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1881 Mitchell Ave #81 Tustin, CA 92780

3 Beds 1 Baths 1,150 sqft Built 1963

$455,000

List Price

$2,490

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

January 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1963
  • Price/Sqft : $395.65
  • 6 Days on Market
  • MLS # : IG21010259
  • Updated Date : 01/20/2021 at 13:58
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,150 sqft
  • Baths : 1 full
Listing Agent

Century 21 Garland

Listing Agent's Description

WELCOME HOME to single level condo in Tustin Park Villas. Condo features 3 bedrooms and 2 bathrooms with covered patio. Interior are tiles throughout ; double pane windows and sliding door. Kitchen has black granite counter top and backsplash paired with white color cabinet . Unit has gas stove and washer/dryer hookup. Newly installed AC and Heating. HOA provides pool, clubhouse, gate, patrol unit, community laundry AND pays for water, hot water and trash. The three bedroom rarely hits the market in this community! Conveniently located near freeway, school, shopping centers (less than 3 miles away from Tustin Market Place).

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 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)
  • 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)

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
 

$409,500$500,500$455,000

PURCHASE PRICE

$2,241$2,739$2,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,490
EXPENSES Loan Payment -$1,580
Property Tax -$483
Property Insurance -$55
HOA -$480
Property Management Fees -$122
CASH FLOW
-$230

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.

$455,000

PROJECTED PRICE

$2,490

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 6.3%
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$200k$400k$600k$800k$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

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

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$126,325

INVESTMENT

$126,325

Down Payment
$113,750
Rehab Estimate
$5,750
Closing Costs
$6,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,580

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $113,750
Loan Amount $341,250
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$9,247

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,490

    LIST RENT
  • $2.17

    LIST RENT PER SQFT
  • $2,510

    COMP ESTIMATED VALUE
  • $2.18

    COMP AVG. RENT PER SQFT
Comps Range
$2,350
1$2,3502$2,4903$2,6004$2,6005$2,750
$2,750
RENT COMPS ANALYSIS
  • 1881 Mitchell Ave Tustin, CA 2
    • 3 beds 1 baths ∙ 1,150 Sqft ∙ Built 1963 3 beds 1 baths ∙ 1,150 Sqft ∙ Built 1963
    • Rent
    • Rent Per SQFT
    •  
    • $2,490
    • $2.17
    •  
  • 2245 Clover Drive Tustin, CA 1
    • 3 beds 2 baths ∙ 1,168 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,168 Sqft ∙ Built 1975
    LEASED 12/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $2.01
    •  
  • 1881 Mitchell Avenue Tustin, CA 3
    • 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, CA 4
    • 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, CA 5
    • 3 beds 3 baths ∙ 1,232 Sqft ∙ Built 1964 3 beds 3 baths ∙ 1,232 Sqft ∙ Built 1964
    LEASED 12/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $2.23
    •  
PROPERTY LISTING DETAILS
Anita Effendi Iswanto
Century 21 Garland
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG21010259
Last Updated: 01/20/2021
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