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407 Morse Avenue Placentia, CA 92870

5 Beds 3 Baths 2,200 sqft Built 1963

$850,000

List Price

$3,570

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

January 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1963
  • Price/Sqft : $386.36
  • 4 Days on Market
  • MLS # : PW21008644
  • Updated Date : 01/28/2021 at 12:00
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,200 sqft
  • Baths : 3 full
Listing Agent

Corcoran Global Living

Listing Agent's Description

Charming entertainer’s delight, right in the heart of Placentia. This dreamy open concept home is flooded with natural light and stocked with a plethora of can lighting. Travertine floors for the feet, crown molding, baseboards and beamed ceilings add a touch of sophistication. Gather around the vast kitchen island in the great room well suited to amuse your family and friend get togethers. 407 Morse Avenue boasts 3 generously sized bedrooms downstairs, INCLUDING the Master bedroom. The Master bathroom is wrapped with beautiful travertine tile, dual vanity sinks with upgraded brushed nickel pull-down spout faucets. There is no shortage of storage space throughout this gem. Upstairs you have real hardwood floors and an additional two bedrooms overlooking the picturesque backyard. Level up your lifestyle with this alluring vacation-style yard. Soak in the vast swimming pool, illuminated with string lighting overhead, landscape lighting throughout the planters and an inviting patio. A few more upgrades include new A/C, Furnace and ducting. Upgraded Main Electrical Panel and added sub-panel with 2- 220 volt outlets in the garage. Truly a place you will proudly want to call HOME. Don’t miss it!

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MARKET HIGHLIGHTS

  • 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.
  • 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)

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
 

$765,000$935,000$850,000

PURCHASE PRICE

$3,213$3,927$3,570

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,570
EXPENSES Loan Payment -$2,952
Property Tax -$905
Property Insurance -$80
Property Management Fees -$175
CASH FLOW
-$542

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.

$850,000

PROJECTED PRICE

$3,570

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$2.5M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k$20k$25k

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$231,000

INVESTMENT

$231,000

Down Payment
$212,500
Rehab Estimate
$5,750
Closing Costs
$12,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,952

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $212,500
Loan Amount $637,500
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$16,782

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,570

    LIST RENT
  • $1.62

    LIST RENT PER SQFT
  • $3,762

    COMP ESTIMATED VALUE
  • $1.71

    COMP AVG. RENT PER SQFT
Comps Range
$3,200
1$3,2002$3,5003$3,5004$3,5705$3,795
$3,795
RENT COMPS ANALYSIS
  • 407 Morse Avenue Placentia, CA 4
    • 5 beds 3 baths ∙ 2,200 Sqft ∙ Built 1963 5 beds 3 baths ∙ 2,200 Sqft ∙ Built 1963
    • Rent
    • Rent Per SQFT
    •  
    • $3,570
    • $1.62
    •  
  • 1618 Collins Way Placentia, CA 1
    • 4 beds 3 baths ∙ 2,029 Sqft ∙ Built 1976 4 beds 3 baths ∙ 2,029 Sqft ∙ Built 1976
    LEASED 09/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.58
    •  
  • 550 Del Rey Drive Placentia, CA 2
    • 4 beds 3 baths ∙ 2,004 Sqft ∙ Built 1977 4 beds 3 baths ∙ 2,004 Sqft ∙ Built 1977
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.75
    •  
  • 1107 Montecito Street Placentia, CA 3
    • 4 beds 3 baths ∙ 2,055 Sqft ∙ Built 1965 4 beds 3 baths ∙ 2,055 Sqft ∙ Built 1965
    LEASED 07/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.70
    •  
  • 1354 Valencia Avenue Placentia, CA 5
    • 4 beds 3 baths ∙ 2,094 Sqft ∙ Built 1965 4 beds 3 baths ∙ 2,094 Sqft ∙ Built 1965
    LEASED 11/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,795
    • $1.81
    •  
PROPERTY LISTING DETAILS
Daniel Hopp
Corcoran Global Living
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21008644
Last Updated: 01/28/2021
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