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2402 N Grand Avenue Santa Ana, CA 92705

3 Beds 1 Baths 2,332 sqft Built 1957

$995,000

List Price

$3,380

$3.1K - $3.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1957
  • Price/Sqft : $426.67
  • 4 Days on Market
  • MLS # : CV21031709
  • Updated Date : 02/18/2021 at 15:44
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,332 sqft
  • Baths : 1 full
Listing Agent

Wheeler Steffen Sotheby's Int.

Listing Agent's Description

Extraordinary opportunity... first time on the market! Own a piece of Orange County History and your very own orange groves.One of a kind custom built home has been meticulously cared for over the years. Comfortable and spacious layout offers a formal living room and a  separate family /dining room that is enhanced with a brick faced fireplace. The kitchen is the heart of the home with original tile countertops, breakfast bar, double ovens, plenty of cabinets and storage areas. There are three generous sized bedrooms and two baths, plus an interior laundry room. There is a basement area that offers additional storage area and access to the heater unit. An open floor plan plus a light filled interior, make this home perfect for entertaining family and friends. Step out to the patio area and continue on to a  private yard boasting mature pine trees and a variety of fruit trees. If you have additional cars, trucks or RV vehicles, you will appreciate the three car garage, storage room with workshop, plus an additional artist / music studio. Two separate driveways provide ample parking for all your toys! Large lot offers plenty of space for Accessory Dwelling Unit.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
Fairhaven Elementary School Primary Regular 587 25 3
Fairhaven Elementary School Middle Regular 587 25 3
Orange High School High Regular 1,927 79 4

Fairhaven Elementary School

  • Education Level: Primary
  • # of students: 587
  • # of teachers: 25
3
GreatSchools Rating

Fairhaven Elementary School

  • Education Level: Middle
  • # of students: 587
  • # of teachers: 25
3
GreatSchools Rating

Orange High School

  • Education Level: High
  • # of students: 1,927
  • # of teachers: 79
4
GreatSchools Rating
 

$895,500$1,094,500$995,000

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 -$3,456
Property Tax -$983
Property Insurance -$83
Property Management Fees -$166
CASH FLOW
-$1,308

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.

$995,000

PROJECTED PRICE

$3,380

PROJECTED RENT

0.34%

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$500k$1.0M$1.5M$2.0M$2.5M$3.0M

PROJECTED ANNUAL CASH FLOW

11530-$20k-$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$2.5M$3.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$269,425

INVESTMENT

$269,425

Down Payment
$248,750
Rehab Estimate
$5,750
Closing Costs
$14,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,456

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $248,750
Loan Amount $746,250
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$822

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
  • $1.45

    LIST RENT PER SQFT
  • $3,527

    COMP ESTIMATED VALUE
  • $1.51

    COMP AVG. RENT PER SQFT
Comps Range
$2,900
1$2,9002$3,2003$3,2954$3,3005$3,380
$3,380
RENT COMPS ANALYSIS
  • 2402 N Grand Avenue Santa Ana, CA 5
    • 3 beds 1 baths ∙ 2,332 Sqft ∙ Built 1957 3 beds 1 baths ∙ 2,332 Sqft ∙ Built 1957
    • Rent
    • Rent Per SQFT
    •  
    • $3,380
    • $1.45
    •  
  • 2210 N Linwood Avenue Santa Ana, CA 1
    • 3 beds 2 baths ∙ 1,988 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,988 Sqft ∙ Built 1965
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.46
    •  
  • 1210 Joana Drive Santa Ana, CA 2
    • 4 beds 2 baths ∙ 2,008 Sqft ∙ Built 1968 4 beds 2 baths ∙ 2,008 Sqft ∙ Built 1968
    LEASED 08/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.59
    •  
  • 2110 Millwood Street Santa Ana, CA 3
    • 3 beds 3 baths ∙ 2,228 Sqft ∙ Built 1966 3 beds 3 baths ∙ 2,228 Sqft ∙ Built 1966
    LEASED 11/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,295
    • $1.48
    •  
  • 2025 Deodar Street Santa Ana, CA 4
    • 4 beds 2 baths ∙ 2,178 Sqft ∙ Built 1963 4 beds 2 baths ∙ 2,178 Sqft ∙ Built 1963
    LEASED 06/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $1.52
    •  
PROPERTY LISTING DETAILS
Jeannette Ewing
Wheeler Steffen Sotheby's Int.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV21031709
Last Updated: 02/18/2021
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