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500 Firethorne Street Brea, CA 92821

3 Beds 2 Baths 1,675 sqft Built 1960

INVESTimate

$780,000

List Price

$2,790

$2,540 - $3,040

Rent Est.

$816,348  ( +4.66%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 1960
  • Price/Sqft : $465.67
  • 7 Days on Market
  • MLS # : OC20169975
  • Updated Date : 08/21/2020 at 09:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,675 sqft
  • Baths : 2 full
Listing Agent

Redfin

Listing Agent's Description

Nestled away in a quiet neighborhood, this single story home on a corner lot, will steal your heart. The open floor plan allows the living room, dining area, kitchen, and sitting room to flow together seamlessly for ease of daily living. Imagine yourself snuggling up to the fireplace accented by a dramatic stone hearth in the living room. The large kitchen features two-tone cabinetry with crisp, white uppers and dark gray lowers. The Quartz countertops are accented with a decorative glass backsplash and under cabinet lighting that really makes it shine. The kitchen also features all stainless steel appliances, gas oven and stove, with a breakfast bar and a Butler’s pantry. The house has hardwood floors throughout as well as recessed lighting and ceiling fans in all of the bedrooms and the dining room. The house has been newly fitted with a brand new AC unit and new double pane windows. When paired with the wireless thermostat, it really makes for an energy efficient home. The breezeway is a for a great place for an outdoor living and dining spot, while the new adjacent deck is the perfect place to set up your BBQ or smoker. The large yard provides room for everyone to enjoy the gorgeous Southern California weather and also features mature fruit trees and a dog run. The house has a large 2 1/2 car garage with a built in room for tool storage, and rolling workbench. Close to the Brea golf course, skate park, shops, cafes and more! To see is to love it.

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MARKET HIGHLIGHTS

  • 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)
  • 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 area contributes to 55.3% of California state economy i.e. Gross State Product (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)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)
  • As part of Southern California area, Orange County market inherits all the benefits from the area.

PRICE & RENT TRENDS

Zip Code: 92821

ZipNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700kPrice in $243k742k

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

Zip Code: 92821

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
Arovista Elementary School Primary Regular 549 19 7
Brea Junior High School Middle Regular 891 32 8
Brea-olinda High School High Regular 1,895 68 9

Arovista Elementary School

  • Education Level: Primary
  • # of students: 549
  • # of teachers: 19
7
GreatSchools Rating

Brea Junior High School

  • Education Level: Middle
  • # of students: 891
  • # of teachers: 32
8
GreatSchools Rating

Brea-olinda High School

  • Education Level: High
  • # of students: 1,895
  • # of teachers: 68
9
GreatSchools Rating
 

$702,000$858,000$780,000

PURCHASE PRICE

$2,511$3,069$2,790

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

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 $2,790
EXPENSES Loan Payment -$2,878
Property Tax -$781
Property Insurance -$68
Property Management Fees -$137
CASH FLOW
-$1,073

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.

$780,000

PROJECTED PRICE

$2,790

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 4.66%
Maintenance Year (1-5) 8.00%
Vacancy 5.38%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$212,450

INVESTMENT

$212,450

Down Payment
$195,000
Rehab Estimate
$5,750
Closing Costs
$11,700

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,878

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $195,000
Loan Amount $585,000
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$482

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,790

    LIST RENT
  • $1.67

    LIST RENT PER SQFT
  • $2,944

    COMP ESTIMATED VALUE
  • $1.76

    COMP AVG. RENT PER SQFT
Comps Range
$2,700
1$2,7002$2,7903$2,8754$2,9505$3,300
$3,300
RENT COMPS ANALYSIS
  • 500 Firethorne Street Brea, 2
    • 3 beds 2 baths ∙ 1,675 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,675 Sqft ∙ Built 1960
    • Rent
    • Rent Per SQFT
    •  
    • $2,790
    • $1.67
    •  
  • 650 Cherry Street Brea, 1
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1957
    LEASED 05/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.80
    •  
  • 435 S Walnut Avenue Brea, 3
    • 3 beds 3 baths ∙ 1,694 Sqft ∙ Built 1945 3 beds 3 baths ∙ 1,694 Sqft ∙ Built 1945
    LEASED 12/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,875
    • $1.70
    •  
  • 3072 Maple Avenue Fullerton, 4
    • 3 beds 2 baths ∙ 1,712 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,712 Sqft ∙ Built 1965
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.72
    •  
  • 747 Arroues Drive Fullerton, 5
    • 4 beds 2 baths ∙ 1,822 Sqft ∙ Built 1975 4 beds 2 baths ∙ 1,822 Sqft ∙ Built 1975
    LEASED 04/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $1.81
    •  
PROPERTY LISTING DETAILS
Vickie Melin
Redfin
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20169975
Last Updated: 08/21/2020
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