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PROPERTY INFO
FACTS
- Single Family
- Built In 1956
- Price/Sqft : $615.87
- 4 Days on Market
- MLS # : OC21033777
- Updated Date : 02/20/2021 at 05:12
CONSTRUCTION
- Beds : 3
- Floor Size : 1,380 sqft
- Baths : 2 full
Listing Agent
Realty One Group West
Listing Agent's Description
IMPRESSIVE SINGLE LEVEL MID-CENTURY MODERN LIVING, SITUATED IN THE SOUGHT-AFTER NEIGHBORHOOD OF THE "TUSTIN FLATS!" Welcomes you to 18171 Lucero Way, in Tustin! A rarity at best, this mid-century charmer is located within the North Tustin area & are renowned for their expansive lot spaces, & high academic assign schools. Period built in 1956, this home has been completely transformed & remodeled to meet the demands of today's home buyers! Open concept gourmet kitchen comes fully equipped w/top tier appliances, solid surface counters, premium cabinets, a dedicated walk-in pantry room w/inside laundry, & a center island w/breakfast bar seating makes perfect for those large family gatherings. Adjacent living areas would comprise of the main family room & a dedicated formal dining with no interior steps, both separated by a stacked stoned wood burning fireplace. Custom in-ceiling speakers, recessed lighting, & ethernet re-wire throughout. Down the hall would be 3 generous sized bedrooms & includes a true master. Both bathrooms were remodeled w/premium fixtures & finishes! NEW roof, NEW tankless water heater, NEW soft-water/filter system, Full PEX re-pipe, HVAC relocation w/NEW air ducts! Enjoy & let your imagination run free w/your 10,117 s/f lot space & expansive front & rear yard! Dwelling expansion?, ADU?, Pool? or, simply appreciate your open space! The possibilities are endless. The value merits of this home opportunity are well supported, so hurry, this home will not last!
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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: East Tustin
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: East Tustin
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $2,870 |
| EXPENSES | Loan Payment | -$2,952 |
| Property Tax | -$828 | |
| Property Insurance | -$60 | |
| Property Management Fees | -$141 | |
|
CASH FLOW
-$1,111
|
||
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.
$849,900
PROJECTED PRICE
$2,870
PROJECTED RENT
0.34%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 4.08% |
| Appreciation Year (1-5) | 4.3% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.81% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$230,974
LOAN DETAILS
$2,952
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $212,475 |
| Loan Amount | $637,425 |
0.25
YEARS SAVED
$293
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,870
LIST RENT -
$2.08
LIST RENT PER SQFT
-
$2,857
COMP ESTIMATED VALUE -
$2.07
COMP AVG. RENT PER SQFT
Comps Range
-
18171 Lucero Way Tustin, CA 4
- 3 beds 2 baths ∙ 1,380 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,380 Sqft ∙ Built 1956
- Rent
- Rent Per SQFT
- $2,870
- $2.08
-
457 E 1st Street Tustin, CA 1
- 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 1964
LEASED 02/28/20- Rent
- Rent Per SQFT
- $2,600
- $1.97
-
1143 E 1st Street Tustin, CA 2
- 3 beds 2 baths ∙ 1,303 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,303 Sqft ∙ Built 1963
LEASED 09/22/20- Rent
- Rent Per SQFT
- $2,600
- $2.00
-
12700 Newport Avenue Tustin, CA 3
- 3 beds 2 baths ∙ 1,336 Sqft ∙ Built 1969 3 beds 2 baths ∙ 1,336 Sqft ∙ Built 1969
LEASED 08/24/20- Rent
- Rent Per SQFT
- $2,700
- $2.02
-
17872 Theodora Drive Tustin, CA 5
- 3 beds 1 baths ∙ 1,398 Sqft ∙ Built 1956 3 beds 1 baths ∙ 1,398 Sqft ∙ Built 1956
LEASED 01/08/21- Rent
- Rent Per SQFT
- $3,200
- $2.29
PROPERTY LISTING DETAILS
Realty One Group West
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: OC21033777
Last Updated: 02/20/2021
