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407 Larry Lane Placentia, CA 92870

3 Beds 1 Baths 1,364 sqft Built 1963

$675,000

List Price

$2,860

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1963
  • Price/Sqft : $494.87
  • 3 Days on Market
  • MLS # : OC21052679
  • Updated Date : 03/13/2021 at 17:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,364 sqft
  • Baths : 1 full
Listing Agent

First Team Estates

Listing Agent's Description

407 Larry Lane is waiting for you! This is your golden opportunity to create your dream home in the highly sought after Palm Village Neighborhood located in the award winning Placentia-Yorba Linda school district. This long time 40+ year rental is a blank slate with tons of possibilities inside and out. This home offers a fabulous floor plan including 3 bedrooms, 2 bathrooms, a large living room with a fireplace, the kitchen has direct garage access, and dining area has a vinyl slider leading the the HUGE backyard. Bring your imagination and let the ideas flow. Close to schools, shopping, restaurants and freeways.

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: 92870

ZipNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700kPrice in $243k742k

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

Zip Code: 92870

ZipNIR Market*CityMarket2010Year2000 Q22019 Q22000220024002600280030003200Rent in $18443345

* 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
Kraemer Middle School Middle Magnet 952 38 7
Valencia High School High Magnet 2,740 100 9

Kraemer Middle School

  • Education Level: Middle
  • # of students: 952
  • # of teachers: 38
7
GreatSchools Rating

Valencia High School

  • Education Level: High
  • # of students: 2,740
  • # of teachers: 100
9
GreatSchools Rating
 

$607,500$742,500$675,000

PURCHASE PRICE

$2,574$3,146$2,860

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,860
EXPENSES Loan Payment -$2,345
Property Tax -$718
Property Insurance -$60
Property Management Fees -$140
CASH FLOW
-$403

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.

$675,000

PROJECTED PRICE

$2,860

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 5.5%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$184,625

INVESTMENT

$184,625

Down Payment
$168,750
Rehab Estimate
$5,750
Closing Costs
$10,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,345

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $168,750
Loan Amount $506,250
See What Happens When You Reinvest Cash Flow

2.67

YEARS SAVED

$14,851

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,860

    LIST RENT
  • $2.1

    LIST RENT PER SQFT
  • $2,633

    COMP ESTIMATED VALUE
  • $1.93

    COMP AVG. RENT PER SQFT
Comps Range
$2,695
1$2,6952$2,7503$2,8604$3,0005$3,300
$3,300
RENT COMPS ANALYSIS
  • 407 Larry Lane Placentia, CA 3
    • 3 beds 1 baths ∙ 1,364 Sqft ∙ Built 1963 3 beds 1 baths ∙ 1,364 Sqft ∙ Built 1963
    • Rent
    • Rent Per SQFT
    •  
    • $2,860
    • $2.10
    •  
  • 2924 Wellesley Court Fullerton, CA 1
    • 3 beds 1 baths ∙ 1,404 Sqft ∙ Built 1975 3 beds 1 baths ∙ 1,404 Sqft ∙ Built 1975
    LEASED 09/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,695
    • $1.92
    •  
  • 1132 Athens Avenue Placentia, CA 2
    • 3 beds 1 baths ∙ 1,500 Sqft ∙ Built 1971 3 beds 1 baths ∙ 1,500 Sqft ∙ Built 1971
    LEASED 02/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.83
    •  
  • 1033 Acacia Drive Placentia, CA 4
    • 4 beds 1 baths ∙ 1,489 Sqft ∙ Built 1974 4 beds 1 baths ∙ 1,489 Sqft ∙ Built 1974
    LEASED 04/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $2.01
    •  
  • 344 Somerset Drive Placentia, CA 5
    • 3 beds 1 baths ∙ 1,680 Sqft ∙ Built 1963 3 beds 1 baths ∙ 1,680 Sqft ∙ Built 1963
    LEASED 05/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $1.96
    •  
PROPERTY LISTING DETAILS
Lori Robnett
First Team Estates
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21052679
Last Updated: 03/13/2021
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