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3328 E Lochleven Lane # A Orange, CA 92869

3 Beds 3 Baths 1,802 sqft Built 1999

INVESTimate

$639,000

List Price

$3,010

$2,760 - $3,260

Rent Est.

$680,535  ( +6.50%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1999
  • Price/Sqft : $354.61
  • 6 Days on Market
  • MLS # : AR20171787
  • Updated Date : 08/25/2020 at 07:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,802 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Elite Realty

Listing Agent's Description

Look no further! Located in the most sought after gated Cambridge Creek I Community, this beautiful 3 bedroom and 2.5 bathroom townhouse is totally remodeled with over $20,000 right before it hits the market. All windows are replaced by new double glazed low E windows with blinds throughout the house, new patio sliding door with vertical blinds, new carpet, new paint, new range oven, new fans and lighting, just to name a few. From the moment you walk through the doors feel the open airy floor plan perfect for entertaining. Home boasts spacious dining room opening up to living room with fireplace. Living room has large glass sliders that opens to one of the largest yards in the complex. Upstairs is the Master Suite with plenty of lighting and it’s own Master Bathroom with dual sinks and a large walk-in closet. The community includes a gated entrance, resort style pool and spa area. Very close to schools, Grijalva Park is right next to this community featuring playgrounds, basketball courts, walking trails, volleyball courts, soccer fields, and a number of picnic areas and the Santiago Creek bike trail is connected to this park. Shop and dine in Historical Old Towne Orange, easy access to the 22 and 55 freeways and the toll roads are just up the hill for a quick escape to South Orange County or a day at the beach. This home is truly a must see.

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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 area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 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)
  • As part of Southern California area, Orange County market inherits all the benefits from the area.
  • 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)

PRICE & RENT TRENDS

Neighborhood: El Modena

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700kPrice in $212k742k

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

Neighborhood: El Modena

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2160018002000220024002600280030003200Rent in $15943345

* 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
Prospect Elementary School Primary Regular 464 16 5
Prospect Elementary School Middle Regular 464 16 5
El Modena High School High Regular 2,196 89 7

Prospect Elementary School

  • Education Level: Primary
  • # of students: 464
  • # of teachers: 16
5
GreatSchools Rating

Prospect Elementary School

  • Education Level: Middle
  • # of students: 464
  • # of teachers: 16
5
GreatSchools Rating

El Modena High School

  • Education Level: High
  • # of students: 2,196
  • # of teachers: 89
7
GreatSchools Rating
 

$575,100$702,900$639,000

PURCHASE PRICE

$2,709$3,311$3,010

RENT

DOWN PAYMENT
FINANCING

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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,010
EXPENSES Loan Payment -$2,358
Property Tax -$619
Property Insurance -$70
HOA -$250
Property Management Fees -$147
CASH FLOW
-$433

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.

$639,000

PROJECTED PRICE

$3,010

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 6.50%
Maintenance Year (1-5) 8.00%
Vacancy 4.35%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$175,085

INVESTMENT

$175,085

Down Payment
$159,750
Rehab Estimate
$5,750
Closing Costs
$9,585

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,358

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $159,750
Loan Amount $479,250
See What Happens When You Reinvest Cash Flow

3

YEARS SAVED

$17,758

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,010

    LIST RENT
  • $1.67

    LIST RENT PER SQFT
  • $3,158

    COMP ESTIMATED VALUE
  • $1.75

    COMP AVG. RENT PER SQFT
Comps Range
$2,895
1$2,8952$2,9003$2,9954$3,0105$3,200
$3,200
RENT COMPS ANALYSIS
  • 3328 E Lochleven Lane Orange, 4
    • 3 beds 3 baths ∙ 1,802 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,802 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $3,010
    • $1.67
    •  
  • 3337 E Rosedale Lane Orange, 1
    • 3 beds 3 baths ∙ 1,683 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,683 Sqft ∙ Built 1999
    LEASED 12/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,895
    • $1.72
    •  
  • 406 N Kenwood Orange, 2
    • 3 beds 3 baths ∙ 1,683 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,683 Sqft ∙ Built 2000
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.72
    •  
  • 433 N Londonderry Lane Orange, 3
    • 3 beds 3 baths ∙ 1,683 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,683 Sqft ∙ Built 1998
    LEASED 08/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $1.78
    •  
  • 425 N Bloomberry Orange, 5
    • 3 beds 3 baths ∙ 1,788 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,788 Sqft ∙ Built 2000
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.79
    •  
PROPERTY LISTING DETAILS
Patrick Law
Re/max Elite Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: AR20171787
Last Updated: 08/25/2020
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