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93 Barnes Road Tustin, CA 92782

3 Beds 3 Baths 1,920 sqft Built 2016

$925,000

List Price

$3,560

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

January 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $481.77
  • 6 Days on Market
  • MLS # : NP21006165
  • Updated Date : 01/12/2021 at 17:32
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,920 sqft
  • Baths : 2 full , 1 half
Listing Agent

Berkshire Hathaway Homeservice

Listing Agent's Description

Welcome to Tustin Legacy! This beautiful home offers 3 bedrooms and 2.5 baths, along with an office/den on the main floor. The inviting floorplan provides an open concept living with kitchen, dining and living areas. Chefs kitchen with ample working space, large center island/breakfast bar, designer tile back splash, granite counters, plenty of cupboard space and stainless steel appliances. All 3 bedrooms are upstairs, including a generous master with an en suite that offers dual sinks, a soaking tub, separate shower and a sizable walk in closet. For convenience and efficiency the laundry room is located upstairs as well and offers a huge open shelving linen closet. Additionally you will find recessed lighting, plantation shutters, gorgeous easy to maintain floors on the main level and carpet offering quiet warmth for the upstairs bedrooms. The private rear yard provides covered patio and finished hardscape making back yard entertaining a delight. 2 car finished garage with room for storage and direct access to the home. Tustin Legacy community offers resort style living, you will enjoy the clubhouse, along with a loggia with a fireplace with plenty of seating, Firepit, BBQ area, basketball court, two bocce ball courts, a picnic pavilion, huge swimming pool, spa, interactive waterplay area, and a large lawn area. This property is perfectly located near the District which provides, shopping, restaurants and movie theaters.

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

Neighborhood: Tustin Legacy

NeighborhoodNIR Market*CityMarket2010Year20002019300k350k400k450k500k550k600k650k700k750k800k850k900kPrice in $272k946k

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

Neighborhood: Tustin Legacy

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q220002200240026002800300032003400360038004000420044004600Rent in $19814714

* 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
Heritage Elementary School Primary Regular 7
A. G. Currie Middle School Middle Regular 763 28 3
Tustin High School High Regular 2,304 86 7

Heritage Elementary School

  • Education Level: Primary
  • # of students:
  • # of teachers:
7
GreatSchools Rating

A. G. Currie Middle School

  • Education Level: Middle
  • # of students: 763
  • # of teachers: 28
3
GreatSchools Rating

Tustin High School

  • Education Level: High
  • # of students: 2,304
  • # of teachers: 86
7
GreatSchools Rating
 

$832,500$1,017,500$925,000

PURCHASE PRICE

$3,204$3,916$3,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,560
EXPENSES Loan Payment -$3,213
Property Tax -$909
Property Insurance -$73
HOA -$290
Property Management Fees -$174
CASH FLOW
-$1,100

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$925,000

PROJECTED PRICE

$3,560

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 4.4%
Maintenance Year (1-5) 8.00%
Vacancy 5.81%
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-$20k-$15k-$10k-$5.0k$0.0$5.0k$10k

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$250,875

INVESTMENT

$250,875

Down Payment
$231,250
Rehab Estimate
$5,750
Closing Costs
$13,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,213

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $231,250
Loan Amount $693,750
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$703

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,560

    LIST RENT
  • $1.85

    LIST RENT PER SQFT
  • $3,562

    COMP ESTIMATED VALUE
  • $1.86

    COMP AVG. RENT PER SQFT
Comps Range
$3,200
1$3,2002$3,2503$3,5504$3,5605$3,600
$3,600
RENT COMPS ANALYSIS
  • 93 Barnes Road Tustin, CA 4
    • 3 beds 3 baths ∙ 1,920 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,920 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $3,560
    • $1.85
    •  
  • 15540 Sonora Street Tustin, CA 1
    • 3 beds 3 baths ∙ 1,748 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,748 Sqft ∙ Built 2007
    LEASED 11/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.83
    •  
  • 35 Avanzare Irvine, CA 2
    • 3 beds 3 baths ∙ 1,868 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,868 Sqft ∙ Built 1997
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $1.74
    •  
  • 5 Barnes Road Tustin, CA 3
    • 3 beds 3 baths ∙ 1,860 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,860 Sqft ∙ Built 2016
    LEASED 04/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,550
    • $1.91
    •  
  • 35 Barnes Rd Tustin, CA 5
    • 3 beds 3 baths ∙ 1,860 Sqft ∙ Built 2015 3 beds 3 baths ∙ 1,860 Sqft ∙ Built 2015
    LEASED 10/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $1.94
    •  
PROPERTY LISTING DETAILS
Aaron Khosh
Berkshire Hathaway Homeservice
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: NP21006165
Last Updated: 01/12/2021
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