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PROPERTY INFO
FACTS
- Single Family
- Built In 1922
- Price/Sqft : $810.23
- 6 Days on Market
- MLS # : PW21149065
- Updated Date : 07/09/2021 at 12:32
CONSTRUCTION
- Beds : 3
- Floor Size : 1,154 sqft
- Baths : 1 full
Listing Agent
North Hills Realty
Listing Agent's Description
Welcome to one of the best streets in Old Towne Orange. Single story Mediterranean Revival home built in 1922. This home with 3 bedrooms and 1 bathroom and 1154 square feet of living space (buyer to verify) has been updated. Some of the upgrades include 2 new electrical boxes, recessed lighting, multiple outlets in every room and tank-less water heater. Original 1922 electrical system has been removed and rewired in the home, garage and washroom. Hardwired smoke detectors, all lighting both inside and outside has been replaced. Interior plaster painted throughout the home. . Also there is a 100 year-old Hass avocado tree producing many avocados. Beautifully restored, original hardwood flooring. Just a short distance to Old Town with its fine dining and an eclectic blend of shops and entertainment. Close proximity to the 55, 22, 57 and 91 freeways. Minutes from Chapman University. This home should qualify for the Mills Act with potential for SUBSTANTIAL PROPERTY TAX RELIEF (buyer to verify) This is a very special home just waiting for you.
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MARKET HIGHLIGHTS
- 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.
- 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]
PRICE & RENT TRENDS
Neighborhood: Old Towne
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Old Towne
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $3,160 |
| EXPENSES | Loan Payment | -$3,248 |
| Property Tax | -$915 | |
| Property Insurance | -$54 | |
| Property Management Fees | -$155 | |
|
CASH FLOW
-$1,212
|
||
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.
$935,000
PROJECTED PRICE
$3,160
PROJECTED RENT
0.34%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 4.24% |
| Appreciation Year (1-5) | 6.6% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.38% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$253,525
LOAN DETAILS
$3,248
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $233,750 |
| Loan Amount | $701,250 |
0.33
YEARS SAVED
$476
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$3,160
LIST RENT -
$2.74
LIST RENT PER SQFT
-
$3,023
COMP ESTIMATED VALUE -
$2.62
COMP AVG. RENT PER SQFT
Comps Range
-
245 N Harwood Street Orange, CA 3
- 3 beds 1 baths ∙ 1,154 Sqft ∙ Built 1922 3 beds 1 baths ∙ 1,154 Sqft ∙ Built 1922
- Rent
- Rent Per SQFT
- $3,160
- $2.74
-
478 S Grand Street Orange, CA 1
- 3 beds 1 baths ∙ 1,066 Sqft ∙ Built 1904 3 beds 1 baths ∙ 1,066 Sqft ∙ Built 1904
LEASED 11/09/20- Rent
- Rent Per SQFT
- $2,795
- $2.62
-
181 N Lester Drive Orange, CA 2
- 3 beds 1 baths ∙ 1,200 Sqft ∙ Built 1930 3 beds 1 baths ∙ 1,200 Sqft ∙ Built 1930
LEASED 08/11/20- Rent
- Rent Per SQFT
- $3,145
- $2.62
PROPERTY LISTING DETAILS
North Hills Realty
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: PW21149065
Last Updated: 07/09/2021
