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2415 N Spurgeon Street Santa Ana, CA 92706

3 Beds 1 Baths 1,317 sqft Built 1930

$649,943

List Price

$2,790

$2.5K - $3K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1930
  • Price/Sqft : $493.50
  • 9 Days on Market
  • MLS # : PW20225890
  • Updated Date : 11/02/2020 at 09:55
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,317 sqft
  • Baths : 1 full
Listing Agent

Berkshire Hathaway H.s.c.p.

Listing Agent's Description

Nestled on a tree-lined street in the Park Santiago neighborhood is this charming 1930 Spanish style home. As you enter the home, you'll pass a lush front lawn and enter through a lovely courtyard. The first room you will view is the living room with a barrel ceiling and original fireplace. Throughout the home you will find mostly original features that include hardwood flooring, decorative tile, arches, niches, and period built-ins. The large bathroom boasts original tile on the walls as well as a separate shower and tub. The roof was redone about 3 years ago. Central air conditioning was also installed. In the spacious backyard you will find a 4+ car tandem garage (owner expanded) plus an addition to the garage. The lot is oversized and private with lots of potential. This classic 1930 home is now on the market for the first time in 80 years. Who will be the next fortunate owner of this period gem? Welcome to Park Santiago! https://vimeo.com/474051548/709b5bc759

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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: Park Santiago

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700kPrice in $205k742k

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

Neighborhood: Park Santiago

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
Herbert Hoover Elementary School Primary Regular 437 17 4
Raymond A. Villa Fundamental Intermediate School Middle Regular 1,348 46 3
Santa Ana High School High Regular 2,741 110 3

Herbert Hoover Elementary School

  • Education Level: Primary
  • # of students: 437
  • # of teachers: 17
4
GreatSchools Rating

Raymond A. Villa Fundamental Intermediate School

  • Education Level: Middle
  • # of students: 1,348
  • # of teachers: 46
3
GreatSchools Rating

Santa Ana High School

  • Education Level: High
  • # of students: 2,741
  • # of teachers: 110
3
GreatSchools Rating
 

$584,949$714,937$649,943

PURCHASE PRICE

$2,511$3,069$2,790

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,790
EXPENSES Loan Payment -$2,398
Property Tax -$671
Property Insurance -$59
Property Management Fees -$137
CASH FLOW
-$475

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.

$649,943

PROJECTED PRICE

$2,790

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 7.4%
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-$10k-$5.0k$0.0$5.0k$10k$15k$20k

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$177,985

INVESTMENT

$177,985

Down Payment
$162,486
Rehab Estimate
$5,750
Closing Costs
$9,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,398

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $162,486
Loan Amount $487,457
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$13,933

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,790

    LIST RENT
  • $2.12

    LIST RENT PER SQFT
  • $2,568

    COMP ESTIMATED VALUE
  • $1.95

    COMP AVG. RENT PER SQFT
Comps Range
$2,790
1$2,7902$2,8953$3,050
$3,050
RENT COMPS ANALYSIS
  • 2415 N Spurgeon Street Santa Ana, CA 1
    • 3 beds 1 baths ∙ 1,317 Sqft ∙ Built 1930 3 beds 1 baths ∙ 1,317 Sqft ∙ Built 1930
    • Rent
    • Rent Per SQFT
    •  
    • $2,790
    • $2.12
    •  
  • 127 N Main Street Orange, CA 2
    • 3 beds 2 baths ∙ 1,544 Sqft ∙ Built 1938 3 beds 2 baths ∙ 1,544 Sqft ∙ Built 1938
    LEASED 08/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,895
    • $1.88
    •  
  • 2379 N Flower Street Santa Ana, CA 3
    • 3 beds 1 baths ∙ 1,508 Sqft ∙ Built 1937 3 beds 1 baths ∙ 1,508 Sqft ∙ Built 1937
    LEASED 12/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,050
    • $2.02
    •  
PROPERTY LISTING DETAILS
Karin Mcginley
Berkshire Hathaway H.s.c.p.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20225890
Last Updated: 11/02/2020
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