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2705 E Walnut Avenue Orange, CA 92867

4 Beds 2 Baths 1,644 sqft Built 1956

$769,999

List Price

$3,150

$2.9K - $3.4K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1956
  • Price/Sqft : $468.37
  • 9 Days on Market
  • MLS # : OC20231810
  • Updated Date : 11/07/2020 at 09:09
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,644 sqft
  • Baths : 2 full
Listing Agent

Pinpoint Properties

Listing Agent's Description

Situated on a large corner lot in one of the most desirable pockets in Orange, 2705 E. Walnut Avenue is a turnkey opportunity proximal to dining, shopping, Orange Circle, schools, parks and freeway access. The open and bright kitchen features freshly painted cabinetry, newly glazed counter tops, new appliances, and an oversized countertop bar ideal for entertainment. Both bathrooms have been updated with fresh paint, new shower doors and new vanity. Additional highlights in this charming single-level floor plan include hardwood floors throughout, HVAC, dual pane vinyl windows, fresh exterior paint, an extended bonus room, new closet doors in each bedroom, updated fixtures throughout, a spacious two-car garage, and a sizable lot that allows for RV parking. A beautiful grass backyard with a new sprinkler system and concrete patio provides an open canvas for outdoor enjoyment.

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

Zip Code: 92867

ZipNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800kPrice in $243k813k

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

Zip Code: 92867

ZipNIR Market*CityMarket2010Year2000 Q22019 Q2200022002400260028003000320034003600Rent in $18443604

* 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
Handy Elementary School Primary Regular 562 25 6
Handy Elementary School Middle Regular 562 25 6
Orange High School High Regular 1,927 79 4

Handy Elementary School

  • Education Level: Primary
  • # of students: 562
  • # of teachers: 25
6
GreatSchools Rating

Handy Elementary School

  • Education Level: Middle
  • # of students: 562
  • # of teachers: 25
6
GreatSchools Rating

Orange High School

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

$692,999$846,999$769,999

PURCHASE PRICE

$2,835$3,465$3,150

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,150
EXPENSES Loan Payment -$2,841
Property Tax -$754
Property Insurance -$66
Property Management Fees -$154
CASH FLOW
-$665

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.

$769,999

PROJECTED PRICE

$3,150

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 6.1%
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-$15k-$10k-$5.0k$0.0$5.0k$10k$15k$20k

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$209,800

INVESTMENT

$209,800

Down Payment
$192,500
Rehab Estimate
$5,750
Closing Costs
$11,550

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,841

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $192,500
Loan Amount $577,499
See What Happens When You Reinvest Cash Flow

1.92

YEARS SAVED

$11,351

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,150

    LIST RENT
  • $1.92

    LIST RENT PER SQFT
  • $3,337

    COMP ESTIMATED VALUE
  • $2.03

    COMP AVG. RENT PER SQFT
Comps Range
$3,095
1$3,0952$3,1503$3,2004$3,2005$3,600
$3,600
RENT COMPS ANALYSIS
  • 2705 E Walnut Avenue Orange, CA 2
    • 4 beds 2 baths ∙ 1,644 Sqft ∙ Built 1956 4 beds 2 baths ∙ 1,644 Sqft ∙ Built 1956
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,150
    • $1.92
    •  
  • 582 N La Nae Circle Orange, CA 1
    • 4 beds 2 baths ∙ 1,575 Sqft ∙ Built 1965 4 beds 2 baths ∙ 1,575 Sqft ∙ Built 1965
    property image
    LEASED 11/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,095
    • $1.97
    •  
  • 783 N Elmwood Street Orange, CA 3
    • 3 beds 2 baths ∙ 1,517 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,517 Sqft ∙ Built 1964
    property image
    LEASED 03/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.11
    •  
  • 2011 E Orange Grove Avenue Orange, CA 4
    • 3 beds 2 baths ∙ 1,685 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,685 Sqft ∙ Built 1953
    property image
    LEASED 09/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.90
    •  
  • 1050 N Wanda Road Orange, CA 5
    • 4 beds 2 baths ∙ 1,683 Sqft ∙ Built 1960 4 beds 2 baths ∙ 1,683 Sqft ∙ Built 1960
    property image
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $2.14
    •  
PROPERTY LISTING DETAILS
Katrina Smith
Pinpoint Properties
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20231810
Last Updated: 11/07/2020
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