2514 N Tustin Unit F(66) · Santa Ana, CA 92705

$319,999

3 bd · 2.5 ba · 1,617 sqft · Condo · 156 Days on market

Built 1974 $198/sqft · 9% below area Est $351k · 9% under $550/mo HOA · 14% of rent

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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 +18.9/30.0
• ARV discount +11.4/15.0
• 1% rule +7.2/10.0
• DSCR +5.9/10.0
• 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

Great starter home in the Gated Community of Shady Hollow! This spectacular two-level home offers 3 bedrooms with 2.5 baths, cathedral ceilings, an open floor plan, central AC, fresh paint throughout, new faucets, completely re-piped and a new updated to 200amp electrical panel to be installed soon, a private front patio area and a generous sized back patio. The first floor includes a kitchen with ceramic countertops, a new gas range and microwave and a half-bath. Spacious dining area with cathedral wood ceilings with fans and direct access to the back patio. A spacious living room with a fireplace and access to the back patio. Direct access to a 2-car garage with washer/dryer hookups. The 2nd level offers a large master bedroom with its own fireplace, a walk-in closet, bathroom with sink cabinet outside. Off the hallway are two other bedrooms and a full bathroom and plenty of linen closet space. Close to the 55 and the 22FWY PLEASE NOTE: UNIT IS SITTING ON LEASED LAND THAT EXPIRES ON 5/2049. LEASE MONTHLY PAYMENT IS $1809, HOA IS $550/MONTH AND A SPECIAL ASSESSMENT OF $155/MONTH FOR SEVEN YEARS.

Key facts

• Gated community
• New gas range
• Private front patio

Tags

• GATED COMMUNITY
• PRIVATE FRONT PATIO
• GENEROUS SIZED BACK PATIO
• CERAMIC COUNTERTOPS
• NEW GAS RANGE
• SPACIOUS DINING AREA

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $327 ($4k/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: $282k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.5% 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; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 36% 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 156 days — a 12% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 24y ago; this cycle's ask has dropped $80k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $85k; list at $320k implies a 276% gain — meaningful room to come down on a strong offer.

Recommended offer $281,599 (12.0% below list)

Questions for the listing agent

1. It's been on market 156 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.22% ✓
• Cap rate: 7.52%
• Cash-on-cash: 4.38%
• DSCR: 1.19
• GRM: 6.8

CMA / ARV

• ARV (median comp): $350,591
• List price: $319,999
• Delta: -8.73%
• 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: -8.4%
• Equity multiple: 0.69×
• Total profit: $-27,789
• Equity at exit: $47,713

10-year hold

• IRR: 2.4%
• Equity multiple: 1.18×
• Total profit: $16,095
• Equity at exit: $27,668

Cash invested: $89,600 (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: 6.8×

Monthly cashflow live

• Estimated rent: $3,909 high
• Mortgage (P&I): −$1,678
• Tax est. 1.5%: −$400 /mo · $4,800/yr
• Insurance: −$133
• HOA: −$550
• Vacancy / Maint / Mgmt: −$821
• Net cashflow: $327

Break-even live

Break-even rent $3,495

Max offer price $319,999

Occupancy floor 87%

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: $80,000
• Closing costs: $9,600
• Reserves months: —
• Total cash needed: —

