Real Estate Investing in Santa Ana, California (92704)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 92704 (Santa Ana, CA)? Our answer, based on the numbers below.
Mixed — home prices are stretched relative to local incomes. Run the math on your specific situation.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
What’s happening in Santa Ana, CA (92704)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 92704 Santa Ana
ZIP 92704 in Santa Ana, CA carries a notable set of headwinds. Home values near $894K and rents of $3,068/mo sit inside a market where underwriting has to be tight.
Rent of $3,068/mo on a $894K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 92704 sits below the stated 0.0% once reality is priced in.
Nearby ZIPs in Santa Ana have seen price recovery that 92704 has not matched. Orange County data supports the view that the spread is structural rather than temporary.
Who lives in 92704 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
The right play in 92704 usually involves deep tenant screening, aggressive delinquency response, and a conservative capex buffer. Anything less, and the discount can turn into a trap.
Here's what matters if you're considering buying a home in Santa Ana:
Property Strategy for 92704
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $388,313 | $2,410 | 4.5% | +5.0% | $388,313 |
| 2BR | $505,846 | $2,840 | 4.0% | +5.1% | $252,923 |
| 3BR | $860,316 | $3,860 | 3.2% | +7.0% | $286,772 |
| 4BR | $995,895 | $4,600 | 3.3% | +6.8% | $248,974 |
| 5BR | $1,097,833 | — | — | +6.5% | $219,567 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 92704 Compare?
| Metric | 92704 | Santa Ana | Los Angeles-Long Beach-Anaheim, CA | California |
|---|---|---|---|---|
| Home Value | $893,777 | $861,328 | N/A | $761,003 |
| 5-Year CAGR | 5.8% | 5.7% | N/A | 5.7% |
| Avg Rent | $3,068 | $2,741 | N/A | - |
| Cap Rate | 2.7% | 2.5% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 92704 (Santa Ana, CA). Anonymous, moderated, never written by AI.
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Property managers serving Orange County
Manage rentals here? List your business →Action Property Management is an HOA management company serving various community types including large scale, high rise, new development, condos, and hotel residential. summary from their website
Affinity Property Management, Inc. provides world-class service in property management, adapting to client needs and offering solutions for owners and tenants. summary from their website
Aperto Property Management, Inc. aims to maximize real estate asset value and achieve investment goals through vision, professionalism, and personal service. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $893,777 |
| Monthly Rent | $3,068 |
| Price-to-Rent | 24.3:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.1% |
| Cap Rate | 2.7% |
| 5-Year IRR | 8.5% |
📈 Home Appreciation
| 1-Year | +3.0% ▲ |
| 3-Year CAGR | +4.9% ▲ |
| 5-Year CAGR | +5.8% ▲ |
| 10-Year CAGR | +7.2% ▲ |
🏠 Rent Trends
| 1-Year | +9.1% ▲ |
| 3-Year CAGR | +6.6% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.7%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 92704
Population: 80,408
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 92704
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 12,468 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What is the investability score for Santa Ana, CA?
With a 3.0/5 investability score, Santa Ana, CA ranks as a solid market for rental property investors. Median prices of $894K and rents of $3,068/mo drive the underlying numbers.
What is it like being a landlord in Santa Ana, CA?
Landlord-friendliness in Santa Ana, CA is tenant-protective. Eviction timelines and lease enforcement are considered reasonable by most property managers.
Do landlords face vacancy issues in Santa Ana, CA?
Santa Ana, CA vacancy trends elevated. Investors running standard buy-and-hold plays see reasonable downtime between tenants.
What is the tenant pool like in Santa Ana, CA?
Santa Ana, CA draws a measured base of working renters. Demand at the $3,068/mo rent level is reasonable for standard single-family and small multi rentals.
Where do rents currently stand in Santa Ana, CA?
Expect rents around $3,068/mo per month in Santa Ana, CA. With home values at $894K, the yield math works out to reasonable levels for rental investors.
You know 92704 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 92704 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 92704 ranks in Los Angeles-Long Beach-Anaheim, CA
Every ZIP in this metro, ranked. Free.
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