2514 N Tustin Unit E · Santa Ana, CA 92705

$298,000

4 bd · 2.5 ba · 1,679 sqft · Condo · 8 Days on market

Built 1974 $705/mo HOA · 16% of rent ↓ 17% since listing

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +26.1/30.0
• 1% rule +9.9/10.0
• DSCR +8.8/10.0
• ARV discount +7.5/15.0
• Schools +4.5/10.0
• Rent growth +3.4/5.0
• Livability +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Large 4 Bedroom 2.5 Bath Home With 2 Car Garage In Lovely Shadyhollow Complex. Open, Spacious Floorplan In The Heart Of The Tract. Master Br W/ Fp & Walk In Closet; Fr W/ Fp And View Of Greenbelt. Large Lr & Da + Huge Family Room. Ceramic Tile Counters In Ktchn W/ Gas Stove Huge Patio Backs To Greenbelt

Key facts

• $705 HOA
• 2 garage spots
• Community pool

Property features AI

Finance

• Other: Subdivision: Shady Hollow Townhomes
• Financial info: Land lease present with a monthly land lease amount of $1,853.92; Special assessments apply
• HOA & community: Part of an association (Shady Hollow); Monthly association fee of $550; Secondary monthly association fee of $155; Association amenities include front yard maintenance, pool, clubhouse, spa, and security; Community contains approximately 150 units

Exterior

• Parking: Attached 2-car garage; Two uncovered parking spaces (4 total parking spaces); Permit/Decal parking and additional parking spaces
• Security: Community security
• Utilities: Public sewer; District/public water
• Home design: Condominium in a multi-family property; Attached unit with 2 total stories; No accessory dwelling unit
• Construction: Property attached to neighboring units; Two or more common walls
• Exterior features: Private pool; 0–1 unit/acre lot characteristic; Sidewalks in the community

Interior

• Bedrooms: Bedrooms are all on the upper level
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Central furnace heating; Central air conditioning
• Interior features: Two-level interior; All bedrooms located upstairs; Main level has one bathroom; Association spa available
• Laundry & utility: Laundry located in the garage

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath condo listed at $298k.

Deal economics

• At list price, monthly cash flow is $753 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $298k).
• Cap rate 9.3% vs local median 2.5% in Santa Ana — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 55/100 on livability (#871 in CA) — a working-class tenant base; expect higher turnover. Strengths: employment A; Watch: crime D-, amenities F, commute F.
• Orange Unified (urban): math 39% / reading 60% proficiency, ranked #127 of 517 in CA (top 25%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Fairhaven Elementary (math 24% / reading 24%, grade F, #973 of 1,571 statewide, top 73%, 445 students, 64% FRL); Portola Middle (597 students, 91% FRL); Orange High (math 19% / reading 48%, grade F, #656 of 1,170 statewide, top 57%, 1,807 students, 89% FRL) — zoned schools average 82% FRL vs 38% district-wide (43 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 29% at this address vs 50% district-wide (-20 pts) — the specific schools serving this property underperform the Orange Unified average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+3.7%/yr); 97 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 6,974 units permitted in Orange County in 2024 (3,839 in 5+ unit buildings).
• This rent runs 41% of the median local income ($129k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Orange County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.7% rent growth), your $83k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 23y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $298,000

Questions for the listing agent

1. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.49% ✓
• Cap rate: 9.33%
• Cash-on-cash: 10.83%
• DSCR: 1.48
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.72% rent growth · sell at horizon

5-year hold

• IRR: 1.1%
• Equity multiple: 1.04×
• Total profit: $3,442
• Equity at exit: $44,433

10-year hold

• IRR: 11.7%
• Equity multiple: 1.96×
• Total profit: $80,343
• Equity at exit: $25,766

Cash invested: $83,440 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 92705

• Rents YoY: 3.7%
• Active inventory: 97
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $4,453 high
• Mortgage (P&I): −$1,563
• Tax est. 1.5%: −$372 /mo · $4,470/yr
• Insurance: −$124
• HOA: −$705
• Vacancy / Maint / Mgmt: −$935
• Net cashflow: $753

Break-even live

Break-even rent $3,499

Max offer price $298,000

Occupancy floor 78%

Sensitivity live

Price	-10% $959	-5% $856	+0% $753	+5% $650	+10% $547
Rent	-10% $402	-5% $577	+0% $753	+5% $929	+10% $1,105
Rate	-1.0pp $903	-0.5pp $829	base $753	+0.5pp $676	+1.0pp $598