Rent comps 26 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	44d	1	0.35mi
2243 E Santa Clara Ave Santa Ana, CA	1.0–2.0	1.0–2.0	991	$2,925	$2.95	24d	3	0.38mi
2215 E Avalon Ave Santa Ana, CA	3.0	2.0	1315	$1,400	$1.06	44d	1	0.41mi
2210 E Avalon Ave Unit 2210 Santa Ana, CA	3.0	2.0	1325	$3,800	$2.87	44d	1	0.43mi
1920 Sherry Ln Santa Ana, CA	2.0	2.0	1080	$2,995	$2.77	24d	1	0.71mi
1300 Fairhaven Ave Santa Ana, CA	1.0–2.0	1.0–2.0	900	$2,879	$3.20	7d	5	0.80mi
1600 Mabury St Santa Ana, CA	3.0	2.0	1480	$3,595	$2.43	44d	1	0.92mi
817 E Palmyra Ave Orange, CA	2.0	2.0	1656	$3,000	$1.81	22d	1	1.01mi
478 S Grand St Orange, CA	3.0	1.0	1066	$3,995	$3.75	10d	1	1.03mi
478 S Grand St Orange, CA	3.0	1.0	1066	$4,195	$3.94	15d	1	1.03mi
480 S Grand St Unit 478 Orange, CA	3.0	1.0	1066	$3,995	$3.75	5d	1	1.04mi
336 W La Veta Ave Unit D Orange, CA	2.0	2.0	1080	$2,750	$2.55	44d	1	1.23mi
408 W La Veta Ave Orange, CA	3.0	2.0	1439	$4,000	$2.78	44d	1	1.25mi
401 W La Veta Ave Orange, CA	2.0–3.0	2.0–2.5	1152	$3,695	$3.21	10d	6	1.28mi
181 N Waverly St Orange, CA	3.0	2.0	1522	$4,900	$3.22	44d	1	1.30mi
1710 E Fruit St Santa Ana, CA	3.0	2.0	2000	$4,200	$2.10	24d	1	1.30mi
166 N Cambridge St Orange, CA	3.0	2.0	1100	$3,995	$3.63	17d	1	1.31mi
2737 Burly Ave Orange, CA	4.0	3.0	2062	$5,750	$2.79	44d	1	1.31mi
850 W Town and Country Rd Orange, CA	3.0	1.0–2.0	1008	$4,410	$4.38	2d	27	1.35mi
227 N Cleveland St Orange, CA	3.0	2.0	1200	$5,495	$4.58	13d	1	1.43mi
1000 W Town and Country Rd Orange, CA	3.0	1.0–2.0	1008	$4,523	$4.49	2d	27	1.46mi
345 N Shattuck Pl Orange, CA	3.0	1.5	1434	$5,195	$3.62	17d	1	1.47mi
345 N Shattuck Pl Orange, CA	3.0	2.0	1421	$5,195	$3.66	13d	1	1.47mi
250 N Cleveland St Orange, CA	3.0	1.0	1280	$4,500	$3.52	19d	1	1.47mi
1055 W Town and Country Rd Orange, CA	1.0–3.0	1.0–2.0	1053	$4,300	$4.08	2d	5	1.47mi
191 N Grand St Orange, CA	4.0	2.0	1591	$5,500	$3.46	13d	1	1.47mi

HOA detail condo

• Monthly dues: $550 · $6,600/yr
• Likely covers: gaselectricsecurity
• ⚠ Special-assessment mentions:

  …NOTE: UNIT IS SITTING ON LEASED LAND THAT EXPIRES ON 5/2049. LEASE MONTHLY PAYMENT IS $1809, HOA IS $550/MONTH AND A SPECIAL ASSESSMENT OF $155/MONTH FOR SEVEN YEARS.

Listing history 30 events

1. 2026-06-18
   days on market $319,999 Active 156 DOM
2. 2026-06-17
   days on market $319,999 Active 155 DOM
3. 2026-06-16
   days on market $319,999 Active 154 DOM
4. 2026-06-15
   days on market $319,999 Active 153 DOM
5. 2026-06-13
   days on market $319,999 Active 151 DOM
6. 2026-06-13
   days on market $319,999 Active 150 DOM
7. 2026-06-09
   days on market $319,999 Active 147 DOM
8. 2026-06-08
   days on market $319,999 Active 146 DOM
9. 2026-06-07
   days on market $319,999 Active 145 DOM
10. 2026-06-04
    days on market $319,999 Active 142 DOM
11. 2026-06-03
    days on market $319,999 Active 141 DOM
12. 2026-06-02
    days on market $319,999 Active 140 DOM
13. 2026-06-01
    days on market $319,999 Active 139 DOM
14. 2026-05-31
    days on market $319,999 Active 138 DOM
15. 2026-04-16
    price $329,900 1116-char remark

