902 E 17th St · Santa Ana, CA 92701

$3,500,000

3 bd · 18.0 ba · 10,990 sqft · MultiFamily · 186 Days on market

Built 1954 0.27 ac lot $318/sqft · 13% above area Est $3105k · 13% over

---

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 +24.3/30.0
• DSCR +7.9/10.0
• 1% rule +6.0/10.0
• Rent growth +3.2/5.0
• Livability +2.8/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• ARV discount +1.8/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

902 E 17th Street comprises of 18 units situated on a well-maintained 11,547 square feet lot of land. The property's cross streets are Lincoln Avenue and Fairmont Street. 902 E 17th Street sits adjacent to the I-5 Freeway and is within a two-mile radius to Downtown Santa Ana. The property offers convenient access to grocery stores, pharmacies, restaurants, and plenty of specialty retail. The property features mature landscaping with courtyard, gated entry, on-site tuck-under and surface vehicle parking. The units feature kitchens fully equipped with appliances, wall-to-wall carpet and wall air conditioning and heating.

Key facts

• Walking distance
• Convenient access
• Well maintained lot

Tags

• WELL MAINTAINED LOT
• MATURE LANDSCAPING
• GATED ENTRY
• COURTYARD
• CONVENIENT ACCESS
• WALKING DISTANCE

What this means for you Summary

Snapshot

• This is a 3-bed/18.0-bath multifamily listed at $3.50M.

Deal economics

• At list price, monthly cash flow is $7k ($85k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($39k rent vs $3.50M).
• Recommended offer: $3.08M (12.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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.
• Santa Ana Unified (urban): math 23% / reading 37% proficiency, ranked #329 of 517 in CA (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 83% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.7%/yr); 75 active listings in the ZIP; 6,974 units permitted in Orange County in 2024 (3,839 in 5+ unit buildings).
• At $38,614/mo this rent would consume 657% of the median local household income ($71k/yr) (locally 2626% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $24k of loan paydown is wiped out by about $105k 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 186 days — a 12% lower offer ($3.08M) is reasonable based on typical stale-listing flexibility.
• 29 sale attempts since 22y ago; this cycle's ask has dropped $350k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $1.90M; list at $3.50M implies a 84% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $3,080,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 186 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 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.10% ✓
• Cap rate: 8.72%
• Cash-on-cash: 8.66%
• DSCR: 1.39
• GRM: 7.6

CMA / ARV

• ARV (median comp): $3,105,258
• List price: $3,500,000
• Delta: 12.71%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.71% rent growth · sell at horizon

5-year hold

• IRR: -3.5%
• Equity multiple: 0.87×
• Total profit: $-127,804
• Equity at exit: $521,861

10-year hold

• IRR: 5.9%
• Equity multiple: 1.43×
• Total profit: $423,402
• Equity at exit: $302,616

Cash invested: $980,000 (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 92701

• Rents YoY: 2.7%
• Active inventory: 75
• Price-to-rent: 136.0×

Monthly cashflow live

• Estimated rent: $38,614 high
• Mortgage (P&I): −$18,354
• Tax from tax record: −$3,620 /mo · $43,436/yr
• Insurance: −$1,458
• HOA: −$0
• Vacancy / Maint / Mgmt: −$8,109
• Net cashflow: $7,073

Break-even live

Break-even rent $29,661

Max offer price $3,500,000

Occupancy floor 77%

Sensitivity live

Price	-10% $9,054	-5% $8,063	+0% $7,073	+5% $6,082	+10% $5,091
Rent	-10% $4,022	-5% $5,547	+0% $7,073	+5% $8,598	+10% $10,123
Rate	-1.0pp $8,835	-0.5pp $7,963	base $7,073	+0.5pp $6,166	+1.0pp $5,243

18-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 18× units	1	1	$38,610
Total (18 units)			$38,614

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: $875,000
• Closing costs: $105,000
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-21
   days on market $3,500,000 Active 186 DOM
2. 2026-06-18
   days on market $3,500,000 Active 183 DOM
3. 2026-06-17
   days on market $3,500,000 Active 182 DOM
4. 2026-06-16
   days on market $3,500,000 Active 181 DOM
5. 2026-06-15
   days on market $3,500,000 Active 180 DOM
6. 2026-06-13
   days on market $3,500,000 Active 178 DOM
7. 2026-06-13
   days on market $3,500,000 Active 177 DOM
8. 2026-06-09
   days on market $3,500,000 Active 174 DOM
9. 2026-06-08
   days on market $3,500,000 Active 173 DOM
10. 2026-06-07
    days on market $3,500,000 Active 172 DOM
11. 2026-06-04
    days on market $3,500,000 Active 169 DOM
12. 2026-06-03
    days on market $3,500,000 Active 168 DOM
13. 2026-06-02
    days on market $3,500,000 Active 167 DOM
14. 2026-06-01
    days on market $3,500,000 Active 166 DOM
15. 2026-05-31
    days on market $3,500,000 Active 165 DOM
16. 2026-03-26
    price $3,500,000 626-char remark

