2618 N Tustin Unit D/34 · Santa Ana, CA 92705

$320,500

3 bd · 2.5 ba · 1,617 sqft · Condo · 48 Days on market

Built 1974 Good condition $198/sqft · 9% below area Est $350k · 9% under $705/mo HOA · 17% of rent ↓ 4% since listing

---

Why this score? — see what drove the C 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 +18.2/30.0
• ARV discount +11.3/15.0
• 1% rule +7.7/10.0
• DSCR +5.7/10.0
• Schools +4.5/10.0
• Condition / age +3.8/5.0
• Rent growth +3.4/5.0
• Livability +2.8/5.0
• Appreciation +0.0/10.0

Listing remarks

Nicely Gated Community in the heart of Santa Ana. Yes, this property is on a Land Lease! Come see for yourself. ShadyHollow Community give your privacy and comfort of a family setting. Enjoy this 2-story home with a cozy front enclosed patio that takes you right into your new home ready for your new ideas and changes. definitely ready to move in. Open floor plan with high beam ceilings. Formal dining area big and spacious for entertaining family and friends. Lots of natural light coming through this home. The stairs take you to all 3 bedrooms, large. with Primary having their own suite bathroom. 2 bathrooms upstairs and 1.2 Downstairs for guest. Enjoy your large back patio with lots of roo

Key facts

• Gated community
• Open floor plan
• Natural light

Tags

• GATED COMMUNITY
• FRONT ENCLOSED PATIO
• OPEN FLOOR PLAN
• HIGH BEAM CEILINGS
• FORMAL DINING AREA
• NATURAL LIGHT

Property features AI

Finance

• Other: Lot features: 0-1 Unit/Acre; Lot size source: Assessor's data; Year built source: Assessor
• Financial info: Land lease: $1,809 with renewal date December 1, 2049; Special assessments
• HOA & community: Part of association (Kendra; secondary: TSG); Association amenities: Pool, Spa; Association fee $550 monthly (primary); Secondary association fee $155 monthly; Community features: Gutters, Sidewalks; Community size: 150 units

Exterior

• Parking: Attached garage with direct garage access; 2 garage spaces (2 total parking spaces)
• Security: Gated community
• Utilities: Public/district water; Public sewer; Standard electric; Natural gas available; Electricity available; Water available
• Home design: Condominium (attached property); House structure type; Two stories; Entry level: 1; Has a view; One common wall
• Construction: Shingle roof; Concrete and drywall construction; Concrete slab foundation; Block wall and wood fencing
• Exterior features: Front porch; Brick and concrete porch/patio; Patio (slab); See remarks (exterior); Community pool

Interior

• Kitchen: Gas range; Breakfast nook; Tile countertops
• Bedrooms: Two levels with all bedrooms up; Two main-level bedrooms
• Bathrooms: 2 full bathrooms; 1 half bathroom; 1 main-level bathroom
• Heating & cooling: Central furnace heating; Central cooling
• Interior features: Panel doors; Copper plumbing (partial); Ceiling fan; Pantry; Storage space; Tile counters; Wood frame windows; Gated community; Community spa (association)
• Laundry & utility: Laundry area in garage

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $320k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $287 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $320k).
• Recommended offer: $311k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.4% 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: schools D, crime D-, amenities 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.
• Market conditions: Rents rising (+3.7%/yr); 100 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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 38% 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 $10k 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.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($311k) is reasonable based on typical stale-listing flexibility.

Recommended offer $310,885 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.27% ✓
• Cap rate: 7.37%
• Cash-on-cash: 3.83%
• DSCR: 1.17
• GRM: 6.6

CMA / ARV

• ARV (median comp): $350,316
• List price: $320,500
• Delta: -8.51%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -9.1%
• Equity multiple: 0.66×
• Total profit: $-30,229
• Equity at exit: $47,788

10-year hold

• IRR: 1.7%
• Equity multiple: 1.13×
• Total profit: $11,517
• Equity at exit: $27,711

Cash invested: $89,740 (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: 100
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $4,059 high
• Mortgage (P&I): −$1,681
• Tax est. 1.5%: −$401 /mo · $4,808/yr
• Insurance: −$134
• HOA: −$705
• Vacancy / Maint / Mgmt: −$852
• Net cashflow: $287

