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2502 N Tustin Unit C
B- Composite 67.95
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 +23.4/30.0
  • ARV discount +15.0/15.0
  • 1% rule +9.2/10.0
  • DSCR +7.5/10.0
  • Condition / age +3.8/5.0
  • Rent growth +3.4/5.0
  • Schools +2.9/10.0
  • Livability +2.8/5.0
  • Appreciation +0.0/10.0

$290,000

2502 N Tustin Unit C · Santa Ana, CA 92705
3 bd · 2.5 ba · 1,858 sqft · Condo · 123 Days on market
Built 1975 Good condition Garage $156/sqft · 20% below area Est $361k · 20% under $705/mo HOA · 17% of rent ↓ 5% since listing

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks

PRICE REDUCTION !!! CASH BUYER DELIGHT - LEASE LAND UNIT - Shady Hollow Gated Community- Two-Story Townhouse style boasting 1858 square feet of interior living space with 3BR plus DEN, 2.5 Bathrooms, . DOWNSTAIRS; DEN or 4th Bedroom; ideal for guest office/or multi use purpose. This unit offers: an open floorplan, living-room with vaulted ceilings, dual fireplace, spacious kitchen with ceramic tile countertop, breakfast bar, and dining area. Large private backyard off the dining area. Master suite with double vanity, walk-in closet and a fireplace. Two spacious bedroom with common bathroom. Direct garage access, an ample driveway. Washer/Dryer hookup located in the garage.

Key facts

  • $705 HOA
  • 2 garage spots
  • Community pool

Neighborhood map

Property Rental comp Retail Costco Walmart Transit Schools Stadiums Fortune 500 · Circle radius: 6.0 mi
Loading POIs…

What this means for you Summary

Snapshot

  • This is a 3-bed/2.5-bath condo listed at $290k. Condition is rated good.

Deal economics

  • At list price, monthly cash flow is $537 ($6k/yr) — positive.
  • The deal already cash-flows at list — no discount required.
  • Meets the 1% rule at list price ($4k rent vs $290k).
  • Recommended offer: $255k (12.0% below list) — sets the bar for market timing.
  • Cap rate 8.5% vs local median 2.6% 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); 110 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals at typical pace (median 28d on market — plan ~3-4 weeks tenant-placement turnaround); 49% 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 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 $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.

Negotiation context

  • It's been on market 123 days — a 12% lower offer ($255k) is reasonable based on typical stale-listing flexibility.
Recommended offer $255,200 (12.0% below list)

Questions for the listing agent

  1. It's been on market 123 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 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. 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
1.42%
Cap rate
8.52%
Cash-on-cash
7.94%
DSCR
1.35
GRM
5.9

CMA / ARV

ARV (median comp)
$360,575
List price
$290,000
Delta
-11.28%
Verdict
UNDERPRICED
Comps
20 within 1.0 mi
Show comp detail 12 sales within ~0.75 mi
Address Dist Beds/Ba Sqft Sold Price $/sf Match
2030 Kemper 0.33mi 3/2.0 1,421 (-24%) 0mo $1,000,000 $704 58
719 S Grable 1.41mi 3/3.5 1,907 (+3%) 0mo $1,032,888 $542 56
937 E Palmyra Ave 1.03mi 4/3.0 (+1) 1,903 (+2%) 0mo $1,420,000 $746 54
2729 E Dorothy 1.10mi 4/2.0 (+1) 1,909 (+3%) 0mo $1,375,000 $720 53
831 S Grable Cir 1.41mi 2/3.0 (-1) 1,789 (-4%) 0mo $998,000 $558 52
773 S Grable 1.41mi 2/3.0 (-1) 1,789 (-4%) 0mo $970,500 $542 51
13252 Marshall 0.39mi 4/2.0 (+1) 1,395 (-25%) 0mo $1,167,500 $837 50
12741 Dunas Rd 1.21mi 4/2.0 (+1) 1,956 (+5%) 0mo $1,375,000 $703 49
2509 View Lk #144 0.57mi 2/2.0 (-1) 1,580 (-15%) 0mo $420,000 $266 41
2310 Poinsettia 1.48mi 3/2.0 1,615 (-13%) 0mo $1,175,000 $728 41
13021 Flint Dr 0.89mi 3/3.0 2,242 (+21%) 0mo $1,458,500 $651 38
2646 Larchmont Ave 1.18mi 4/2.5 (+1) 2,126 (+14%) 0mo $1,185,000 $557 36

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
-3.0%
Equity multiple
0.89×
Total profit
$-9,284
Equity at exit
$43,240
10-year hold
IRR
7.8%
Equity multiple
1.62×
Total profit
$50,470
Equity at exit
$25,074

Cash invested: $81,200 (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.