    Show marketing remark (626 chars)

    902 E 17th Street comprises of 18 units situated on a well-maintained 11,547 square feet lot of land. The property's cross streets are Lincoln Avenue and Fairmont Street. 902 E 17th Street sits adjacent to the I-5 Freeway and is within a two-mile radius to Downtown Santa Ana. The property offers convenient access to grocery stores, pharmacies, restaurants, and plenty of specialty retail. The property features mature landscaping with courtyard, gated entry, on-site tuck-under and surface vehicle parking. The units feature kitchens fully equipped with appliances, wall-to-wall carpet and wall air conditioning and heating.

17. 2025-12-17
    listed $3,850,000 Active 626-char remark

    Show marketing remark (626 chars)

    902 E 17th Street comprises of 18 units situated on a well-maintained 11,547 square feet lot of land. The property's cross streets are Lincoln Avenue and Fairmont Street. 902 E 17th Street sits adjacent to the I-5 Freeway and is within a two-mile radius to Downtown Santa Ana. The property offers convenient access to grocery stores, pharmacies, restaurants, and plenty of specialty retail. The property features mature landscaping with courtyard, gated entry, on-site tuck-under and surface vehicle parking. The units feature kitchens fully equipped with appliances, wall-to-wall carpet and wall air conditioning and heating.

18. 2024-08-28
    historical
19. 2024-05-11
    price $3,850,000
20. 2024-02-28
    price $4,000,000
21. 2024-01-23
    listed $4,100,000 Active
22. 2022-03-31
    historical
23. 2022-01-03
    status Active
24. 2021-12-20
    historical Active Under Contract
25. 2021-12-07
    price $3,999,000
26. 2021-10-25
    status Active
27. 2021-10-25
    price $4,200,000
28. 2021-10-18
    listed $4,500,000 Active
29. 2016-08-31
    historical
30. 2016-08-31
    historical
31. 2016-07-01
    listed $2,999,000 Active
32. 2016-07-01
    listed $2,999,000
33. 2016-06-30
    historical
34. 2016-06-30
    historical
35. 2016-05-25
    listed $2,999,000 Active
36. 2016-05-25
    listed $2,999,000
37. 2016-05-21
    historical
38. 2016-05-21
    historical
39. 2016-02-08
    listed $2,990,000 Active
40. 2016-02-08
    listed $2,990,000
41. 2016-02-07
    historical
42. 2016-02-06
    historical
43. 2016-01-12
    price $2,990,000
44. 2015-11-02
    price $2,890,000
45. 2015-11-02
    listed $289,000 Active
46. 2015-11-02
    listed $2,990,000
47. 2015-10-31
    historical
48. 2015-10-31
    historical
49. 2015-08-02
    listed $2,890,000 Active
50. 2015-08-01
    historical

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

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $43,436 · $3,620/mo
• Projected year-2 tax: $43,436 · $3,620/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $463,368
• − Mortgage interest: −$196,054
• − Property taxes: −$43,436
• − Insurance: −$17,500
• − Repairs & maintenance: −$37,069
• − Management: −$37,069
• − Depreciation: −$101,818
• Taxable income: $30,421
• Est. tax owed @ 24.0%: −$7,301
• After-tax cash flow: $77,571/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: Santa Ana Unified
• NCES district ID: 0635310
• Math proficiency: 23% ▼ -2.00%
• Reading proficiency: 37% ▲ 5.00%
• Median HH income: $55,752
• Composite: 26.7/100
• National rank: #7152
• State rank: #329 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): 47,818
• Household income: $70,572
• Rent vs Own: 72.3% rent · 27.7% own
• Severe rent burden: 2626.0

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: Predominantly Hispanic (88%)
• Race & ethnicity: Hispanic / Latino 88% Two or more races 14% White 6% Asian 5% Native American 2%
• Hispanic origin (detail): Mexican 80%
• Foreign-born: 43% · Canada, Vietnam, China
• Languages at home: 16% English-only · Spanish 79% Other Asian/Pacific 2% Vietnamese 1%

