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2611 Olive Lane Santa Ana, CA 92706

3 Beds 2 Baths 1,975 sqft Built 1954

$799,900

List Price

$3,500

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

November 02, 2020 RECENTLY ADDED
FACTS
  • Built In 1954
  • Price/Sqft : $405.01
  • 7 Days on Market
  • MLS # : PW20227998
  • Updated Date : 11/02/2020 at 14:21
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,975 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty

Listing Agent's Description

Amazing opportunity to own in highly desirable Fisher Park neighborhood. This is a 3 bedroom and 2 bath home. Open floorplan which includes a living room, large family room, and dining area. Conveniently located near the I-5 and CA-22 freeways, Main Place Mall, and Great Schools. This home is priced at an amazing value. The previous owner began the renovation process but was unable to complete it. Do not miss the opportunity to call this house your home!

SEE MORE

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: Fisher Park

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $205k867k

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

Neighborhood: Fisher Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2180020002200240026002800300032003400Rent in $16013422

* 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
Santiago Elementary School Primary Regular 1,247 46 4
Santiago Elementary School Middle Regular 1,247 46 4
Santa Ana High School High Regular 2,741 110 3

Santiago Elementary School

  • Education Level: Primary
  • # of students: 1,247
  • # of teachers: 46
4
GreatSchools Rating

Santiago Elementary School

  • Education Level: Middle
  • # of students: 1,247
  • # of teachers: 46
4
GreatSchools Rating

Santa Ana High School

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

$719,910$879,890$799,900

PURCHASE PRICE

$3,150$3,850$3,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,500
EXPENSES Loan Payment -$2,951
Property Tax -$826
Property Insurance -$75
Property Management Fees -$172
CASH FLOW
-$524

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.

$799,900

PROJECTED PRICE

$3,500

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 4.1%
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$25k

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$217,724

INVESTMENT

$217,724

Down Payment
$199,975
Rehab Estimate
$5,750
Closing Costs
$11,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,951

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $199,975
Loan Amount $599,925
See What Happens When You Reinvest Cash Flow

2.75

YEARS SAVED

$21,038

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,500

    LIST RENT
  • $1.77

    LIST RENT PER SQFT
  • $3,698

    COMP ESTIMATED VALUE
  • $1.87

    COMP AVG. RENT PER SQFT
Comps Range
$3,495
1$3,4952$3,5003$3,5004$3,6005$3,900
$3,900
RENT COMPS ANALYSIS
  • 2611 Olive Lane Santa Ana, CA 3
    • 3 beds 2 baths ∙ 1,975 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,975 Sqft ∙ Built 1954
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.77
    •  
  • 2726 Lowell Lane Santa Ana, CA 1
    • 3 beds 1 baths ∙ 1,862 Sqft ∙ Built 1957 3 beds 1 baths ∙ 1,862 Sqft ∙ Built 1957
    property image
    LEASED 03/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,495
    • $1.88
    •  
  • 916 W Santa Clara Avenue Santa Ana, CA 2
    • 3 beds 3 baths ∙ 2,169 Sqft ∙ Built 1965 3 beds 3 baths ∙ 2,169 Sqft ∙ Built 1965
    property image
    LEASED 09/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.61
    •  
  • 1948 N Baker Street Santa Ana, CA 4
    • 4 beds 1 baths ∙ 1,961 Sqft ∙ Built 1959 4 beds 1 baths ∙ 1,961 Sqft ∙ Built 1959
    property image
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $1.84
    •  
  • 2316 N Flower Street Santa Ana, CA 5
    • 3 beds 2 baths ∙ 1,809 Sqft ∙ Built 1948 3 beds 2 baths ∙ 1,809 Sqft ∙ Built 1948
    property image
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,900
    • $2.16
    •  
PROPERTY LISTING DETAILS
Ana Acosta
Keller Williams Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20227998
Last Updated: 11/02/2020
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