Active competition Active MLS

For sale now
0 active · 1 under contract

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 92705

Rents YoY
3.7%
Active inventory
110
Price-to-rent
5.9×

Monthly cashflow live

Estimated rent
$4,109 high interval (Pro) →
Mortgage (P&I)
$1,521
Tax est. 1.5%
$362 /mo · $4,350/yr
Insurance
$121
HOA
$705
Vacancy / Maint / Mgmt
$863
Net cashflow
$537

Break-even live

Break-even rent $3,429
Max offer price $290,000
Occupancy floor 82%

Sensitivity live

Price -10% $738 -5% $637 +0% $537 +5% $437 +10% $337
Rent -10% $213 -5% $375 +0% $537 +5% $700 +10% $862
Rate -1.0pp $683 -0.5pp $611 base $537 +0.5pp $462 +1.0pp $386

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
$72,500
Closing costs
$8,700
Reserves months
Total cash needed

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Short-term bridge; refi at stabilization.

Rent comps 37 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
819 S Ponderosa St Orange, CA 2.0 2.0 1300 $2,980 $2.29 93d 1 0.32mi
2243 E Santa Clara Ave Santa Ana, CA 1.0–3.0 1.0–2.5 1125 $3,395 $3.02 3d 4 0.34mi
2215 E Avalon Ave Santa Ana, CA 3.0 2.0 1315 $1,350 $1.03 17d 1 0.39mi
2210 E Avalon Ave Unit 2212 Santa Ana, CA 3.0 2.0 1325 $3,700 $2.79 23d 1 0.41mi
2210 E Avalon Ave Unit 2210 Santa Ana, CA 3.0 2.0 1325 $3,800 $2.87 93d 1 0.41mi
2210 E Avalon Ave Santa Ana, CA 3.0 2.0 1325 $3,700 $2.79 4d 1 0.41mi
1901 Catalina Ave Santa Ana, CA 4.0 3.0 2462 $4,500 $1.83 35d 1 0.52mi
17511 Leafwood Ln Tustin, CA 3.0 2.0 1318 $5,500 $4.17 21d 1 0.68mi
1047 E Tularosa Ave Orange, CA 3.0 2.0 1745 $4,500 $2.58 48d 1 0.69mi
483 S Pine St Unit 483 Orange, CA 4.0 4.0 1669 $4,395 $2.63 4d 1 0.82mi
483 S Pine St Orange, CA 4.0 4.0 1669 $4,395 $2.63 27d 1 0.82mi
483 S Pine St Orange, CA 4.0 4.0 1669 $4,395 $2.63 17d 1 0.82mi
1505 E Van Bibber Ave Orange, CA 3.0 2.0 1400 $1,300 $0.93 38d 1 0.86mi
318 S California St Orange, CA 3.0 2.0 1493 $4,995 $3.35 0d 1 0.90mi
327 S Wayfield St Orange, CA 3.0 2.0 1300 $3,700 $2.85 7d 1 0.90mi
514 E Chalynn Cir Orange, CA 3.0 1.0 1654 $3,600 $2.18 38d 1 0.95mi
1600 Mabury St Santa Ana, CA 3.0 2.0 1480 $3,595 $2.43 93d 1 0.95mi
2021 Barclay Ct Santa Ana, CA 2.0 2.0 1482 $3,800 $2.56 41d 1 0.97mi
817 E Palmyra Ave Orange, CA 2.0 2.0 1656 $2,900 $1.75 10d 1 1.03mi
817 E Palmyra Ave Orange, CA 2.0 2.0 1656 $3,000 $1.81 71d 1 1.03mi
447 S Grand St Unit 447 Orange, CA 4.0 2.0 1417 $4,500 $3.18 0d 1 1.07mi
328 S Wheeler Pl Orange, CA 4.0 2.0 2265 $4,500 $1.99 93d 1 1.12mi
465 S Olive St Orange, CA 2.0 2.0 1400 $3,995 $2.85 10d 1 1.20mi
271 S Grand St Unit 271 Orange, CA 4.0 2.0 1977 $5,250 $2.66 7d 1 1.23mi
13002 Olympia Way Santa Ana, CA 3.0 2.0 1928 $4,695 $2.44 7d 1 1.27mi
13002 Olympia Way Santa Ana, CA 3.0 2.0 1928 $4,695 $2.44 26d 1 1.27mi
2737 Burly Ave Orange, CA 4.0 3.0 2062 $5,750 $2.79 93d 1 1.28mi
408 W La Veta Ave Unit A Orange, CA 3.0 2.0 1439 $3,750 $2.61 25d 1 1.30mi
408 W La Veta Ave Orange, CA 3.0 2.0 1439 $3,750 $2.61 33d 1 1.30mi
181 N Waverly St Orange, CA 3.0 2.0 1522 $4,900 $3.22 93d 1 1.31mi
1710 E Fruit St Santa Ana, CA 3.0 2.0 2000 $4,200 $2.10 73d 1 1.32mi
701 E 21st St Santa Ana, CA 3.0 2.0 1344 $4,300 $3.20 23d 1 1.42mi
345 N Shattuck Pl Orange, CA 3.0 2.0 1421 $4,995 $3.52 48d 1 1.47mi
345 N Shattuck Pl Orange, CA 3.0 1.5 1434 $5,195 $3.62 66d 1 1.47mi
344 N Shattuck Pl Orange, CA 4.0 2.0 1787 $4,895 $2.74 7d 1 1.47mi
2311 Valencia St Santa Ana, CA 3.0 2.0 1422 $4,500 $3.16 48d 1 1.49mi
250 N Cleveland St Orange, CA 3.0 1.0 1280 $4,500 $3.52 68d 1 1.49mi

