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284 S Lime Street Orange, CA 92868

3 Beds 2 Baths 1,347 sqft Built 1950

$749,900

List Price

$3,100

$2.9K - $3.4K

Rent Est.

PROPERTY INFO

November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1950
  • Price/Sqft : $556.72
  • 4 Days on Market
  • MLS # : OC20237769
  • Updated Date : 11/12/2020 at 08:44
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,347 sqft
  • Baths : 2 full
Listing Agent

Redfin

Listing Agent's Description

Come live your best life in this renovated single story. As you meander through the meticulously manicured front yard and along the quaint brick walkway, you will enter to gaze upon a light and bright floor plan adorned with shutters, crown molding and stunning floors. The living room enjoys a cozy fireplace and flows seamlessly into the dining area. The upgraded kitchen features an abundance of custom maple cabinets, quartz counters accented by a subway tile backsplash, and stainless steel appliances. The primary bedroom has room for rest and relaxation, while the upgraded bathroom offers you a spa-like escape with a large, step-in shower with dual shower heads, a double vanity illuminated by custom lighting and a soaking tub. The secondary bathroom has also been upgraded with modern flair. A massive stamped concrete patio creates an easy entertaining space with a built-in fire pit. The grassy area leads to raised garden boxes and a hot tub, where you can gaze at the stars at night. The oversized, detached 2 car garage provides extra space for all your toys. Close to a variety of shopping, dining and entertainment venues. Quick freeway access will make commuting a breeze. What are you waiting for? Don’t let this beauty get away!

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: 92868

ZipNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700kPrice in $194k742k

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

Zip Code: 92868

ZipNIR Market*CityMarket2010Year2000 Q22019 Q2160018002000220024002600280030003200Rent in $15763345

* 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
West Orange Elementary School Primary Regular 480 15 6
West Orange Elementary School Middle Regular 480 15 6
Orange High School High Regular 1,927 79 4

West Orange Elementary School

  • Education Level: Primary
  • # of students: 480
  • # of teachers: 15
6
GreatSchools Rating

West Orange Elementary School

  • Education Level: Middle
  • # of students: 480
  • # of teachers: 15
6
GreatSchools Rating

Orange High School

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

$674,910$824,890$749,900

PURCHASE PRICE

$2,790$3,410$3,100

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,100
EXPENSES Loan Payment -$2,767
Property Tax -$734
Property Insurance -$59
Property Management Fees -$152
CASH FLOW
-$612

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.

$749,900

PROJECTED PRICE

$3,100

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 6.0%
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-$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$204,474

INVESTMENT

$204,474

Down Payment
$187,475
Rehab Estimate
$5,750
Closing Costs
$11,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,767

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $187,475
Loan Amount $562,425
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$15,814

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,100

    LIST RENT
  • $2.3

    LIST RENT PER SQFT
  • $3,098

    COMP ESTIMATED VALUE
  • $2.3

    COMP AVG. RENT PER SQFT
Comps Range
$2,750
1$2,7502$2,8503$2,9004$3,1005$3,500
$3,500
RENT COMPS ANALYSIS
  • 284 S Lime Street Orange, CA 4
    • 3 beds 2 baths ∙ 1,347 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,347 Sqft ∙ Built 1950
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $2.30
    •  
  • 404 S Plum Lane Orange, CA 1
    • 3 beds 2 baths ∙ 1,146 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,146 Sqft ∙ Built 1958
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $2.40
    •  
  • 376 N Batavia Street Orange, CA 2
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1954
    LEASED 07/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $2.04
    •  
  • 410 N Clark Street Orange, CA 3
    • 3 beds 2 baths ∙ 1,250 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,250 Sqft ∙ Built 1964
    LEASED 01/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $2.32
    •  
  • 155 N Jewell Place Orange, CA 5
    • 3 beds 2 baths ∙ 1,432 Sqft ∙ Built 1942 3 beds 2 baths ∙ 1,432 Sqft ∙ Built 1942
    LEASED 02/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.44
    •  
PROPERTY LISTING DETAILS
Kim Burnside
Redfin
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20237769
Last Updated: 11/12/2020
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