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245 N Harwood Street Orange, CA 92866

3 Beds 1 Baths 1,154 sqft Built 1922

$935,000

List Price

$3,160

$2.9K - $3.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 13, 2021 RECENTLY ADDED
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

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700kPrice in $219k742k

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

Neighborhood: Old Towne

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q218002000220024002600280030003200Rent in $16033345

* 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
Yorba Middle School Middle Regular 582 26 5
Orange High School High Regular 1,927 79 4
Orange High School High Unknown NA

Yorba Middle School

  • Education Level: Middle
  • # of students: 582
  • # of teachers: 26
5
GreatSchools Rating

Orange High School

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

Orange High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$841,500$1,028,500$935,000

PURCHASE PRICE

$2,844$3,476$3,160

RENT

DOWN PAYMENT
FINANCING

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

ASSUMPTIONS

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
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

PROJECTED ANNUAL CASH FLOW

11530-$20k-$15k-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$253,525

INVESTMENT

$253,525

Down Payment
$233,750
Rehab Estimate
$5,750
Closing Costs
$14,025

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,248

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $233,750
Loan Amount $701,250
See What Happens When You Reinvest Cash Flow

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
$2,795
1$2,7952$3,1453$3,160
$3,160
RENT COMPS ANALYSIS
  • 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
Sherri Scott
North Hills Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21149065
Last Updated: 07/09/2021
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