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2229 N Lyon Street Santa Ana, CA 92705

4 Beds 1 Baths 1,583 sqft Built 1966

$815,000

List Price

$3,050

$2.8K - $3.3K

Rent Est.

PROPERTY INFO

February 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1966
  • Price/Sqft : $514.85
  • 8 Days on Market
  • MLS # : PW21021119
  • Updated Date : 02/08/2021 at 09:51
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,583 sqft
  • Baths : 1 full
Listing Agent

Seven Gables Real Estate

Listing Agent's Description

Welcome home to 2229 N. Lyon Street! Centrally located in Orange County and within the award-winning Tustin Unified School District. The owners have meticulously brought this house from its original condition to something special and ideal for anyone to enjoy. From the custom succulent garden which decorates the front yard, to the stylish covered back patio, this home is a gem. Upon entry, you are greeted by an open floor plan that showcases new flooring, baseboards and energy efficient double pane windows throughout. Make memorable meals in the remodeled kitchen which features a farmhouse style sink, subway tile, and custom lighting. The open concept flows from the sizable dining area into the living room creating the ultimate gathering place. The main hallway leads to the 4 bedrooms, a full bath, and coat closet. The spacious primary bedroom also includes a remodeled bath with a walk-in shower. A sliding glass door off the living room provides direct access to the backyard, making it convenient for hosting. The house boasts all new, paid off solar panels that were installed by Edison as well as an updated HVAC and all outlets have been upgraded. Additional upgrades include new siding and trim, backyard landscaping, a custom-built patio cover, as well as outdoor lighting and electrical. Prime location, with easy access to major freeways, great schools, dining, and shopping. Award- winning Tustin Schools Loma Vista, Hewes and Foothill High School.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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.

PRICE & RENT TRENDS

Neighborhood: Portola Park

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700kPrice in $205k742k

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

Neighborhood: Portola Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q218002000220024002600280030003200Rent in $16013345

* 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
Loma Vista Elementary School Primary Regular 540 19 5
Hewes Middle School Middle Regular 958 32 8
Foothill High School High Regular 2,526 94 9

Loma Vista Elementary School

  • Education Level: Primary
  • # of students: 540
  • # of teachers: 19
5
GreatSchools Rating

Hewes Middle School

  • Education Level: Middle
  • # of students: 958
  • # of teachers: 32
8
GreatSchools Rating

Foothill High School

  • Education Level: High
  • # of students: 2,526
  • # of teachers: 94
9
GreatSchools Rating
 

$733,500$896,500$815,000

PURCHASE PRICE

$2,745$3,355$3,050

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,050
EXPENSES Loan Payment -$2,831
Property Tax -$873
Property Insurance -$65
Property Management Fees -$149
CASH FLOW
-$868

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.

$815,000

PROJECTED PRICE

$3,050

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 5.7%
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-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$221,725

INVESTMENT

$221,725

Down Payment
$203,750
Rehab Estimate
$5,750
Closing Costs
$12,225

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,831

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $203,750
Loan Amount $611,250
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$2,523

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,050

    LIST RENT
  • $1.93

    LIST RENT PER SQFT
  • $3,051

    COMP ESTIMATED VALUE
  • $1.93

    COMP AVG. RENT PER SQFT
Comps Range
$2,900
1$2,9002$2,9503$3,0504$3,4005$3,400
$3,400
RENT COMPS ANALYSIS
  • 2229 N Lyon Street Santa Ana, CA 3
    • 4 beds 1 baths ∙ 1,583 Sqft ∙ Built 1966 4 beds 1 baths ∙ 1,583 Sqft ∙ Built 1966
    • Rent
    • Rent Per SQFT
    •  
    • $3,050
    • $1.93
    •  
  • 1630 E Fruit Street Santa Ana, CA 1
    • 3 beds 2 baths ∙ 1,521 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,521 Sqft ∙ Built 1977
    LEASED 08/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.91
    •  
  • 809 Grovemont Street Santa Ana, CA 2
    • 3 beds 2 baths ∙ 1,597 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,597 Sqft ∙ Built 1952
    LEASED 10/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.85
    •  
  • 2425 N Linwood Avenue Santa Ana, CA 4
    • 4 beds 2 baths ∙ 1,752 Sqft ∙ Built 1972 4 beds 2 baths ∙ 1,752 Sqft ∙ Built 1972
    LEASED 07/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $1.94
    •  
  • 2218 N Linwood Avenue Santa Ana, CA 5
    • 4 beds 2 baths ∙ 1,694 Sqft ∙ Built 1967 4 beds 2 baths ∙ 1,694 Sqft ∙ Built 1967
    LEASED 10/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.01
    •  
PROPERTY LISTING DETAILS
Jason Isley
Seven Gables Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21021119
Last Updated: 02/08/2021
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