2502 N Tustin Unit C · Santa Ana, CA 92705

$319,900

3 bd · 2.5 ba · 1,858 sqft · Townhouse · 72 Days on market

Built 1975 Good condition 7.99 ac lot $172/sqft · 11% below area Est $361k · 11% under $705/mo HOA · 18% 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 +16.1/30.0
• ARV discount +12.6/15.0
• 1% rule +7.2/10.0
• DSCR +5.0/10.0
• 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 MLS

LEASE LAND PRICE TO SELL!! THIS ONE WILL NOT LAST! 2-Story Townhouse style unit on LEASE LAND boasting 1858 square feet of interior living space with 3BR plus DEN, 2.5 Bathrooms, one of the largest floorplan in desirable Shady Hallow gated community. This unit offers: an open floorplan, living-room with vaulted ceilings, dual fireplace, spacious kitchen with ceramic tile countertop, breakfast bar, and dining area. Private backyard off the dining area. Upstairs offers: the master suite with private bath, two large bedrooms and common bathroom. Downstairs DEN ideal for guest bedroom, office/or multi use. Direct 2-car Garage with direct access. Washer/Dryer hookup in garage, Community amenities: swimming pool, spa, and clubhouse. Centrally located to freeway, public transportations, Border City of Orange, minutes from Chapman University, and Old Towne Orange Plaza Don't miss out on this outstanding value!!! NOTE: THIS UNIT IS SITUATED ON LEASED LAND SUBJECT TO LEASE LAND ARRANGEMENT OF 1920.17/MONTHLY, PLUS HOA IS 550.00 MONTHTLY AND A SPECIAL ASSESSMENT OF $155.00 MONTHLY FOR APPROX 7 YEARS

Key facts

• $705 HOA
• 2 garage spots
• Community pool

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $167 ($2k/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: $301k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.9% 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; 16 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 72 days — a 6% lower offer ($301k) is reasonable based on typical stale-listing flexibility.

Recommended offer $300,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.22% ✓
• Cap rate: 6.92%
• Cash-on-cash: 2.24%
• DSCR: 1.10
• GRM: 6.8

CMA / ARV

• ARV (median comp): $360,938
• List price: $319,900
• Delta: -11.37%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2510 N Tustin Avenue Ave #110	0.10mi	3/2.5	1,858 (0%)	10mo	$424,999	$229	87
2622 N Tustin Ave Unit (147)	0.16mi	3/2.5	1,858 (0%)	10mo	$340,000	$183	84
2518 N Tustin Ave Unit E	0.05mi	4/2.5 (+1)	1,617 (-13%)	4mo	$360,000	$223	68
2518 N Tustin #81	0.05mi	4/2.5 (+1)	1,679 (-10%)	13mo	$365,000	$217	66
2604 N Tustin Ave #49	0.11mi	3/2.5	1,617 (-13%)	10mo	$349,000	$216	65
2620 N Tustin Ave #42	0.15mi	3/2.5	1,617 (-13%)	15mo	$368,000	$228	59

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -11.5%
• Equity multiple: 0.58×
• Total profit: $-37,871
• Equity at exit: $47,698

10-year hold

• IRR: -0.8%
• Equity multiple: 0.94×
• Total profit: $-5,440
• Equity at exit: $27,659

Cash invested: $89,572 (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: $3,902 high
• Mortgage (P&I): −$1,678
• Tax est. 1.5%: −$400 /mo · $4,798/yr
• Insurance: −$133
• HOA: −$705
• Vacancy / Maint / Mgmt: −$819
• Net cashflow: $167

Break-even live

Break-even rent $3,691

Max offer price $319,900

Occupancy floor 91%

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: $79,975
• Closing costs: $9,597
• Reserves months: —
• Total cash needed: —

Rent comps 16 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	0.32mi
2243 E Santa Clara Ave Santa Ana, CA	1.0–2.0	1.0–2.0	991	$2,925	$2.95	24d	3	0.34mi
2215 E Avalon Ave Santa Ana, CA	3.0	2.0	1315	$1,400	$1.06	43d	1	0.39mi
2210 E Avalon Ave Unit 2210 Santa Ana, CA	3.0	2.0	1325	$3,800	$2.87	43d	1	0.41mi
1600 Mabury St Santa Ana, CA	3.0	2.0	1480	$3,595	$2.43	43d	1	0.95mi
817 E Palmyra Ave Orange, CA	2.0	2.0	1656	$3,000	$1.81	21d	1	1.03mi
328 S Wheeler Pl Orange, CA	4.0	2.0	2265	$4,500	$1.99	43d	1	1.12mi
2737 Burly Ave Orange, CA	4.0	3.0	2062	$5,750	$2.79	43d	1	1.28mi
408 W La Veta Ave Orange, CA	3.0	2.0	1439	$4,000	$2.78	43d	1	1.30mi
181 N Waverly St Orange, CA	3.0	2.0	1522	$4,900	$3.22	43d	1	1.31mi
1710 E Fruit St Santa Ana, CA	3.0	2.0	2000	$4,200	$2.10	24d	1	1.32mi
401 W La Veta Ave Orange, CA	2.0–3.0	2.0–2.5	1152	$3,695	$3.21	10d	6	1.33mi
850 W Town and Country Rd Orange, CA	3.0	1.0–2.0	1008	$4,410	$4.38	1d	27	1.41mi
345 N Shattuck Pl Orange, CA	3.0	2.0	1421	$5,195	$3.66	12d	1	1.47mi
345 N Shattuck Pl Orange, CA	3.0	1.5	1434	$5,195	$3.62	16d	1	1.47mi
250 N Cleveland St Orange, CA	3.0	1.0	1280	$4,500	$3.52	18d	1	1.49mi