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $74,500
• Closing costs: $8,940
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2215 E Avalon Ave Santa Ana, CA	3.0	2.0	1315	$1,400	$1.06	45d	1	0.41mi
2210 E Avalon Ave Santa Ana, CA	3.0	2.0	1325	$3,750	$2.83	0d	1	0.43mi
2210 E Avalon Ave Unit 2210 Santa Ana, CA	3.0	2.0	1325	$3,800	$2.87	45d	1	0.43mi
1047 E Tularosa Ave Orange, CA	3.0	2.0	1745	$4,500	$2.58	0d	1	0.67mi
327 S Wayfield St Orange, CA	3.0	2.0	1200	$3,900	$3.25	0d	1	0.92mi
1600 Mabury St Santa Ana, CA	3.0	2.0	1480	$3,595	$2.43	45d	1	0.92mi
478 S Grand St Orange, CA	3.0	1.0	1066	$4,195	$3.94	16d	1	1.03mi
478 S Grand St Orange, CA	3.0	1.0	1066	$3,995	$3.75	11d	1	1.03mi
480 S Grand St Unit 478 Orange, CA	3.0	1.0	1066	$3,995	$3.75	6d	1	1.04mi
408 W La Veta Ave Orange, CA	3.0	2.0	1439	$4,000	$2.78	45d	1	1.25mi
401 W La Veta Ave Orange, CA	2.0–3.0	2.0–2.5	1152	$3,695	$3.21	11d	6	1.28mi
181 N Waverly St Orange, CA	3.0	2.0	1522	$4,900	$3.22	45d	1	1.30mi
1710 E Fruit St Santa Ana, CA	3.0	2.0	2000	$4,200	$2.10	26d	1	1.30mi
166 N Cambridge St Orange, CA	3.0	2.0	1100	$3,995	$3.63	18d	1	1.31mi
2737 Burly Ave Orange, CA	4.0	3.0	2062	$5,750	$2.79	45d	1	1.31mi
850 W Town and Country Rd Orange, CA	3.0	1.0–2.0	1008	$4,382	$4.35	0d	23	1.35mi
2311 Valencia St Santa Ana, CA	3.0	2.0	1422	$4,500	$3.16	0d	1	1.43mi
227 N Cleveland St Orange, CA	3.0	2.0	1200	$5,295	$4.41	0d	1	1.43mi
283 N Highland St Orange, CA	5.0	2.0	1827	$6,100	$3.34	20d	1	1.44mi
1000 W Town and Country Rd Orange, CA	3.0	1.0–2.0	1008	$4,530	$4.49	0d	27	1.46mi
345 N Shattuck Pl Orange, CA	3.0	2.0	1421	$4,995	$3.52	0d	1	1.47mi
345 N Shattuck Pl Orange, CA	3.0	1.5	1434	$5,195	$3.62	18d	1	1.47mi
250 N Cleveland St Orange, CA	3.0	1.0	1280	$4,500	$3.52	20d	1	1.47mi
1055 W Town and Country Rd Orange, CA	1.0–3.0	1.0–2.0	1053	$4,300	$4.08	0d	2	1.47mi
191 N Grand St Orange, CA	4.0	2.0	1591	$5,500	$3.46	14d	1	1.47mi

HOA detail condo

• Monthly dues: $705 · $8,460/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-21
   days on market $298,000 Active 8 DOM
2. 2026-06-18
   days on market $298,000 Active 5 DOM
3. 2026-06-17
   days on market $298,000 Active 4 DOM
4. 2026-06-16
   days on market $298,000 Active 3 DOM
5. 2026-06-15
   days on market $298,000 Active 2 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $298,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $53,434
• − Mortgage interest: −$16,693
• − Property taxes: −$4,470
• − Insurance: −$1,490
• − Repairs & maintenance: −$4,275
• − Management: −$4,275
• − HOA: −$8,460
• − Depreciation: −$8,669
• Taxable income: $5,103
• Est. tax owed @ 24.0%: −$1,225
• After-tax cash flow: $7,816/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Orange Unified
• NCES district ID: 0628650
• Math proficiency: 39% ▼ -6.00%
• Reading proficiency: 60% ▲ 3.00%
• Median HH income: $83,557
• Composite: 45.5/100
• National rank: #2609
• State rank: #127 of 517 in CA

Livability — Santa Ana

• Score: 55/100
• State rank: #871
• US rank: #23502

Category grades

Amenities F Commute F Cost of living F Crime D- Employment A Housing B- Health & safety F User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Santa Ana, CA
• County: Orange County · 3,096,323 people
• City population: 288,255
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 48,781
• Household income: $129,331
• Rent vs Own: 38.7% rent · 61.3% own
• Severe rent burden: 1962.0

Population outlook (Orange County) Hauer SSP2

• Today (2025): 3,477,456 people
• By 2030: 3,613,117 · +3.9%
• By 2040: 3,835,945 · +10.3%
• By 2050: 3,968,736 · +14.1%
• By 2075: 4,097,053 · +17.8%
• By 2100: 3,903,633 · +12.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: Hispanic / Latino 48% White 34% Two or more races 17% Asian 11% Black 1%
• Hispanic origin (detail): Mexican 42%
• Common ancestry: Lithuanian 2% Italian 1% Romanian 1%
• Foreign-born: 25% · Canada, Vietnam, China
• Languages at home: 53% English-only · Spanish 36% Other Indo-European 3% Chinese 2%

Political lean MEDSL · Orange

• 2024 margin: Toss-up / Even · D 49.7% · R 47.1% · Other 3.2%
• 2008→2024 swing: +5.2pp toward D · 2008: -2.6pp · 2024: 2.6pp
• All cycles: 2024: D+2.6 2020: D+9.0 2016: D+7.7 2012: R+8.3 2008: R+2.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -831.43%
• Current HPI: 453.5303
• Rent YoY: ▲ 3.72%
• Metro: Los Angeles-Long Beach-Anaheim, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

-16.9% since first listed

5 events — show timeline

• 2026-06-13 Listed $298,000 CRMLS
• 2006-10-04 Listing Removed — CRMLS
• 2006-08-25 Listed $420,000 CRMLS
• 2003-12-10 Sold (MLS) $320,000 CRMLS
• 2003-10-04 Listed $358,500 CRMLS