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712 Morse Drive Santa Ana, CA 92703

3 Beds 2 Baths 1,464 sqft Built 1948

$699,000

List Price

$2,980

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1948
  • Price/Sqft : $477.46
  • 3 Days on Market
  • MLS # : PW21058171
  • Updated Date : 03/19/2021 at 21:55
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,464 sqft
  • Baths : 2 full
Listing Agent

Firststar Experts Realty & Mtg

Listing Agent's Description

This custom built 1948 home with large 10,032 square foot lot at the end of a PRIVATE CUL-DE-SAC is a rare find!. With its charming front porch, cedar construction and original hardwood flooring, you're sure to be impressed. The floor plan features a sunny living room, formal dining area, a large master bedroom. The detached 2 car garage has been converted into a one bedroom studio without permit. Lots of gardening areas and lots of rooms to park cars.

SEE MORE

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)
  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Harbor Boulevard

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700kPrice in $181k742k

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

Neighborhood: Harbor Boulevard

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2160018002000220024002600280030003200Rent in $14673345

* 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
Irvine Intermediate School Middle Regular 857 32 7
Los Amigos High School High Regular 1,787 74 5

Irvine Intermediate School

  • Education Level: Middle
  • # of students: 857
  • # of teachers: 32
7
GreatSchools Rating

Los Amigos High School

  • Education Level: High
  • # of students: 1,787
  • # of teachers: 74
5
GreatSchools Rating
 

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

PURCHASE PRICE

$2,682$3,278$2,980

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,980
EXPENSES Loan Payment -$2,428
Property Tax -$740
Property Insurance -$62
Property Management Fees -$146
CASH FLOW
-$396

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$699,000

PROJECTED PRICE

$2,980

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 10.3%
Maintenance Year (1-5) 8.00%
Vacancy 4.35%
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$2.5M

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$2.5M

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 55% 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

3.42

YEARS SAVED

$19,969

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,980

    LIST RENT
  • $2.04

    LIST RENT PER SQFT
  • $3,137

    COMP ESTIMATED VALUE
  • $2.14

    COMP AVG. RENT PER SQFT
Comps Range
$2,800
1$2,8002$2,8003$2,9804$3,0005$3,199
$3,199
RENT COMPS ANALYSIS
  • 712 Morse Drive Santa Ana, CA 3
    • 3 beds 2 baths ∙ 1,464 Sqft ∙ Built 1948 3 beds 2 baths ∙ 1,464 Sqft ∙ Built 1948
    • Rent
    • Rent Per SQFT
    •  
    • $2,980
    • $2.04
    •  
  • 15181 Starboard Street Garden Grove, CA 1
    • 3 beds 2 baths ∙ 1,289 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,289 Sqft ∙ Built 1962
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $2.17
    •  
  • 10662 Henderson Avenue Garden Grove, CA 2
    • 3 beds 2 baths ∙ 1,448 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,448 Sqft ∙ Built 1963
    LEASED 05/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.93
    •  
  • 830 S Austin Street Santa Ana, CA 4
    • 4 beds 2 baths ∙ 1,491 Sqft ∙ Built 1956 4 beds 2 baths ∙ 1,491 Sqft ∙ Built 1956
    LEASED 12/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $2.01
    •  
  • 13701 Lanning Street Garden Grove, CA 5
    • 4 beds 2 baths ∙ 1,300 Sqft ∙ Built 1955 4 beds 2 baths ∙ 1,300 Sqft ∙ Built 1955
    LEASED 03/04/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,199
    • $2.46
    •  
PROPERTY LISTING DETAILS
Lillian Thai
Firststar Experts Realty & Mtg
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21058171
Last Updated: 03/19/2021
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