    Show marketing remark (1116 chars)

    Great starter home in the Gated Community of Shady Hollow! This spectacular two-level home offers 3 bedrooms with 2.5 baths, cathedral ceilings, an open floor plan, central AC, fresh paint throughout, new faucets, completely re-piped and a new updated to 200amp electrical panel to be installed soon, a private front patio area and a generous sized back patio. The first floor includes a kitchen with ceramic countertops, a new gas range and microwave and a half-bath. Spacious dining area with cathedral wood ceilings with fans and direct access to the back patio. A spacious living room with a fireplace and access to the back patio. Direct access to a 2-car garage with washer/dryer hookups. The 2nd level offers a large master bedroom with its own fireplace, a walk-in closet, bathroom with sink cabinet outside. Off the hallway are two other bedrooms and a full bathroom and plenty of linen closet space. Close to the 55 and the 22FWY PLEASE NOTE: UNIT IS SITTING ON LEASED LAND THAT EXPIRES ON 5/2049. LEASE MONTHLY PAYMENT IS $1809, HOA IS $550/MONTH AND A SPECIAL ASSESSMENT OF $155/MONTH FOR SEVEN YEARS.

16. 2026-02-24
    price $349,900 1116-char remark

    Show marketing remark (1116 chars)

    Great starter home in the Gated Community of Shady Hollow! This spectacular two-level home offers 3 bedrooms with 2.5 baths, cathedral ceilings, an open floor plan, central AC, fresh paint throughout, new faucets, completely re-piped and a new updated to 200amp electrical panel to be installed soon, a private front patio area and a generous sized back patio. The first floor includes a kitchen with ceramic countertops, a new gas range and microwave and a half-bath. Spacious dining area with cathedral wood ceilings with fans and direct access to the back patio. A spacious living room with a fireplace and access to the back patio. Direct access to a 2-car garage with washer/dryer hookups. The 2nd level offers a large master bedroom with its own fireplace, a walk-in closet, bathroom with sink cabinet outside. Off the hallway are two other bedrooms and a full bathroom and plenty of linen closet space. Close to the 55 and the 22FWY PLEASE NOTE: UNIT IS SITTING ON LEASED LAND THAT EXPIRES ON 5/2049. LEASE MONTHLY PAYMENT IS $1809, HOA IS $550/MONTH AND A SPECIAL ASSESSMENT OF $155/MONTH FOR SEVEN YEARS.

17. 2026-01-13
    listed $399,900 Active 1116-char remark

    Show marketing remark (1116 chars)

    Great starter home in the Gated Community of Shady Hollow! This spectacular two-level home offers 3 bedrooms with 2.5 baths, cathedral ceilings, an open floor plan, central AC, fresh paint throughout, new faucets, completely re-piped and a new updated to 200amp electrical panel to be installed soon, a private front patio area and a generous sized back patio. The first floor includes a kitchen with ceramic countertops, a new gas range and microwave and a half-bath. Spacious dining area with cathedral wood ceilings with fans and direct access to the back patio. A spacious living room with a fireplace and access to the back patio. Direct access to a 2-car garage with washer/dryer hookups. The 2nd level offers a large master bedroom with its own fireplace, a walk-in closet, bathroom with sink cabinet outside. Off the hallway are two other bedrooms and a full bathroom and plenty of linen closet space. Close to the 55 and the 22FWY PLEASE NOTE: UNIT IS SITTING ON LEASED LAND THAT EXPIRES ON 5/2049. LEASE MONTHLY PAYMENT IS $1809, HOA IS $550/MONTH AND A SPECIAL ASSESSMENT OF $155/MONTH FOR SEVEN YEARS.

