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2966 Penman Tustin, CA 92782

5 Beds 3 Baths 2,988 sqft Built 1999

$1,275,000

List Price

$4,440

$4.2K - $4.7K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $426.71
  • 11 Days on Market
  • MLS # : PW21003648
  • Updated Date : 02/06/2021 at 05:08
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,988 sqft
  • Baths : 3 full
Listing Agent

Katnik Brothers R.e. Services

Listing Agent's Description

Welcome to 2966 Penman, a Gorgeous Tustin Ranch Dream Home Located on a Cul-De-Sac Street in the Gated Community of Columbia Westmont. This Highly Sought-After Location Boasts Five Bedrooms (One Bedroom and Full Bathroom on the Main Floor), Three Full Bathrooms, Plantation Shutters, Crown Molding, and Ample Natural Light Throughout. The Gourmet Kitchen Enjoys Granite Counters, Stainless Steel Appliances, Island with Seating, Double Oven, Breakfast Area, and Access to the Backyard. The Family Room Features a Cozy Fireplace, Built-In Cabinets, and Opens to the Kitchen, Perfect for Entertaining. The Spacious Master Suite Includes a Large Walk-In Closet, Dual Vanities, Makeup Vanity, Walk-In Shower, and Separate Tub. Indoor Laundry Room with Built-In Cabinets and Sink. Attached Three Car Garage with Direct Access. The Entertainer’s Backyard Includes a Built-In BBQ, Firepit, and Multiple Seating Areas. Walk to Blue Ribbon Peters Canyon Elementary/Pioneer Middle School, Citrus Ranch Park, Cedar Grove Park, and Peters Canyon Trails. Minutes to Irvine/Tustin Market Place, Tustin Ranch Golf Course, Walking/Hiking/Biking Trails, 241/261 Toll Roads, and the 5 Freeway. 2966 Penman is a Must See!

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: Tustin Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019300k350k400k450k500k550k600k650k700k750k800k850k900kPrice in $272k934k

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

Neighborhood: Tustin Ranch

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2200022002400260028003000320034003600380040004200Rent in $19814273

* 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
Peters Canyon Elementary School Primary Regular 549 18 10
Pioneer Middle School Middle Regular 1,248 43 8
Arnold O. Beckman High School High Regular 2,648 94 9

Peters Canyon Elementary School

  • Education Level: Primary
  • # of students: 549
  • # of teachers: 18
10
GreatSchools Rating

Pioneer Middle School

  • Education Level: Middle
  • # of students: 1,248
  • # of teachers: 43
8
GreatSchools Rating

Arnold O. Beckman High School

  • Education Level: High
  • # of students: 2,648
  • # of teachers: 94
9
GreatSchools Rating
 

$1,147,500$1,402,500$1,275,000

PURCHASE PRICE

$3,996$4,884$4,440

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,440
EXPENSES Loan Payment -$4,429
Property Tax -$1,256
Property Insurance -$99
HOA -$85
Property Management Fees -$218
CASH FLOW
-$1,646

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$1,275,000

PROJECTED PRICE

$4,440

PROJECTED RENT

0.35%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 5.3%
Maintenance Year (1-5) 8.00%
Vacancy 5.81%
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$3.0M$3.5M

PROJECTED ANNUAL CASH FLOW

11530-$30k-$20k-$10k$0.0$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$343,625

INVESTMENT

$343,625

Down Payment
$318,750
Rehab Estimate
$5,750
Closing Costs
$19,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,429

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $318,750
Loan Amount $956,250
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$499

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,440

    LIST RENT
  • $1.49

    LIST RENT PER SQFT
  • $4,661

    COMP ESTIMATED VALUE
  • $1.56

    COMP AVG. RENT PER SQFT
Comps Range
$4,000
1$4,0002$4,4403$4,5004$4,7505$4,850
$4,850
RENT COMPS ANALYSIS
  • 2966 Penman Tustin, CA 2
    • 5 beds 3 baths ∙ 2,988 Sqft ∙ Built 1999 5 beds 3 baths ∙ 2,988 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $4,440
    • $1.49
    •  
  • 29 Amberhill Irvine, CA 1
    • 4 beds 3 baths ∙ 2,691 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,691 Sqft ∙ Built 2000
    LEASED 10/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $1.49
    •  
  • 2569 Tea Leaf Lane Tustin, CA 3
    • 4 beds 3 baths ∙ 2,825 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,825 Sqft ∙ Built 2006
    LEASED 09/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $1.59
    •  
  • 2906 Penman Tustin, CA 4
    • 5 beds 3 baths ∙ 2,800 Sqft ∙ Built 2002 5 beds 3 baths ∙ 2,800 Sqft ∙ Built 2002
    LEASED 11/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,750
    • $1.70
    •  
  • 2976 Young Tustin, CA 5
    • 5 beds 3 baths ∙ 3,313 Sqft ∙ Built 1998 5 beds 3 baths ∙ 3,313 Sqft ∙ Built 1998
    LEASED 10/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,850
    • $1.46
    •  
PROPERTY LISTING DETAILS
John Katnik
Katnik Brothers R.e. Services
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21003648
Last Updated: 02/06/2021
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