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1777 Mitchell Avenue # 98 Tustin, CA 92780

4 Beds 3 Baths 1,296 sqft Built 1964

INVESTimate

$540,000

List Price

$2,680

$2,430 - $2,930

Rent Est.

$574,020  ( +6.30%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1964
  • Price/Sqft : $416.67
  • 7 Days on Market
  • MLS # : IV20168427
  • Updated Date : 08/20/2020 at 20:32
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,296 sqft
  • Baths : 2 full , 1 half
Listing Agent

Monaco Realty

Listing Agent's Description

Lovely 4 bedroom, 2 1/2 bath town home. Ample living room which includes a nook with room for a desk. Large kitchen with granite counter tops and room for a center island. Wood laminate flooring throughout. All 4 bedrooms upstairs with good sized master and adjacent master bath. Inside laundry located in kitchen. Large eating area in kitchen. Sliding glass door to back yard. Good sized back yard with patio cover. Single car garage with one parking spot. Association amenities include, 2 pools, basketball court, tether ball court, play yard and club house.

SEE MORE

MARKET HIGHLIGHTS

  • 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 area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 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)
  • As part of Southern California area, Orange County market inherits all the benefits from the area.
  • 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)

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
 

$486,000$594,000$540,000

PURCHASE PRICE

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

RENT

DOWN PAYMENT
FINANCING

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

PROJECTED ANNUAL CASH FLOW

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

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,680
EXPENSES Loan Payment -$1,992
Property Tax -$576
Property Insurance -$58
HOA -$295
Property Management Fees -$131
CASH FLOW
-$373

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.

$540,000

PROJECTED PRICE

$2,680

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 6.30%
Maintenance Year (1-5) 8.00%
Vacancy 5.38%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$148,850

INVESTMENT

$148,850

Down Payment
$135,000
Rehab Estimate
$5,750
Closing Costs
$8,100

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,992

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $135,000
Loan Amount $405,000
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$10,814

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
  • $2.07

    LIST RENT PER SQFT
  • $2,829

    COMP ESTIMATED VALUE
  • $2.18

    COMP AVG. RENT PER SQFT
Comps Range
$2,600
1$2,6002$2,6003$2,6804$2,7005$2,900
$2,900
RENT COMPS ANALYSIS
  • 1777 Mitchell Avenue Tustin, 3
    • 4 beds 3 baths ∙ 1,296 Sqft ∙ Built 1964 4 beds 3 baths ∙ 1,296 Sqft ∙ Built 1964
    • Rent
    • Rent Per SQFT
    •  
    • $2,680
    • $2.07
    •  
  • 1881 Mitchell Avenue Tustin, 1
    • 3 beds 2 baths ∙ 1,150 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,150 Sqft ∙ Built 1963
    LEASED 07/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $2.26
    •  
  • 2232 Barberry Road Tustin, 2
    • 3 beds 2 baths ∙ 1,168 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,168 Sqft ∙ Built 1975
    LEASED 05/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $2.23
    •  
  • 14667 Red Hill Avenue Tustin, 4
    • 3 beds 3 baths ∙ 1,232 Sqft ∙ Built 1964 3 beds 3 baths ∙ 1,232 Sqft ∙ Built 1964
    LEASED 09/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $2.19
    •  
  • 14451 Deerfield Avenue Tustin, 5
    • 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
    •  
PROPERTY LISTING DETAILS
Norma Torres
Monaco Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20168427
Last Updated: 08/20/2020
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