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: ▼ -538.28%
• Current HPI: 506.7805
• Rent YoY: ▲ 2.71%
• 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

+76.8% since first listed

70 events — show timeline

• 2026-03-26 Price Changed $3,500,000 TheMLS
• 2025-12-17 Listed $3,850,000 TheMLS
• 2024-08-28 Listing Removed — CRMLS
• 2024-05-11 Price Changed $3,850,000 CRMLS
• 2024-02-28 Price Changed $4,000,000 CRMLS
• 2024-01-23 Listed $4,100,000 CRMLS
• 2022-03-31 Listing Removed — CRMLS
• 2022-01-03 Relisted — CRMLS
• 2021-12-20 Contingent — CRMLS
• 2021-12-07 Price Changed $3,999,000 CRMLS
• 2021-10-25 Relisted — CRMLS
• 2021-10-25 Price Changed $4,200,000 CRMLS
• 2021-10-18 Listed $4,500,000 CRMLS
• 2016-08-31 Listing Removed — SDMLS
• 2016-08-31 Listing Removed — CRMLS
• 2016-07-01 Listed $2,999,000 CRMLS
• 2016-07-01 Listed $2,999,000 SDMLS
• 2016-06-30 Listing Removed — SDMLS
• 2016-06-30 Listing Removed — CRMLS
• 2016-05-25 Listed $2,999,000 CRMLS
• 2016-05-25 Listed $2,999,000 SDMLS
• 2016-05-21 Listing Removed — CRMLS
• 2016-05-21 Listing Removed — SDMLS
• 2016-02-08 Listed $2,990,000 CRMLS
• 2016-02-08 Listed $2,990,000 SDMLS
• 2016-02-07 Listing Removed — CRMLS
• 2016-02-06 Listing Removed — SDMLS
• 2016-01-12 Price Changed $2,990,000 CRMLS
• 2015-11-02 Price Changed $2,890,000 CRMLS
• 2015-11-02 Listed $289,000 CRMLS
• 2015-11-02 Listed $2,990,000 SDMLS
• 2015-10-31 Listing Removed — CRMLS
• 2015-10-31 Listing Removed — SDMLS
• 2015-08-02 Listed $2,890,000 CRMLS
• 2015-08-01 Listing Removed — CRMLS
• 2015-08-01 Listed $2,890,000 SDMLS
• 2015-07-31 Listing Removed — SDMLS
• 2015-06-23 Price Changed $2,869,000 CRMLS
• 2015-05-08 Listed $2,999,000 CRMLS
• 2015-05-07 Listed $2,869,000 SDMLS
• 2015-04-30 Listing Removed — SDMLS
• 2015-04-30 Listing Removed — CRMLS
• 2015-01-21 Listed $2,999,000 CRMLS
• 2015-01-21 Listed $2,999,000 SDMLS
• 2015-01-17 Listing Removed — CRMLS
• 2014-10-30 Listed $2,999,000 CRMLS
• 2014-07-01 Listing Removed — CRMLS
• 2014-02-27 Price Changed $2,590,000 CRMLS
• 2014-02-04 Listed $2,590,000 CRMLS
• 2014-01-13 Listing Removed — CRMLS
• 2014-01-13 Relisted — CRMLS
• 2014-01-13 Listing Removed — CRMLS
• 2013-09-30 Listed $2,590,000 CRMLS
• 2013-06-10 Listing Removed — CRMLS
• 2013-05-07 Price Changed $2,490,000 CRMLS
• 2013-05-05 Price Changed $2,400,000 CRMLS
• 2013-03-29 Relisted — CRMLS
• 2013-03-29 Price Changed $2,490,000 CRMLS
• 2013-02-09 Delisted — CRMLS
• 2013-02-07 Relisted — CRMLS
• 2012-11-24 Delisted — CRMLS
• 2012-07-06 Listed $2,400,000 CRMLS
• 2012-04-20 Listing Removed — CRMLS
• 2012-02-01 Price Changed $2,450,000 CRMLS
• 2010-12-18 Listed $2,200,000 CRMLS
• 2010-04-21 Listing Removed — CRMLS
• 2009-03-27 Price Changed $2,280,000 CRMLS
• 2005-11-10 Listed $2,350,000 CRMLS
• 2004-07-28 Sold (MLS) $1,900,000 CRMLS
• 2004-03-01 Listed $1,980,000 CRMLS

Property tax history

+2.6%/yr

Latest (2025): $43,436 · +2.7% YoY. Source: county tax records.