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

166 Iris Lane Brea, CA 92821

3 Beds 3 Baths 1,407 sqft Built 1996

$760,000

List Price

$2,760

$2.5K - $3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $540.16
  • 5 Days on Market
  • MLS # : OC21044908
  • Updated Date : 03/06/2021 at 14:38
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,407 sqft
  • Baths : 2 full , 1 half
Listing Agent

First Team Real Estate

Listing Agent's Description

Photos coming Friday! Exterior and Interior Charm, this gorgeous turnkey home in the highly sought after Ash Street Cottages community near the Brea Promenade and Brea Trail is upgraded throughout! Located in a cul-de-sac location in the community, this home features an upgraded kitchen with soft-close drawers, granite countertops, tile backsplash, newly refaced kitchen cabinets, and an under the sink “instant hot water” dispenser system! With designer interior paint, custom fabric wallpaper, plantation shutters, custom window treatments, recessed lighting, gas fireplace, dual-pane windows, Central A/C w/smart ecobee thermostat, designer lighting, upstairs laundry, and beautiful rich dark wood laminate flooring! The Master BR has a walk-in closet and the Master BA has a huge glass-enclosed shower with designer tile. All the bedroom closets and the kitchen pantry are upgraded with custom closet systems. With two access points to the backyard, one from the kitchen opening up to a covered patio with 2 ceiling fans, and the other from the dining room opening up to a lovely seated area with outdoor gas fireplace and tranquil fountain, you are sure to enjoy! The 2-car garage has tons of built-in storage cabinets. Complete with ring doorbell, automatic sprinkler/drip system, recently refreshed backyard landscaping with irrigation, automatic outdoor ambiance lighting and your own lemon trees, this home is picture perfect and move-in ready! This home is pure “Pride of Ownership”!

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

Zip Code: 92821

ZipNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700kPrice in $243k742k

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

Zip Code: 92821

ZipNIR Market*CityMarket2010Year2000 Q22019 Q22000220024002600280030003200Rent in $18443345

* 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
Brea Junior High School Middle Regular 891 32 8
Brea-olinda High School High Regular 1,895 68 9

Brea Junior High School

  • Education Level: Middle
  • # of students: 891
  • # of teachers: 32
8
GreatSchools Rating

Brea-olinda High School

  • Education Level: High
  • # of students: 1,895
  • # of teachers: 68
9
GreatSchools Rating
 

$684,000$836,000$760,000

PURCHASE PRICE

$2,484$3,036$2,760

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,760
EXPENSES Loan Payment -$2,640
Property Tax -$780
Property Insurance -$61
HOA -$124
Property Management Fees -$135
CASH FLOW
-$980

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.

$760,000

PROJECTED PRICE

$2,760

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 4.7%
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-$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$207,150

INVESTMENT

$207,150

Down Payment
$190,000
Rehab Estimate
$5,750
Closing Costs
$11,400

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,640

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $190,000
Loan Amount $570,000
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$346

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,760

    LIST RENT
  • $1.96

    LIST RENT PER SQFT
  • $2,751

    COMP ESTIMATED VALUE
  • $1.96

    COMP AVG. RENT PER SQFT
Comps Range
$2,760
1$2,7602$2,9003$3,1754$3,2005$3,300
$3,300
RENT COMPS ANALYSIS
  • 166 Iris Lane Brea, CA 1
    • 3 beds 3 baths ∙ 1,407 Sqft ∙ Built 1996 3 beds 3 baths ∙ 1,407 Sqft ∙ Built 1996
    • Rent
    • Rent Per SQFT
    •  
    • $2,760
    • $1.96
    •  
  • 251 Longbranch Circle Brea, CA 2
    • 3 beds 2 baths ∙ 1,562 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,562 Sqft ∙ Built 1976
    LEASED 09/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.86
    •  
  • 270 Creekwood Court Brea, CA 3
    • 3 beds 1 baths ∙ 1,577 Sqft ∙ Built 1980 3 beds 1 baths ∙ 1,577 Sqft ∙ Built 1980
    LEASED 06/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,175
    • $2.01
    •  
  • 116 Honeysuckle Lane Brea, CA 4
    • 3 beds 3 baths ∙ 1,691 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,691 Sqft ∙ Built 1997
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.89
    •  
  • 544 S Brea Boulevard Brea, CA 5
    • 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 2008
    LEASED 01/11/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.06
    •  
PROPERTY LISTING DETAILS
Dena Calabro
First Team Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21044908
Last Updated: 03/06/2021
BESbswy