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

2146 E Locust Avenue Orange, CA 92867

4 Beds 1 Baths 1,615 sqft Built 1959

$714,900

List Price

$3,380

$3.1K - $3.6K

Rent Est.

PROPERTY INFO

December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1959
  • Price/Sqft : $442.66
  • 3 Days on Market
  • MLS # : PW20256251
  • Updated Date : 12/12/2020 at 13:07
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,615 sqft
  • Baths : 1 full
Listing Agent

Orange Realty, Inc.

Listing Agent's Description

SAME OWNER FOR 30 YEARS has kept this home CLEAN, NEAT and WELL MAINTAINED! It’s a blank slate for the new owner’s personal touches! And it’s a SINGLE STORY RANCH in the sought after PRESIDENTIAL STREET NEIGHBORHOOD! The nice floor plan includes a living room with a WOOD BURNING FIREPLACE and picture window, a SPACIOUS KITCHEN that’s open to the LARGE, SEPARATE FAMILY ROOM, a SUNNY ARIZONA ROOM (not included in square footage) that provides wonderful extended living space, and 4 good sized bedrooms. There’s also a SEPARATE INDOOR LAUNDRY ROOM and the main bathroom has DOUBLE SINKS. Upgrades include NEWER HEATING AND CENTRAL AIR CONDITIONING (with new ducts) and ALL WINDOWS ARE DOUBLE PANED. Handy Elementary is a close walk, and it’s in the attendance areas for CERRO VILLA ELEMENTARY and VILLA PARK HIGH SCHOOL!

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

Zip Code: 92867

ZipNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800kPrice in $243k813k

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

Zip Code: 92867

ZipNIR Market*CityMarket2010Year2000 Q22019 Q2200022002400260028003000320034003600Rent in $18443604

* 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
Handy Elementary School Primary Regular 562 25 6
Cerro Villa Middle School Middle Regular 1,028 40 6
Villa Park High School High Regular 2,475 89 8

Handy Elementary School

  • Education Level: Primary
  • # of students: 562
  • # of teachers: 25
6
GreatSchools Rating

Cerro Villa Middle School

  • Education Level: Middle
  • # of students: 1,028
  • # of teachers: 40
6
GreatSchools Rating

Villa Park High School

  • Education Level: High
  • # of students: 2,475
  • # of teachers: 89
8
GreatSchools Rating
 

$643,410$786,390$714,900

PURCHASE PRICE

$3,042$3,718$3,380

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,380
EXPENSES Loan Payment -$2,638
Property Tax -$700
Property Insurance -$65
Property Management Fees -$166
CASH FLOW
-$188

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.

$714,900

PROJECTED PRICE

$3,380

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 6.1%
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-$5.0k$0.0$5.0k$10k$15k$20k$25k$30k

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$195,199

INVESTMENT

$195,199

Down Payment
$178,725
Rehab Estimate
$5,750
Closing Costs
$10,724

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$2,638

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $178,725
Loan Amount $536,175
See What Happens When You Reinvest Cash Flow

4.92

YEARS SAVED

$42,557

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,380

    LIST RENT
  • $2.09

    LIST RENT PER SQFT
  • $3,355

    COMP ESTIMATED VALUE
  • $2.08

    COMP AVG. RENT PER SQFT
Comps Range
$3,200
1$3,2002$3,2953$3,2954$3,3805$3,600
$3,600
RENT COMPS ANALYSIS
  • 2146 E Locust Avenue Orange, CA 4
    • 4 beds 1 baths ∙ 1,615 Sqft ∙ Built 1959 4 beds 1 baths ∙ 1,615 Sqft ∙ Built 1959
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,380
    • $2.09
    •  
  • 783 N Elmwood Street Orange, CA 1
    • 3 beds 2 baths ∙ 1,517 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,517 Sqft ∙ Built 1964
    property image
    LEASED 03/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.11
    •  
  • 2429 E Jackson Avenue Orange, CA 2
    • 3 beds 2 baths ∙ 1,788 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,788 Sqft ∙ Built 1960
    property image
    LEASED 03/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,295
    • $1.84
    •  
  • 2308 E Hoover Avenue Orange, CA 3
    • 3 beds 1 baths ∙ 1,482 Sqft ∙ Built 1962 3 beds 1 baths ∙ 1,482 Sqft ∙ Built 1962
    property image
    LEASED 10/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,295
    • $2.22
    •  
  • 1050 N Wanda Road Orange, CA 5
    • 4 beds 2 baths ∙ 1,683 Sqft ∙ Built 1960 4 beds 2 baths ∙ 1,683 Sqft ∙ Built 1960
    property image
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $2.14
    •  
PROPERTY LISTING DETAILS
Daniel Slater
Orange Realty, Inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20256251
Last Updated: 12/12/2020
BESbswy