18. 2008-07-15
    soldstatus $85,000 Closed 348-char remark

    Show marketing remark (348 chars)

    Fabulous 2 story condo in great neighborhood. Open and Bright Floor Plan. Cozy fireplace in Master Bedroom. Great rear yard with access to walk ways. High ceilings in dining room. Be advised property is on leased land and under a lawsuit dispute with current owners. Land Lease fee is currently $600 and could be raised as high as $2,000.00 a month

19. 2008-06-27
    historical 348-char remark

    Show marketing remark (348 chars)

    Fabulous 2 story condo in great neighborhood. Open and Bright Floor Plan. Cozy fireplace in Master Bedroom. Great rear yard with access to walk ways. High ceilings in dining room. Be advised property is on leased land and under a lawsuit dispute with current owners. Land Lease fee is currently $600 and could be raised as high as $2,000.00 a month

20. 2008-04-25
    price $119,900 348-char remark

    Show marketing remark (348 chars)

    Fabulous 2 story condo in great neighborhood. Open and Bright Floor Plan. Cozy fireplace in Master Bedroom. Great rear yard with access to walk ways. High ceilings in dining room. Be advised property is on leased land and under a lawsuit dispute with current owners. Land Lease fee is currently $600 and could be raised as high as $2,000.00 a month

21. 2008-03-15
    price $169,900 348-char remark

    Show marketing remark (348 chars)

    Fabulous 2 story condo in great neighborhood. Open and Bright Floor Plan. Cozy fireplace in Master Bedroom. Great rear yard with access to walk ways. High ceilings in dining room. Be advised property is on leased land and under a lawsuit dispute with current owners. Land Lease fee is currently $600 and could be raised as high as $2,000.00 a month

22. 2008-02-27
    listed $226,000 348-char remark

    Show marketing remark (348 chars)

    Fabulous 2 story condo in great neighborhood. Open and Bright Floor Plan. Cozy fireplace in Master Bedroom. Great rear yard with access to walk ways. High ceilings in dining room. Be advised property is on leased land and under a lawsuit dispute with current owners. Land Lease fee is currently $600 and could be raised as high as $2,000.00 a month

23. 2007-11-30
    historical
24. 2007-11-08
    listed $304,500
25. 2007-06-20
    historical
26. 2007-06-14
    listed $409,900
27. 2006-03-13
    soldstatus $415,000
28. 2006-01-02
    listed $415,000
29. 2003-02-19
    soldstatus $293,500
30. 2002-10-21
    listed $289,900

ⓘ 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: $46,910
• − Mortgage interest: −$17,925
• − Property taxes: −$4,800
• − Insurance: −$1,600
• − Repairs & maintenance: −$3,753
• − Management: −$3,753
• − HOA: −$6,600
• − Depreciation: −$9,309
• Taxable loss: −$829
• Est. tax savings @ 24.0%: +$199
• After-tax cash flow: $4,121/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

+13.8% since first listed

16 events — show timeline

• 2026-04-16 Price Changed $329,900 CRMLS
• 2026-02-24 Price Changed $349,900 CRMLS
• 2026-01-13 Listed $399,900 CRMLS
• 2008-07-15 Sold (MLS) $85,000 CRMLS
• 2008-06-27 Listing Removed — CRMLS
• 2008-04-25 Price Changed $119,900 CRMLS
• 2008-03-15 Price Changed $169,900 CRMLS
• 2008-02-27 Listed $226,000 CRMLS
• 2007-11-30 Listing Removed — CRMLS
• 2007-11-08 Listed $304,500 CRMLS
• 2007-06-20 Listing Removed — CRMLS
• 2007-06-14 Listed $409,900 CRMLS
• 2006-03-13 Sold (MLS) $415,000 CRMLS
• 2006-01-02 Listed $415,000 CRMLS
• 2003-02-19 Sold (MLS) $293,500 CRMLS
• 2002-10-21 Listed $289,900 CRMLS