Property features AI

Finance

Other
Property has one common wallParcel reference per assessor
Financial info
Land lease $1,920.17 monthly
HOA & community
Part of association (Shady Hallow)Association amenities: pool, clubhouse, spaAssociation fee $550 monthlySecondary association fee $155 monthlyCommunity features: curbs, street lightingTotal units in complex: 150; 67 units in community cluster

Exterior

Parking
Attached garage with direct accessGarage with single doorDriveway parkingTwo garage/parking spaces
Security
Gated community
Utilities
Public sewerDistrict/public waterElectricity connectedWater connectedSewer connected
Home design
CondominiumMulti-family structureTwo storiesEntry level 1Attached propertyRepairs cosmetic
Construction
Stucco constructionShingle roofBuilt per assessor data
Exterior features
Front porch (enclosed)Patio (slab)Community poolCommunity spaPorch and patio

Interior

Kitchen
Gas cooktopBreakfast counter/barDining ellEat-in kitchenTile counters
Bedrooms
Primary bedroomAll bedrooms upstairsWalk-in closet
Flooring
Laminate flooring
Bathrooms
Two full bathsOne half bathBathtubShower-in-tubVanity area
Heating & cooling
Central furnace
Interior features
Open floor planCopper full plumbingTile countersGated communityAssociation spa (in-ground, community)Association pool and clubhouse
Laundry & utility
Laundry area in garage

HOA detail $705/mo · $8,460/yr condo

Likely covers
security
Assessments
None detected in remarks — confirm with the listing agent.

