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2310 E Joana Drive #1 Santa Ana, CA 92705

3 Beds 2 Baths 1,145 sqft Built 1971

$459,000

List Price

$2,130

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

November 25, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1971
  • Price/Sqft : $400.87
  • 5 Days on Market
  • MLS # : PW20246460
  • Updated Date : 11/25/2020 at 10:07
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,145 sqft
  • Baths : 2 full
Listing Agent

Tdn Mortgage & Property

Listing Agent's Description

Outstanding opportunity for a first time buyer or investors looking for a cash-flowing property with plenty of upside. Single-story 3 bedroom 2 bathroom condo that lives like a single family residence. Located in a prime location on a quiet, tree-lined street on the border of Santa Ana, Tustin, and Orange. Walkable to markets, restaurants, stores, and belongs to the Orange Unified School District. This condo has been upgraded with granite counter tops, new interior paint, tile flooring, and a fireplace in the large living room. Enjoy the open floor plan, sparkling community pool, spacious indoor and outdoor living areas with the added benefit of dedicated parking in the garage, assigned carport, or additional rear spaces. Property is in excellent condition and is move-in-ready. For the investors out there, this property is located in a high-rent demand area with the current stable tenant in the property for over 7 years. Please DO NOT disturb tenants, showings will be Saturday and Sunday from 1-3pm.

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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)
  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Cabrillo Park

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700kPrice in $205k742k

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

Neighborhood: Cabrillo Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2160018002000220024002600280030003200Rent in $15943345

* 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
La Veta Elementary School Primary Regular 846 28 5
La Veta Elementary School Middle Regular 846 28 5
El Modena High School High Regular 2,196 89 7

La Veta Elementary School

  • Education Level: Primary
  • # of students: 846
  • # of teachers: 28
5
GreatSchools Rating

La Veta Elementary School

  • Education Level: Middle
  • # of students: 846
  • # of teachers: 28
5
GreatSchools Rating

El Modena High School

  • Education Level: High
  • # of students: 2,196
  • # of teachers: 89
7
GreatSchools Rating
 

$413,100$504,900$459,000

PURCHASE PRICE

$1,917$2,343$2,130

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,130
EXPENSES Loan Payment -$1,694
Property Tax -$510
Property Insurance -$55
HOA -$337
Property Management Fees -$104
CASH FLOW
-$570

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$459,000

PROJECTED PRICE

$2,130

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 8.5%
Maintenance Year (1-5) 8.00%
Vacancy 4.35%
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-$10k-$5.0k$0.0$5.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$127,385

INVESTMENT

$127,385

Down Payment
$114,750
Rehab Estimate
$5,750
Closing Costs
$6,885

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,694

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $114,750
Loan Amount $344,250
See What Happens When You Reinvest Cash Flow

0.5

YEARS SAVED

$986

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,130

    LIST RENT
  • $1.86

    LIST RENT PER SQFT
  • $2,130

    COMP ESTIMATED VALUE
  • $1.86

    COMP AVG. RENT PER SQFT
Comps Range
$2,130
1$2,1302$2,2503$2,4504$2,850
$2,850
RENT COMPS ANALYSIS
  • 2310 E Joana Drive Santa Ana, CA 1
    • 3 beds 2 baths ∙ 1,145 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,145 Sqft ∙ Built 1971
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,130
    • $1.86
    •  
  • 2030 E Santa Clara Avenue Santa Ana, CA 2
    • 3 beds 2 baths ∙ 1,285 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,285 Sqft ∙ Built 1963
    property image
    LEASED 12/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.75
    •  
  • 924 Dayna Street Santa Ana, CA 3
    • 3 beds 2 baths ∙ 1,313 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,313 Sqft ∙ Built 1958
    property image
    LEASED 07/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.87
    •  
  • 17472 Via Lindo Tustin, CA 4
    • 3 beds 3 baths ∙ 1,452 Sqft ∙ Built 1972 3 beds 3 baths ∙ 1,452 Sqft ∙ Built 1972
    property image
    LEASED 08/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $1.96
    •  
PROPERTY LISTING DETAILS
Thanh Nguyen
Tdn Mortgage & Property
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20246460
Last Updated: 11/25/2020
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