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424 N Michael Avenue 
Fullerton, CA
92833
4 Beds 2 Baths 2,163 sqft
Built 1954
INVESTimate
$825,000
List Price
$224,375
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PROPERTY INFO
FACTS
- Built In 1954
- Price/Sqft : $381.41
- 2 Days on Market
- MLS # : OC20172319
- Updated Date : 08/25/2020 at 20:42
CONSTRUCTION
- Beds : 4
- Floor Size : 2,163 sqft
- Baths : 1 full , 1 half
Listing Agent
Active Realty
Listing Agent's Description
Welcome home to this beautiful single level property in a desirable neighborhood of Fullerton! This well maintained home is located at the end of a quiet cul-de-sac and sits on a large oversized lot with a private backyard that is great for entertaining. The interior features a formal living and dining area, a large family room with a brick fireplace, and an enclosed patio that could also be used as a den. There are 4 bedrooms including a huge master bedroom with plenty of space and a separate entrance. The exterior of the home has a long driveway with a detached 2-car garage with additional parking spaces behind the garage. Located in a very convenient location, close to highly rated local schools, parks, shopping centers, freeways, and Downtown Fullerton.
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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
Zip Code: 92833
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Zip Code: 92833
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $3,450 |
| EXPENSES | Loan Payment | -$3,044 |
| Property Tax | -$811 | |
| Property Insurance | -$79 | |
| Property Management Fees | -$169 | |
|
CASH FLOW
-$654
|
||
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.
$825,000
PROJECTED PRICE
$3,450
PROJECTED RENT
0.42%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 4.24% |
| Appreciation Year (1-5) | 5.38% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.38% |
| Length of Stay Years | 2 |
TOTAL CASH OUT OF POCKET
INVESTMENT
$224,375
LOAN DETAILS
$3,044
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $206,250 |
| Loan Amount | $618,750 |
2.25
YEARS SAVED
$15,150
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$3,450
LIST RENT -
$1.6
LIST RENT PER SQFT
-
$3,942
COMP ESTIMATED VALUE -
$1.82
COMP AVG. RENT PER SQFT
Comps Range
-
424 N Michael Avenue Fullerton, 1
- 4 beds 2 baths ∙ 2,163 Sqft ∙ Built 1954 4 beds 2 baths ∙ 2,163 Sqft ∙ Built 1954
- Rent
- Rent Per SQFT
- $3,450
- $1.60
-
1324 W Valencia Mesa Drive Fullerton, 2
- 4 beds 3 baths ∙ 1,892 Sqft ∙ Built 1963 4 beds 3 baths ∙ 1,892 Sqft ∙ Built 1963
LEASED 07/06/19- Rent
- Rent Per SQFT
- $3,600
- $1.90
-
1521 Sunny Crest Drive Fullerton, 3
- 4 beds 2 baths ∙ 2,006 Sqft ∙ Built 1962 4 beds 2 baths ∙ 2,006 Sqft ∙ Built 1962
LEASED 11/08/19- Rent
- Rent Per SQFT
- $3,850
- $1.92
-
2050 Domingo Road Fullerton, 4
- 4 beds 3 baths ∙ 2,279 Sqft ∙ Built 1957 4 beds 3 baths ∙ 2,279 Sqft ∙ Built 1957
LEASED 08/21/19- Rent
- Rent Per SQFT
- $4,000
- $1.76
-
1432 Sunny Crest Drive Fullerton, 5
- 3 beds 2 baths ∙ 2,425 Sqft ∙ Built 1955 3 beds 2 baths ∙ 2,425 Sqft ∙ Built 1955
LEASED 01/16/20- Rent
- Rent Per SQFT
- $4,150
- $1.71
PROPERTY LISTING DETAILS
Active Realty
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: OC20172319
Last Updated: 08/25/2020