Listing history 50 events

  1. 2026-08-08
    days on market $290,000 Active 123 DOM
  2. 2026-08-06
    days on market $290,000 Active 121 DOM
  3. 2026-08-05
    days on market $290,000 Active 120 DOM
  4. 2026-08-04
    days on market $290,000 Active 119 DOM
  5. 2026-08-03
    pricedays on market $290,000 Active 118 DOM
  6. 2026-07-31
    days on market $319,900 Active 115 DOM
  7. 2026-07-30
    days on market $319,900 Active 114 DOM
  8. 2026-07-30
    days on market $319,900 Active 113 DOM
  9. 2026-07-28
    days on market $319,900 Active 112 DOM
  10. 2026-07-26
    days on market $319,900 Active 110 DOM
  11. 2026-07-24
    days on market $319,900 Active 108 DOM
  12. 2026-07-23
    days on market $319,900 Active 107 DOM
  13. 2026-07-22
    days on market $319,900 Active 106 DOM
  14. 2026-07-21
    days on market $319,900 Active 105 DOM
  15. 2026-07-20
    days on market $319,900 Active 104 DOM
  16. 2026-07-18
    days on market $319,900 Active 102 DOM
  17. 2026-07-18
    days on market $319,900 Active 101 DOM
  18. 2026-07-16
    days on market $319,900 Active 100 DOM
  19. 2026-07-15
    days on market $319,900 Active 99 DOM
  20. 2026-07-14
    days on market $319,900 Active 98 DOM
  21. 2026-07-13
    days on market $319,900 Active 97 DOM
  22. 2026-07-13
    days on market $319,900 Active 96 DOM
  23. 2026-07-11
    days on market $319,900 Active 95 DOM
  24. 2026-07-10
    days on market $319,900 Active 94 DOM
  25. 2026-07-09
    days on market $319,900 Active 93 DOM
  26. 2026-07-07
    days on market $319,900 Active 91 DOM
  27. 2026-07-06
    days on market $319,900 Active 90 DOM
  28. 2026-07-06
    days on market $319,900 Active 89 DOM
  29. 2026-07-05
    days on market $319,900 Active 88 DOM
  30. 2026-07-03
    days on market $319,900 Active 87 DOM
  31. 2026-07-02
    days on market $319,900 Active 86 DOM
  32. 2026-07-01
    days on market $319,900 Active 85 DOM
  33. 2026-06-30
    days on market $319,900 Active 84 DOM
  34. 2026-06-29
    days on market $319,900 Active 83 DOM
  35. 2026-06-28
    days on market $319,900 Active 82 DOM
  36. 2026-06-27
    days on market $319,900 Active 81 DOM
  37. 2026-06-26
    days on market $319,900 Active 80 DOM
  38. 2026-06-24
    days on market $319,900 Active 78 DOM
  39. 2026-06-22
    days on market $319,900 Active 76 DOM
  40. 2026-06-21
    days on market $319,900 Active 75 DOM
  41. 2026-06-18
    days on market $319,900 Active 72 DOM
  42. 2026-06-17
    days on market $319,900 Active 71 DOM
  43. 2026-06-16
    days on market $319,900 Active 70 DOM
  44. 2026-06-15
    days on market $319,900 Active 69 DOM
  45. 2026-06-13
    days on market $319,900 Active 67 DOM
  46. 2026-06-13
    days on market $319,900 Active 66 DOM
  47. 2026-06-09
    days on market $319,900 Active 63 DOM
  48. 2026-06-08
    days on market $319,900 Active 62 DOM
  49. 2026-06-07
    days on market $319,900 Active 61 DOM
  50. 2026-06-04
    days on market $319,900 Active 58 DOM

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

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income
$49,311
− Mortgage interest
−$16,245
− Property taxes
−$4,350
− Insurance
−$1,450
− Repairs & maintenance
−$3,945
− Management
−$3,945
− HOA
−$8,460
− Depreciation
−$8,436
Taxable income
$2,481
combined federal + state — saved on this device
Est. tax owed @ 24.0%
−$595
After-tax cash flow
$5,851/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 Est. rehab $9,290–$27,870 screening

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

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 29/100

Zoned Schools

Elementary Fairhaven Elementary F CA #973/1,571 Nat'l #30,133/41,679 Middle Portola Middle High Orange High F CA #656/1,170 Nat'l #10,191/17,239

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
D Composite livability gradescore 55/100

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 · 3,477,456 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
13% of renters

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

Price history

-4.5% since first listed
2 events — show timeline
  • 2026-05-26 Price Changed $319,900 CRMLS
  • 2026-04-07 Listed $335,000 CRMLS

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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