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1721 W 3rd Street #B Santa Ana, CA 92703

3 Beds 2 Baths 1,254 sqft Built 1983

$430,000

List Price

$2,680

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
December 02, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1983
  • Price/Sqft : $342.90
  • 6 Days on Market
  • MLS # : PW20249614
  • Updated Date : 12/01/2020 at 18:56
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,254 sqft
  • Baths : 2 full
Listing Agent

Era North Orange County

Listing Agent's Description

Absolutely stunning, ready to move in condo in the heart of Santa Ana. Close to shopping and schools. As you walk up to the home you will find a fantastic patio, perfect for barbecues or just hanging out. As you walk in to the home you will find the entire home has been remodeled. Downstairs you will find beautiful laminate wood flooring, a large and open family room, beautiful kitchen with new cabinets, farmhouse sink, granite counter tops, stainless steel appliances and so much more. There is 1 bedroom and full remodeled bathroom downstairs. As you move upstairs you will find beautiful tile floors throughout. There are 2 bedrooms upstairs which includes the spacious master bedroom. The upstairs bathroom has also been beautifully upgraded. There are also shutters and ceiling fans throughout the home. As you move to the back of the home, you will find another patio area which is attached to your assigned parking spot and 1 car garage. The garage has epoxy flooring and custom cabinets with tons of storage. The home had new electrical and plumbing installed throughout less than 2 years ago. AC was also added to the home. The sale of the home also includes the NEST system, RING doorbell, washer and dryer, refrigerator and brand new outdoor patio set. Low HOA which covers water, sewer and trash. HURRY, this one will go fast.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Artesia Pilar

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700kPrice in $188k742k

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

Neighborhood: Artesia Pilar

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2160018002000220024002600280030003200Rent in $14583345

* 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
George Washington Carver Elementary School Primary Regular 675 26 3
Spurgeon Intermediate School Middle Regular 992 41 1
Valley High School High Regular 2,263 94 4

George Washington Carver Elementary School

  • Education Level: Primary
  • # of students: 675
  • # of teachers: 26
3
GreatSchools Rating

Spurgeon Intermediate School

  • Education Level: Middle
  • # of students: 992
  • # of teachers: 41
1
GreatSchools Rating

Valley High School

  • Education Level: High
  • # of students: 2,263
  • # of teachers: 94
4
GreatSchools Rating
 

$387,000$473,000$430,000

PURCHASE PRICE

$2,412$2,948$2,680

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,680
EXPENSES Loan Payment -$1,587
Property Tax -$444
Property Insurance -$57
HOA -$280
Property Management Fees -$131
CASH FLOW
$181

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$430,000

PROJECTED PRICE

$2,680

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 5.5%
Maintenance Year (1-5) 8.00%
Vacancy 4.35%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$119,700

INVESTMENT

$119,700

Down Payment
$107,500
Rehab Estimate
$5,750
Closing Costs
$6,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,587

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $107,500
Loan Amount $322,500
See What Happens When You Reinvest Cash Flow

8.67

YEARS SAVED

$60,564

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,680

    LIST RENT
  • $2.14

    LIST RENT PER SQFT
  • $2,508

    COMP ESTIMATED VALUE
  • $2

    COMP AVG. RENT PER SQFT
Comps Range
$2,600
1$2,6002$2,6803$3,200
$3,200
RENT COMPS ANALYSIS
  • 1721 W 3rd Street Santa Ana, CA 2
    • 3 beds 2 baths ∙ 1,254 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,254 Sqft ∙ Built 1983
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,680
    • $2.14
    •  
  • 4018 W 5th Street Santa Ana, CA 1
    • 3 beds 3 baths ∙ 1,300 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,300 Sqft ∙ Built 1989
    property image
    LEASED 10/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $2.00
    •  
  • 932 W 18th Street Santa Ana, CA 3
    • 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1985
    property image
    LEASED 12/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.00
    •  
PROPERTY LISTING DETAILS
Steven Yakubovsky
Era North Orange County
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20249614
Last Updated: 12/01/2020
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