HOA detail

• Monthly dues: $705 · $8,460/yr
• Likely covers: poolsecurity
• ⚠ Special-assessment mentions:

  …IS SITUATED ON LEASED LAND SUBJECT TO LEASE LAND ARRANGEMENT OF 1920.17/MONTHLY, PLUS HOA IS 550.00 MONTHTLY AND A SPECIAL ASSESSMENT OF $155.00 MONTHLY FOR APPROX 7 YEARS

Listing history 15 events

1. 2026-06-18
   days on market $319,900 Active 72 DOM
2. 2026-06-17
   days on market $319,900 Active 71 DOM
3. 2026-06-16
   days on market $319,900 Active 70 DOM
4. 2026-06-15
   days on market $319,900 Active 69 DOM
5. 2026-06-13
   days on market $319,900 Active 67 DOM
6. 2026-06-13
   days on market $319,900 Active 66 DOM
7. 2026-06-09
   days on market $319,900 Active 63 DOM
8. 2026-06-08
   days on market $319,900 Active 62 DOM
9. 2026-06-07
   days on market $319,900 Active 61 DOM
10. 2026-06-04
    days on market $319,900 Active 58 DOM
11. 2026-06-03
    days on market $319,900 Active 57 DOM
12. 2026-06-02
    days on market $319,900 Active 56 DOM
13. 2026-06-01
    days on market $319,900 Active 55 DOM
14. 2026-05-31
    days on market $319,900 Active 54 DOM
15. 2026-04-07
    listed $335,000 Active 1110-char remark

    Show marketing remark (1110 chars)

    LEASE LAND PRICE TO SELL!! THIS ONE WILL NOT LAST! 2-Story Townhouse style unit on LEASE LAND boasting 1858 square feet of interior living space with 3BR plus DEN, 2.5 Bathrooms, one of the largest floorplan in desirable Shady Hallow gated community. This unit offers: an open floorplan, living-room with vaulted ceilings, dual fireplace, spacious kitchen with ceramic tile countertop, breakfast bar, and dining area. Private backyard off the dining area. Upstairs offers: the master suite with private bath, two large bedrooms and common bathroom. Downstairs DEN ideal for guest bedroom, office/or multi use. Direct 2-car Garage with direct access. Washer/Dryer hookup in garage, Community amenities: swimming pool, spa, and clubhouse. Centrally located to freeway, public transportations, Border City of Orange, minutes from Chapman University, and Old Towne Orange Plaza Don't miss out on this outstanding value!!! NOTE: THIS UNIT IS SITUATED ON LEASED LAND SUBJECT TO LEASE LAND ARRANGEMENT OF 1920.17/MONTHLY, PLUS HOA IS 550.00 MONTHTLY AND A SPECIAL ASSESSMENT OF $155.00 MONTHLY FOR APPROX 7 YEARS

ⓘ 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: $46,824
• − Mortgage interest: −$17,919
• − Property taxes: −$4,798
• − Insurance: −$1,600
• − Repairs & maintenance: −$3,746
• − Management: −$3,746
• − HOA: −$8,460
• − Depreciation: −$9,306
• Taxable loss: −$2,751
• Est. tax savings @ 24.0%: +$660
• After-tax cash flow: $2,662/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 · 6 photos

Good 75/100 Cosmetic rehab

This 2-story townhouse in a desirable gated community offers a spacious floorplan with modern amenities and good condition. Minor exterior touch-ups and cleaning would significantly enhance its curb appeal and value.

Value-add opportunities

• Both Paint exterior trim — Enhances curb appeal and value
• Both Clean gutters — Improves drainage and overall appearance

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior trim — Enhances curb appeal and value ↑
• Both Clean gutters — Improves drainage and overall appearance ↑

ⓘ 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

1 event — show timeline

• 2026-04-07 Listed $335,000 CRMLS