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2514 S Rita Way Santa Ana, CA 92704

3 Beds 2 Baths 1,431 sqft Built 1965

$649,900

List Price

$2,850

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
FACTS
  • Single Family
  • Built In 1965
  • Price/Sqft : $454.16
  • 27 Days on Market
  • MLS # : PW20263895
  • Updated Date : 01/17/2021 at 18:53
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,431 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Costa Mesa

Listing Agent's Description

This 3-bed, 2-bath house in the coveted neighborhood of South Coast Metro will go fast, because it’s almost impossible to find a single-family, single-story home at this price in OC! Jump on this opportunity before someone else does! This charming home is on a large lot—which offers you plenty of room to entertain—and it features an open kitchen. You’ll also enjoy double-pane windows, a newer heater and air conditioner, and a cozy fireplace, which are all features you don’t have to purchase yourself. Don't forget that it's a single story, which means it's perfect for anyone who wants to avoid stairs. The home's open floorplan leads out into a spacious backyard, where you can barbecue on a summer day. Don't forget the spacious 2-car garage and large driveway, offering you plenty of extra parking. The location of this home is second-to-none, because South Coast Metro—OC's cosmopolitan center—offers world-class dining, shopping and entertainment, including at South Coast Plaza. The community also allows easy access to the 405, 55, 73, and 5 freeway, making all of OC's attractions just a short drive away, including Disneyland and world-famous beaches. Zoned for the top-rated Segerstrom High School, this house also allows students to potentially enroll in some of Santa Ana Unified's coveted fundamental schools, as well as consider the district's dual-language immersion campuses.

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MARKET HIGHLIGHTS

  • 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.
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Thorton Park

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700kPrice in $205k742k

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

Neighborhood: Thorton Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2160018002000220024002600280030003200Rent in $15533345

* 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
Greenville Fundamental Elementary School Primary Regular 1,070 37 5
Mcfadden Intermediate School Middle Regular 1,374 55 3
Segerstrom High School High Regular 2,544 83 7

Greenville Fundamental Elementary School

  • Education Level: Primary
  • # of students: 1,070
  • # of teachers: 37
5
GreatSchools Rating

Mcfadden Intermediate School

  • Education Level: Middle
  • # of students: 1,374
  • # of teachers: 55
3
GreatSchools Rating

Segerstrom High School

  • Education Level: High
  • # of students: 2,544
  • # of teachers: 83
7
GreatSchools Rating
 

$584,910$714,890$649,900

PURCHASE PRICE

$2,565$3,135$2,850

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,850
EXPENSES Loan Payment -$2,257
Property Tax -$676
Property Insurance -$62
Property Management Fees -$140
CASH FLOW
-$284

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.

$649,900

PROJECTED PRICE

$2,850

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 5.6%
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

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$177,974

INVESTMENT

$177,974

Down Payment
$162,475
Rehab Estimate
$5,750
Closing Costs
$9,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$2,257

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $162,475
Loan Amount $487,425
See What Happens When You Reinvest Cash Flow

4.08

YEARS SAVED

$24,817

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,850

    LIST RENT
  • $1.99

    LIST RENT PER SQFT
  • $2,923

    COMP ESTIMATED VALUE
  • $2.04

    COMP AVG. RENT PER SQFT
Comps Range
$2,700
1$2,7002$2,8003$2,8504$3,2005$3,275
$3,275
RENT COMPS ANALYSIS
  • 2514 S Rita Way Santa Ana, CA 3
    • 3 beds 2 baths ∙ 1,431 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,431 Sqft ∙ Built 1965
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $1.99
    •  
  • 720 W Saint Gertrude Place Santa Ana, CA 1
    • 3 beds 2 baths ∙ 1,285 Sqft ∙ Built 1948 3 beds 2 baths ∙ 1,285 Sqft ∙ Built 1948
    property image
    LEASED 02/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $2.10
    •  
  • 2222 W Chandler Avenue Santa Ana, CA 2
    • 3 beds 2 baths ∙ 1,382 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,382 Sqft ∙ Built 1974
    property image
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $2.03
    •  
  • 2001 W Adams Street Santa Ana, CA 4
    • 3 beds 2 baths ∙ 1,620 Sqft ∙ Built 1967 3 beds 2 baths ∙ 1,620 Sqft ∙ Built 1967
    property image
    LEASED 04/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.98
    •  
  • 1510 W Flora Street Santa Ana, CA 5
    • 4 beds 2 baths ∙ 1,586 Sqft ∙ Built 1965 4 beds 2 baths ∙ 1,586 Sqft ∙ Built 1965
    property image
    LEASED 01/11/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,275
    • $2.06
    •  
PROPERTY LISTING DETAILS
Sean Dezahd
Keller Williams Costa Mesa
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20263895
Last Updated: 01/17/2021
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