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703 N Highland Street Orange, CA 92867

3 Beds 2 Baths 1,059 sqft Built 1955

$699,000

List Price

$2,820

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

February 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1955
  • Price/Sqft : $660.06
  • 6 Days on Market
  • MLS # : PW21022882
  • Updated Date : 02/11/2021 at 12:59
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,059 sqft
  • Baths : 2 full
Listing Agent

Country West Financial Service

Listing Agent's Description

Welcome home to Highland Street, a street in the beautiful city of Orange where the palm tress sway, the neighbors know you, celebrate the holidays with you, and care about how you are. The fabulous 3 bedroom, 2 bath, 2 car garage home sits in the middle of the street and has great curb appeal. You enter the home to a very nice living room and the home has great color schemes. The kitchen is a nice size. The home has a large living room that leads to the back yard which is great in size and large enough for a huge pool. To the left of the house entry are the bedrooms. Please come and see, you won't be disappointed.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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.

PRICE & RENT TRENDS

Zip Code: 92867

ZipNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800kPrice in $243k813k

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

Zip Code: 92867

ZipNIR Market*CityMarket2010Year2000 Q22019 Q2200022002400260028003000320034003600Rent in $18443604

* 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
Yorba Middle School Middle Regular 582 26 5
Orange High School High Regular 1,927 79 4
Orange High School High Unknown NA

Yorba Middle School

  • Education Level: Middle
  • # of students: 582
  • # of teachers: 26
5
GreatSchools Rating

Orange High School

  • Education Level: High
  • # of students: 1,927
  • # of teachers: 79
4
GreatSchools Rating

Orange High School

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$629,100$768,900$699,000

PURCHASE PRICE

$2,538$3,102$2,820

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,820
EXPENSES Loan Payment -$2,428
Property Tax -$684
Property Insurance -$52
Property Management Fees -$138
CASH FLOW
-$482

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.

$699,000

PROJECTED PRICE

$2,820

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 6.1%
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$20k

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$190,985

INVESTMENT

$190,985

Down Payment
$174,750
Rehab Estimate
$5,750
Closing Costs
$10,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,428

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $174,750
Loan Amount $524,250
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$12,268

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,820

    LIST RENT
  • $2.66

    LIST RENT PER SQFT
  • $2,608

    COMP ESTIMATED VALUE
  • $2.46

    COMP AVG. RENT PER SQFT
Comps Range
$2,820
1$2,8202$3,1003$3,2004$3,4005$3,550
$3,550
RENT COMPS ANALYSIS
  • 703 N Highland Street Orange, CA 1
    • 3 beds 2 baths ∙ 1,059 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,059 Sqft ∙ Built 1955
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,820
    • $2.66
    •  
  • 482 N Fern Street Orange, CA 2
    • 4 beds 2 baths ∙ 1,309 Sqft ∙ Built 1955 4 beds 2 baths ∙ 1,309 Sqft ∙ Built 1955
    property image
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $2.37
    •  
  • 814 N Maplewood Street Orange, CA 3
    • 4 beds 2 baths ∙ 1,344 Sqft ∙ Built 1956 4 beds 2 baths ∙ 1,344 Sqft ∙ Built 1956
    property image
    LEASED 01/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.38
    •  
  • 1316 E Orange Grove Avenue Orange, CA 4
    • 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1958
    property image
    LEASED 12/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.52
    •  
  • 2516 E Monroe Avenue Orange, CA 5
    • 3 beds 2 baths ∙ 1,375 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,375 Sqft ∙ Built 1959
    property image
    LEASED 03/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,550
    • $2.58
    •  
PROPERTY LISTING DETAILS
Myeetsha Coffer-barnes
Country West Financial Service
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21022882
Last Updated: 02/11/2021
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