garage door and motors, water softner, new ceiling fans and newer carpet upstairs. This home is ideally located within walking distance to Santiago Oaks Regional Park and just down the street from Irvine Regional Park.

SEE MORE

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: Orange Park Acres

NeighborhoodNIR Market*CityMarket2010Year20002019300k350k400k450k500k550k600k650k700k750k800k850k900kPrice in $260k922k

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

Neighborhood: Orange Park Acres

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q22000220024002600280030003200340036003800Rent in $18633900

* 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
Linda Vista Elementary School Primary Regular 483 19 7
Linda Vista Elementary School Middle Regular 483 19 7
El Modena High School High Regular 2,196 89 7

Linda Vista Elementary School

  • Education Level: Primary
  • # of students: 483
  • # of teachers: 19
7
GreatSchools Rating

Linda Vista Elementary School

  • Education Level: Middle
  • # of students: 483
  • # of teachers: 19
7
GreatSchools Rating

El Modena High School

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

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

PURCHASE PRICE

$2,880$3,520$3,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,200
EXPENSES Loan Payment -$2,775
Property Tax -$756
Property Insurance -$71
HOA -$380
Property Management Fees -$157
CASH FLOW
-$940

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

$3,200

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 4.5%
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-$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

0.33

YEARS SAVED

$589

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,200

    LIST RENT
  • $1.7

    LIST RENT PER SQFT
  • $3,271

    COMP ESTIMATED VALUE
  • $1.74

    COMP AVG. RENT PER SQFT
Comps Range
$3,000
1$3,0002$3,2003$3,2004$3,4005$3,600
$3,600
RENT COMPS ANALYSIS
  • 1616 N Dressage Street Orange, CA 3
    • 3 beds 3 baths ∙ 1,877 Sqft ∙ Built 1976 3 beds 3 baths ∙ 1,877 Sqft ∙ Built 1976
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.70
    •  
  • 6221 E Onyx Lane Anaheim Hills, CA 1
    • 3 beds 3 baths ∙ 1,793 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,793 Sqft ∙ Built 1986
    LEASED 09/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.67
    •  
  • 815 S Shanada Court Anaheim Hills, CA 2
    • 3 beds 3 baths ∙ 1,865 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,865 Sqft ∙ Built 1990
    LEASED 09/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.72
    •  
  • 824 S Shanada Court Anaheim Hills, CA 4
    • 4 beds 3 baths ∙ 1,947 Sqft ∙ Built 1990 4 beds 3 baths ∙ 1,947 Sqft ∙ Built 1990
    LEASED 12/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $1.75
    •  
  • 6031 E Hummingbird Court Orange, CA 5
    • 4 beds 3 baths ∙ 1,966 Sqft ∙ Built 1996 4 beds 3 baths ∙ 1,966 Sqft ∙ Built 1996
    LEASED 07/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $1.83
    •  
PROPERTY LISTING DETAILS
Charisse Okamoto
Caliber Real Estate Group
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21003149
Last Updated: 01/14/2021
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