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245 N Harwood Street Orange, CA 92866

3 Beds 1 Baths 1,154 sqft Built 1922

$895,000

List Price

$2,980

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1922
  • Price/Sqft : $775.56
  • 7 Days on Market
  • MLS # : PW21059850
  • Updated Date : 03/24/2021 at 13:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,154 sqft
  • Baths : 1 full
Listing Agent

North Hills Realty

Listing Agent's Description

Welcome to 245 N Harwood Street in Old Towne Orange, perhaps one of the best streets to live on in Old Towne. Single story Mediterranean Revival Style Home built in 1922 and is just a short distance to the Orange Plaza. 3 Bedrooms, 1 Bathroom with approximately 1,154 living square feet, 1 car detached garage, hardwood flooring, white brick façade fireplace in living room along with a nice window alcove that faces the side yard. Outside side yard courtyard area for enjoying morning coffee and a backyard brick patio for evening gatherings. Features a long driveway to the 1-car detached garage in back with plenty of yard space and a 100 year old Avocado tree. Home needs some work but is a wonderful opportunity to make it your own and live on one of the best streets in Old Towne. This home has the possibility of Mills Act listing, with potential for SUBSTANTIAL PROPERTY TAX RELIEF (buyer to verify). Close access to the 91, 57, 55 and 22 freeways and just minutes from Chapman University, Historic Old Towne Orange, with amazing eateries and entertainment. Please plan now to view this special home, it won’t be on the market long.

SEE MORE

MARKET HIGHLIGHTS

  • 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]
  • 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)

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
 

$805,500$984,500$895,000

PURCHASE PRICE

$2,682$3,278$2,980

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,980
EXPENSES Loan Payment -$3,109
Property Tax -$876
Property Insurance -$54
Property Management Fees -$146
CASH FLOW
-$1,205

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.

$895,000

PROJECTED PRICE

$2,980

PROJECTED RENT

0.33%

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$242,925

INVESTMENT

$242,925

Down Payment
$223,750
Rehab Estimate
$5,750
Closing Costs
$13,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,109

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $223,750
Loan Amount $671,250
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$302

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,980

    LIST RENT
  • $2.58

    LIST RENT PER SQFT
  • $2,977

    COMP ESTIMATED VALUE
  • $2.58

    COMP AVG. RENT PER SQFT
Comps Range
$2,495
1$2,4952$2,7953$2,9804$3,145
$3,145
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
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,980
    • $2.58
    •  
  • 545 E Jefferson Avenue Orange, CA 1
    • 3 beds 1 baths ∙ 1,000 Sqft ∙ Built 1939 3 beds 1 baths ∙ 1,000 Sqft ∙ Built 1939
    property image
    LEASED 10/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $2.50
    •  
  • 478 S Grand Street Orange, CA 2
    • 3 beds 1 baths ∙ 1,066 Sqft ∙ Built 1904 3 beds 1 baths ∙ 1,066 Sqft ∙ Built 1904
    property image
    LEASED 11/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,795
    • $2.62
    •  
  • 181 N Lester Drive Orange, CA 4
    • 3 beds 1 baths ∙ 1,200 Sqft ∙ Built 1930 3 beds 1 baths ∙ 1,200 Sqft ∙ Built 1930
    property image
    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 #: PW21059850
Last Updated: 03/24/2021
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