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500 Palermo Way La Habra, CA 90631

3 Beds 2 Baths 1,568 sqft Built 1960

$730,000

List Price

$2,860

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1960
  • Price/Sqft : $465.56
  • 5 Days on Market
  • MLS # : PW21149107
  • Updated Date : 07/11/2021 at 09:26
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,568 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty

Listing Agent's Description

Welcome to this spotless, charming home with great living spaces and a quiet location. Located on a cul-de-sac, this home has beautiful features and upgrades throughout, including wood parquet flooring through the entry, the sunny living room, halls and bedrooms. The kitchen was fully remodeled and has quartz counters, a five-burner Thermadore gas range, GE Profile double oven, a secretary area, roll out shelves and large pantry. At the edge of the kitchen, there is a large dining area which leads to an oversized family room. The three bedrooms are large and the master and hallway baths have both been upgraded with granite and tile. Master features a great closet and plenty of storage. The home has Milgard dual paned windows along with plantation shutters throughout and recessed lighting in the kitchen and family room. The rear yard is fully fenced with block wall and it has a large covered patio area and beautiful fruit trees: Blood Orange, Tangerine and a Meyer Lemon tree. Roof is only 10 years old and has gutters. Come see the quality and space this home has to offer.

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • 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]

PRICE & RENT TRENDS

Zip Code: 90631

ZipNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700kPrice in $217k742k

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

Zip Code: 90631

ZipNIR Market*CityMarket2010Year2000 Q22019 Q218002000220024002600280030003200Rent in $17143345

* 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
Sierra Vista Elementary School Primary Regular 532 20 5
Washington Middle School Middle Regular 854 33 4
Sonora High School High Regular 1,924 67 9

Sierra Vista Elementary School

  • Education Level: Primary
  • # of students: 532
  • # of teachers: 20
5
GreatSchools Rating

Washington Middle School

  • Education Level: Middle
  • # of students: 854
  • # of teachers: 33
4
GreatSchools Rating

Sonora High School

  • Education Level: High
  • # of students: 1,924
  • # of teachers: 67
9
GreatSchools Rating
 

$657,000$803,000$730,000

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 -$2,536
Property Tax -$767
Property Insurance -$65
Property Management Fees -$140
CASH FLOW
-$648

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.

$730,000

PROJECTED PRICE

$2,860

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 6.6%
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

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$199,200

INVESTMENT

$199,200

Down Payment
$182,500
Rehab Estimate
$5,750
Closing Costs
$10,950

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,536

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $182,500
Loan Amount $547,500
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$6,190

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
  • $1.82

    LIST RENT PER SQFT
  • $2,885

    COMP ESTIMATED VALUE
  • $1.84

    COMP AVG. RENT PER SQFT
Comps Range
$2,595
1$2,5952$2,8003$2,8604$2,9005$3,100
$3,100
RENT COMPS ANALYSIS
  • 500 Palermo Way La Habra, CA 3
    • 3 beds 2 baths ∙ 1,568 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,568 Sqft ∙ Built 1960
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,860
    • $1.82
    •  
  • 1649 Norwood Court Brea, CA 1
    • 4 beds 3 baths ∙ 1,499 Sqft ∙ Built 1974 4 beds 3 baths ∙ 1,499 Sqft ∙ Built 1974
    property image
    LEASED 03/21/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,595
    • $1.73
    •  
  • 1285 Tracie Drive Brea, CA 2
    • 3 beds 2 baths ∙ 1,440 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,440 Sqft ∙ Built 1972
    property image
    LEASED 06/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.94
    •  
  • 1301 Wickford Drive Brea, CA 4
    • 4 beds 2 baths ∙ 1,575 Sqft ∙ Built 1961 4 beds 2 baths ∙ 1,575 Sqft ∙ Built 1961
    property image
    LEASED 01/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.84
    •  
  • 1362 Bexley Lane Brea, CA 5
    • 3 beds 2 baths ∙ 1,675 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,675 Sqft ∙ Built 1958
    property image
    LEASED 01/19/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.85
    •  
PROPERTY LISTING DETAILS
Christine Kennedy
Keller Williams Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21149107
Last Updated: 07/11/2021
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