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8562 Palermo Drive Huntington Beach, CA 92646

4 Beds 3 Baths 2,538 sqft Built 1976

$1,150,000

List Price

$4,170

$3.9K - $4.4K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1976
  • Price/Sqft : $453.11
  • 24 Days on Market
  • MLS # : OC20214170
  • Updated Date : 10/29/2020 at 13:49
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,538 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty

Listing Agent's Description

Beautiful and spacious this home is located in a very sought after neighborhood close to the beach, park and great schools. You will love the large living room with formal dining area for family gatherings.The huge first floor family room with fireplace can be used as an office, play room or first floor bedroom. The family kitchen has lots of cabinets with a hidden knife rack and hideaway sponge racks by sink. A work area for your computer makes finding recipes a piece of cake and there is also a breakfast bar and room for a table. The kitchen is also equipped with double ovens, a gas range and even the fridge is included. Upstairs you will find four very spacious bedrooms. The master retreat is huge and has a big private bath. The bedroom closets and coat closet are lined with cedar. Two full bathrooms on the second floor and a guest powder room on the first floor. A big bonus in that big 3 car garage has an upstairs man cave or dames den. The perfect place to make crafts, enjoy hobbies or use for extra storage. This beautiful home has been recently painted on the interior with designer colors, and it has A/C! Let the kids and pets get as dirty as they want as those slate floors on the first floor never show dirt and ghe washer and dryer are included as well! The second floor has warm wood floors and new carpet. A beautifully landscaped yard is an added bonus. Really the perfect family home in the perfect neighborhood! Your family will truly love living here.

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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

Neighborhood: Huntington Beach

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800kPrice in $243k844k

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

Neighborhood: Huntington Beach

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21800200022002400260028003000320034003600Rent in $17803620

* 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 T. Newland Elementary School Primary Regular 445 17 10
Samuel E. Talbert Middle School Middle Regular 722 29 9
Huntington Beach Adult School High Magnet 2,939 103 9

William T. Newland Elementary School

  • Education Level: Primary
  • # of students: 445
  • # of teachers: 17
10
GreatSchools Rating

Samuel E. Talbert Middle School

  • Education Level: Middle
  • # of students: 722
  • # of teachers: 29
9
GreatSchools Rating

Huntington Beach Adult School

  • Education Level: High
  • # of students: 2,939
  • # of teachers: 103
9
GreatSchools Rating
 

$1,035,000$1,265,000$1,150,000

PURCHASE PRICE

$3,753$4,587$4,170

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,170
EXPENSES Loan Payment -$4,243
Property Tax -$1,167
Property Insurance -$88
Property Management Fees -$204
CASH FLOW
-$1,532

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.

$1,150,000

PROJECTED PRICE

$4,170

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 5.2%
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$2.5M$3.0M

PROJECTED ANNUAL CASH FLOW

11530-$20k-$10k$0.0$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$310,500

INVESTMENT

$310,500

Down Payment
$287,500
Rehab Estimate
$5,750
Closing Costs
$17,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,243

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $287,500
Loan Amount $862,500
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$1,205

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,170

    LIST RENT
  • $1.64

    LIST RENT PER SQFT
  • $4,181

    COMP ESTIMATED VALUE
  • $1.65

    COMP AVG. RENT PER SQFT
Comps Range
$3,700
1$3,7002$4,0503$4,1704$4,2005$4,400
$4,400
RENT COMPS ANALYSIS
  • 8562 Palermo Drive Huntington Beach, CA 3
    • 4 beds 3 baths ∙ 2,538 Sqft ∙ Built 1976 4 beds 3 baths ∙ 2,538 Sqft ∙ Built 1976
    • Rent
    • Rent Per SQFT
    •  
    • $4,170
    • $1.64
    •  
  • 19162 Homestead Lane Huntington Beach, CA 1
    • 4 beds 3 baths ∙ 2,370 Sqft ∙ Built 1974 4 beds 3 baths ∙ 2,370 Sqft ∙ Built 1974
    LEASED 07/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,700
    • $1.56
    •  
  • 19611 Sacramento Huntington Beach, CA 2
    • 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 1976 4 beds 3 baths ∙ 2,300 Sqft ∙ Built 1976
    LEASED 05/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,050
    • $1.76
    •  
  • 19552 Helena Circle Huntington Beach, CA 4
    • 5 beds 3 baths ∙ 2,689 Sqft ∙ Built 1973 5 beds 3 baths ∙ 2,689 Sqft ∙ Built 1973
    LEASED 09/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $1.56
    •  
  • 8702 Luss Drive Huntington Beach, CA 5
    • 4 beds 3 baths ∙ 2,572 Sqft ∙ Built 1974 4 beds 3 baths ∙ 2,572 Sqft ∙ Built 1974
    LEASED 08/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,400
    • $1.71
    •  
PROPERTY LISTING DETAILS
Cheryl Coleman
Keller Williams Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20214170
Last Updated: 10/29/2020
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