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568 Wakeforest Street Brea, CA 92821

4 Beds 2 Baths 1,508 sqft Built 1965

$674,900

List Price

$2,960

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 1965
  • Price/Sqft : $447.55
  • 4 Days on Market
  • MLS # : OC20234274
  • Updated Date : 11/07/2020 at 13:49
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,508 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Welcome to this beautiful quaint neighborhood in Brea! Located minutes from the Brea Mall and Downtown Brea with great shopping and restaurants. This mid-century modern home boasts natural light throughout with 4 spacious bedrooms plus 2 full bathrooms on a large lot. When you enter the home you are greeted with brand new carpet and a large family room with a brick fireplace that is perfect for entertaining. The kitchen has stainless steel appliances and is open to the dining room which leads to the beautiful backyard. The backyard has a large custom pergola, mature fruit trees, a vegetable garden, and gorgeous landscaping. This home won't last long!

SEE MORE

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: 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
William E. Fanning Elementary School Primary Regular 465 16 9
William E. Fanning Elementary School Middle Regular 465 16 9
Brea-olinda High School High Regular 1,895 68 9

William E. Fanning Elementary School

  • Education Level: Primary
  • # of students: 465
  • # of teachers: 16
9
GreatSchools Rating

William E. Fanning Elementary School

  • Education Level: Middle
  • # of students: 465
  • # of teachers: 16
9
GreatSchools Rating

Brea-olinda High School

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

$607,410$742,390$674,900

PURCHASE PRICE

$2,664$3,256$2,960

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,960
EXPENSES Loan Payment -$2,490
Property Tax -$677
Property Insurance -$64
Property Management Fees -$145
CASH FLOW
-$416

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.

$674,900

PROJECTED PRICE

$2,960

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 4.7%
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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$184,599

INVESTMENT

$184,599

Down Payment
$168,725
Rehab Estimate
$5,750
Closing Costs
$10,124

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$2,490

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $168,725
Loan Amount $506,175
See What Happens When You Reinvest Cash Flow

3.08

YEARS SAVED

$19,774

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,960

    LIST RENT
  • $1.96

    LIST RENT PER SQFT
  • $2,926

    COMP ESTIMATED VALUE
  • $1.94

    COMP AVG. RENT PER SQFT
Comps Range
$2,800
1$2,8002$2,9603$3,0004$3,0955$3,175
$3,175
RENT COMPS ANALYSIS
  • 568 Wakeforest Street Brea, CA 2
    • 4 beds 2 baths ∙ 1,508 Sqft ∙ Built 1965 4 beds 2 baths ∙ 1,508 Sqft ∙ Built 1965
    • Rent
    • Rent Per SQFT
    •  
    • $2,960
    • $1.96
    •  
  • 1100 Mariposa Drive Brea, CA 1
    • 4 beds 2 baths ∙ 1,434 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,434 Sqft ∙ Built 1963
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.95
    •  
  • 215 Camphor Circle Brea, CA 3
    • 3 beds 2 baths ∙ 1,616 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,616 Sqft ∙ Built 1971
    LEASED 01/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.86
    •  
  • 177 Eastwood Place Brea, CA 4
    • 4 beds 2 baths ∙ 1,599 Sqft ∙ Built 1965 4 beds 2 baths ∙ 1,599 Sqft ∙ Built 1965
    LEASED 03/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,095
    • $1.94
    •  
  • 270 Creekwood Court Brea, CA 5
    • 3 beds 1 baths ∙ 1,577 Sqft ∙ Built 1980 3 beds 1 baths ∙ 1,577 Sqft ∙ Built 1980
    LEASED 06/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,175
    • $2.01
    •  
PROPERTY LISTING DETAILS
Katie Eastman
Coldwell Banker Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20234274
Last Updated: 11/07/2020
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