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

2224 Old Creek Lane Fullerton, CA 92831

3 Beds 2 Baths 1,601 sqft Built 1972

INVESTimate

$772,000

List Price

$2,880

$2,630 - $3,130

Rent Est.

$818,397  ( +6.01%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 1972
  • Price/Sqft : $482.20
  • 8 Days on Market
  • MLS # : OC20168345
  • Updated Date : 08/19/2020 at 11:19
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,601 sqft
  • Baths : 2 full
Listing Agent

Fiduciary Real Estate Services

Listing Agent's Description

Upgraded, updated, upscale! This perfectly remodeled swimming-pool home with lovely curb appeal is located in a quiet neighborhood close to Cal State Fullerton, the outstanding Acacia Elementary and Troy High Schools, scenic Acacia Park, a swim club, and Fullerton Arboretum! The open living area boasts a vaulted ceiling, elegant fireplace, and wooden floors that continue through the home. The kitchen is open to the breakfast nook and formal dining room and features stylish countertops, subway tile backsplash, white cabinets, and stainless-steel appliances. Sleek, modern sliding glass doors lead out to the large, covered patio with its herringbone-pattern brick floor. The refreshing swimming pool sits like a jewel surrounded by a privacy hedge, and the firepit invites friends and family to gather and relax. The backyard even offers a grassy area, perfect for children and pets. Custom tile, upgraded countertops, white cabinets and updated fixtures grace the chic spa-like bathrooms. A built-in makeup table in the master bathroom is a fun and functional addition. There’s plenty of room for cars, storage, and tinkering in the three-car garage.

SEE MORE

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)
  • 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 area contributes to 55.3% of California state economy i.e. Gross State Product (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)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)
  • As part of Southern California area, Orange County market inherits all the benefits from the area.

PRICE & RENT TRENDS

Zip Code: 92831

ZipNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700kPrice in $243k742k

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

Zip Code: 92831

ZipNIR Market*CityMarket2010Year2000 Q22019 Q218002000220024002600280030003200Rent in $16253345

* 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
Acacia Elementary School Primary Regular 723 22 10
Acacia Elementary School Middle Regular 723 22 10
Troy High School High Magnet 2,764 102 10

Acacia Elementary School

  • Education Level: Primary
  • # of students: 723
  • # of teachers: 22
10
GreatSchools Rating

Acacia Elementary School

  • Education Level: Middle
  • # of students: 723
  • # of teachers: 22
10
GreatSchools Rating

Troy High School

  • Education Level: High
  • # of students: 2,764
  • # of teachers: 102
10
GreatSchools Rating
 

$694,800$849,200$772,000

PURCHASE PRICE

$2,592$3,168$2,880

RENT

DOWN PAYMENT
FINANCING

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,880
EXPENSES Loan Payment -$2,848
Property Tax -$746
Property Insurance -$66
Property Management Fees -$141
CASH FLOW
-$922

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.

$772,000

PROJECTED PRICE

$2,880

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 6.01%
Maintenance Year (1-5) 8.00%
Vacancy 5.38%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$210,330

INVESTMENT

$210,330

Down Payment
$193,000
Rehab Estimate
$5,750
Closing Costs
$11,580

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,848

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $193,000
Loan Amount $579,000
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$2,279

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,880

    LIST RENT
  • $1.8

    LIST RENT PER SQFT
  • $2,910

    COMP ESTIMATED VALUE
  • $1.82

    COMP AVG. RENT PER SQFT
Comps Range
$2,880
1$2,8802$2,9503$2,9804$3,0005$3,165
$3,165
RENT COMPS ANALYSIS
  • 2224 Old Creek Lane Fullerton, 1
    • 3 beds 2 baths ∙ 1,601 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,601 Sqft ∙ Built 1972
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,880
    • $1.80
    •  
  • 1501 Victoria Way Placentia, 2
    • 3 beds 2 baths ∙ 1,565 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,565 Sqft ∙ Built 1978
    property image
    LEASED 08/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.88
    •  
  • 1007 Maertin Lane Fullerton, 3
    • 3 beds 2 baths ∙ 1,650 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,650 Sqft ∙ Built 1955
    property image
    LEASED 11/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,980
    • $1.81
    •  
  • 2935 Wellesley Court Fullerton, 4
    • 3 beds 3 baths ∙ 1,652 Sqft ∙ Built 1974 3 beds 3 baths ∙ 1,652 Sqft ∙ Built 1974
    property image
    LEASED 02/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.82
    •  
  • 2489 E Commonwealth Avenue Fullerton, 5
    • 4 beds 2 baths ∙ 1,795 Sqft ∙ Built 1954 4 beds 2 baths ∙ 1,795 Sqft ∙ Built 1954
    property image
    LEASED 07/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,165
    • $1.76
    •  
PROPERTY LISTING DETAILS
Ruben Martinez
Fiduciary Real Estate Services
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20168345
Last Updated: 08/19/2020
BESbswy