Break-even live

Break-even rent $3,696

Max offer price $320,500

Occupancy floor 88%

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: $80,125
• Closing costs: $9,615
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
819 S Ponderosa St Orange, CA	2.0	2.0	1300	$2,980	$2.29	43d	1	0.22mi
2243 E Santa Clara Ave Santa Ana, CA	1.0–2.0	1.0–2.0	991	$2,925	$2.95	24d	3	0.45mi
2215 E Avalon Ave Santa Ana, CA	3.0	2.0	1315	$1,400	$1.06	43d	1	0.52mi
2210 E Avalon Ave Unit 2210 Santa Ana, CA	3.0	2.0	1325	$3,800	$2.87	43d	1	0.54mi
1300 Fairhaven Ave Santa Ana, CA	1.0–2.0	1.0–2.0	900	$2,879	$3.20	7d	5	0.85mi
1920 Sherry Ln Santa Ana, CA	2.0	2.0	1080	$2,995	$2.77	24d	1	0.86mi
817 E Palmyra Ave Orange, CA	2.0	2.0	1656	$3,000	$1.81	22d	1	0.91mi
478 S Grand St Orange, CA	3.0	1.0	1066	$4,195	$3.94	15d	1	0.99mi
478 S Grand St Orange, CA	3.0	1.0	1066	$3,995	$3.75	10d	1	0.99mi
480 S Grand St Unit 478 Orange, CA	3.0	1.0	1066	$3,995	$3.75	5d	1	1.00mi
1600 Mabury St Santa Ana, CA	3.0	2.0	1480	$3,595	$2.43	43d	1	1.07mi
2737 Burly Ave Orange, CA	4.0	3.0	2062	$5,750	$2.79	43d	1	1.17mi
181 N Waverly St Orange, CA	3.0	2.0	1522	$4,900	$3.22	43d	1	1.18mi
166 N Cambridge St Orange, CA	3.0	2.0	1100	$3,995	$3.63	17d	1	1.19mi
336 W La Veta Ave Unit D Orange, CA	2.0	2.0	1080	$2,750	$2.55	43d	1	1.21mi
408 W La Veta Ave Orange, CA	3.0	2.0	1439	$4,000	$2.78	43d	1	1.24mi
401 W La Veta Ave Orange, CA	2.0–3.0	2.0–2.5	1152	$3,695	$3.21	10d	6	1.26mi
345 N Shattuck Pl Orange, CA	3.0	1.5	1434	$5,195	$3.62	17d	1	1.33mi
345 N Shattuck Pl Orange, CA	3.0	2.0	1421	$5,195	$3.66	12d	1	1.33mi
227 N Cleveland St Orange, CA	3.0	2.0	1200	$5,495	$4.58	12d	1	1.33mi
250 N Cleveland St Orange, CA	3.0	1.0	1280	$4,500	$3.52	19d	1	1.37mi
191 N Grand St Orange, CA	4.0	2.0	1591	$5,500	$3.46	12d	1	1.39mi
850 W Town and Country Rd Orange, CA	3.0	1.0–2.0	1008	$4,410	$4.38	2d	27	1.39mi
367 N Waverly St Unit 367 Orange, CA	4.0	4.0	1578	$5,995	$3.80	12d	1	1.40mi
243 N Grand St Orange, CA	3.0	2.0	1934	$4,950	$2.56	24d	1	1.44mi
1710 E Fruit St Santa Ana, CA	3.0	2.0	2000	$4,200	$2.10	24d	1	1.45mi
390 N Cambridge St Orange, CA	4.0	3.5	2205	$5,995	$2.72	43d	1	1.46mi
306 N Shaffer St Orange, CA	3.0	2.0	1343	$5,495	$4.09	6d	1	1.46mi
268 N Grand St Orange, CA	3.0	2.0	1671	$4,795	$2.87	2d	1	1.48mi
281 N Grand St Orange, CA	3.0	2.0	1200	$3,500	$2.92	43d	1	1.48mi
264 N Grand St Unit 268N Orange, CA	3.0	2.0	1166	$4,995	$4.28	7d	1	1.48mi
1000 W Town and Country Rd Orange, CA	3.0	1.0–2.0	1008	$4,523	$4.49	2d	27	1.49mi
1055 W Town and Country Rd Orange, CA	1.0–3.0	1.0–2.0	1053	$4,300	$4.08	2d	5	1.49mi

HOA detail condo

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

Listing history 15 events

1. 2026-06-18
   days on market $320,500 Active 48 DOM
2. 2026-06-17
   days on market $320,500 Active 47 DOM
3. 2026-06-16
   days on market $320,500 Active 46 DOM
4. 2026-06-15
   days on market $320,500 Active 45 DOM
5. 2026-06-13
   days on market $320,500 Active 43 DOM
6. 2026-06-13
   days on market $320,500 Active 42 DOM
7. 2026-06-09
   days on market $320,500 Active 39 DOM
8. 2026-06-08
   days on market $320,500 Active 38 DOM
9. 2026-06-07
   days on market $320,500 Active 37 DOM
10. 2026-06-04
    days on market $320,500 Active 34 DOM
11. 2026-06-03
    days on market $320,500 Active 33 DOM
12. 2026-06-02
    days on market $320,500 Active 32 DOM
13. 2026-06-01
    days on market $320,500 Active 31 DOM
14. 2026-05-31
    days on market $320,500 Active 30 DOM
15. 2026-05-01
    listed $335,000 Active 728-char remark

ⓘ 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: $48,705
• − Mortgage interest: −$17,953
• − Property taxes: −$4,808
• − Insurance: −$1,602
• − Repairs & maintenance: −$3,896
• − Management: −$3,896
• − HOA: −$8,460
• − Depreciation: −$9,324
• Taxable loss: −$1,234
• Est. tax savings @ 24.0%: +$296
• After-tax cash flow: $3,735/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.

Condition & rehab AI · 10 photos

Good 75/100 Cosmetic rehab

This 2-story townhouse is in good condition with a good rehab level, ready for cosmetic updates to enhance its resale and rental value.

Value-add opportunities

• Both paint exterior — enhances curb appeal and value
• Both replace window screens — improves energy efficiency and aesthetics
• Both update kitchen cabinets — modernizes the space and adds value
• Both update bathrooms — modernizes the space and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior — enhances curb appeal and value ↑
• Both replace window screens — improves energy efficiency and aesthetics ↑
• Both update kitchen cabinets — modernizes the space and adds value ↑
• Both update bathrooms — modernizes the space and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-4.3% since first listed

2 events — show timeline

• 2026-05-27 Price Changed $320,500 CRMLS
• 2026-05-01 Listed $335,000 CRMLS