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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

$3,450

$3,200 - $3,700

Rent Est.

$869,385  ( +5.38%)   1 YR EST. FORECAST

PROPERTY INFO

August 25, 2020 RECENTLY ADDED
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.

SEE MORE

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

ZipNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700kPrice in $230k742k

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

Zip Code: 92833

ZipNIR Market*CityMarket2010Year2000 Q22019 Q2160018002000220024002600280030003200Rent in $15703345

* 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
Fern Drive Elementary School Primary Regular 616 20 6
D. Russell Parks Junior High School Middle Regular 1,050 32 8
Sunny Hills High School High Regular 2,264 78 9

Fern Drive Elementary School

  • Education Level: Primary
  • # of students: 616
  • # of teachers: 20
6
GreatSchools Rating

D. Russell Parks Junior High School

  • Education Level: Middle
  • # of students: 1,050
  • # of teachers: 32
8
GreatSchools Rating

Sunny Hills High School

  • Education Level: High
  • # of students: 2,264
  • # of teachers: 78
9
GreatSchools Rating
 

$742,500$907,500$825,000

PURCHASE PRICE

$3,105$3,795$3,450

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-$15k-$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

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

ASSUMPTIONS

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

TOTAL OUT OFPOCKET$224,375

INVESTMENT

$224,375

Down Payment
$206,250
Rehab Estimate
$5,750
Closing Costs
$12,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,044

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $206,250
Loan Amount $618,750
See What Happens When You Reinvest Cash Flow

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
$3,450
1$3,4502$3,6003$3,8504$4,0005$4,150
$4,150
RENT COMPS ANALYSIS
  • 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
Leslie Gonzalez
Active Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20172319
Last Updated: 08/25/2020
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