
Orange, California 92866
This property presents a High-Potential Investment Opportunity with a List Price of $1,350,000—positioned well above the $1,244,862 Fair Market Value by -8%. While priced for its future potential, the home features a Mint Condition Rating with modern infrastructure including PEX plumbing and a new HVAC system. With over $250,000 in pre-development investment, the permit-ready plans for a 3-bedroom expansion and ADU conversion offer significant value-add. This is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking a historic Old Town Orange residence with built-in expansion capabilities.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 173 N Waverly Subject 2 bd · 2 ba · 1,254 sqft · $949 | $1,225,000* List Price | 2 | 2 | 1,254 | $949 | - |
A 262 N Cambridge Street Sold 3 bd · 2 ba · 1,300 sqft · $991 · 0.2 mi | $1,288,000 | 3 | 2 | 1,300 | $991 | 0.2 mi |
B 317 N Waverly Sold 3 bd · 2 ba · 1,456 sqft · $859 · 0.2 mi | $1,250,000 | 3 | 2 | 1,456 | $859 | 0.2 mi |
C 1314 E Chapman Sold 4 bd · 1 ba · 1,339 sqft · $840 · 0.2 mi | $1,125,000 | 4 | 1 | 1,339 | $840 | 0.2 mi |
D 1519 E Van Bibber Sold 3 bd · 2 ba · 1,416 sqft · $986 · 0.5 mi | $1,396,000 | 3 | 2 | 1,416 | $986 | 0.5 mi |
E 713 E Sycamore Sold 3 bd · 2 ba · 1,589 sqft · $871 · 0.4 mi | $1,384,000 | 3 | 2 | 1,589 | $871 | 0.4 mi |
F 255 N Waverly Street Sold 3 bd · 2 ba · 1,668 sqft · $761 · 0.1 mi | $1,270,000 | 3 | 2 | 1,668 | $761 | 0.1 mi |
G 155 S Lincoln Sold 4 bd · 2 ba · 1,728 sqft · $781 · 0.4 mi | $1,350,000 | 4 | 2 | 1,728 | $781 | 0.4 mi |
H 1514 E Palm Sold 3 bd · 2 ba · 1,584 sqft · $811 · 0.3 mi | $1,285,000 | 3 | 2 | 1,584 | $811 | 0.3 mi |
I 131 N Waverly Street Active Under Contract 2 bd · 1 ba · 1,116 sqft · $985 · 0.0 mi | $1,099,000 List Price | 2 | 1 | 1,116 | $985 | 0.0 mi |
* Subject property listed price vs sold prices of comps.
Property is new construction or fully renovated.
The property has undergone a comprehensive recent renovation featuring a brand-new kitchen with quartz countertops and GE appliances, updated bathrooms with custom tile, and major system upgrades including new PEX plumbing, a new HVAC system, and a tankless water heater, meeting the criteria for mint condition with no immediate maintenance required.
The property includes over $250,000 in pre-development investment with fully approved, permit-ready plans for a home expansion and a near-complete ADU conversion, saving the buyer over 13 months of planning and city approvals.
Situated in the highly desirable North East quadrant of the Old Town Orange Historic District, the home offers exceptional walkability to Chapman University and the Plaza, ensuring strong long-term demand.
Despite its historic 1946 origins, the home features critical modern upgrades including new PEX plumbing, a new HVAC system, a tankless water heater, and a remodeled kitchen with quartz countertops.
Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 2, other record bedroom count = 1.
To realize the property's full potential and 4-bedroom layout, the buyer must still undertake and fund the actual construction and garage conversion, which requires additional capital and management.
At a $1.35M price point for the existing 1,254 square feet, the property is priced based on its future potential rather than its current footprint, which may be a hurdle for traditional buyers.
Priced to Sell. Over $250,000 invested across property improvements, planning, engineering, historic resource assessment completion, and approvals representing over 14 months of completed groundwork. Fully Approved and Permit Ready House Remodel Plans! A thoughtfully reimagined residence nestled in the highly desirable north east quadrant of the Old Town Orange Historic District where historic character, modern comfort, and future value converge. This home presents a rare, meaningful value-add opportunity to own a home in the Old Town Orange Historic District with . Fully approved, permit ready house remodel plans envision an approximately 180-square-foot addition to the home to create a future 3 bedroom, 3 bath layout with a luxurious primary suite, walk-in closet, and spa-style primary bath. Separately, the approximately 300 sqft garage that is proposed for conversion to an ADU is in final review phase for city approval and permits. This would present the potential for a total of 4 bedrooms, 4 bathrooms and approximately 1,729 square feet of living space on the premises. This is a significant value for a new owner with ready to build, approved plan sets for the home and final building department review for the ADU underway anticipating full approval in coming weeks. Currently, the updated the home features extensive improvements throughout and is being sold with a completed termite clearance. The new kitchen features quartz countertops and new GE appliances, while updated baths include custom tile, new shower valves, cabinetry and fixtures with a newly reglazed tub. Major system upgrades include new PEX plumbing, a new HVAC system and ducting throughout the home, and a Noritz tankless water heater. Professionally leveled floors, new laminate flooring, fresh interior texture and paint, and exterior paint provide a polished foundation for everyday living. The private grounds have been transformed into a lush English garden inspired retreat, with more than 80 new plants, commercial-grade Netafim drip irrigation, fresh mulch, and decomposed-granite pathways throughout the lot. Three mature, highly productive fruit trees (apple, orange, and lemon) complete the setting. Phenomenal location being a little over a 1/2 mile to everything in Old Town Orange whether local eats or shopping, approximately 3/4 mile to Chapman University, and 1 mile to the 55 freeway.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 3.7 |
| Baths | 2.0 | 2.4 |
| Square foot | 1,254 | 1,817.719 |
| Lot Size | 6,750 | 7,240.844 |
| Price | $1.23M | $1.29M |
| Price per sq ft | $977 | $696 |
| Built year | 1946 | 1964 |
| HOA | $0 | $169 |
| Days on market | 77 | 48 |
Oct 10, 2026
$1,225,000
$1,265,000
-3% Price Drop
Initial Listing
Oct 1, 2026
$1,265,000
$1,299,999
-3% Price Drop
Initial Listing
Sep 18, 2026
$1,299,999
$1,350,000
-4% Price Drop
Initial Listing
Sep 10, 2026
$1,350,000
$1,375,000
-2% Price Drop
Initial Listing
Aug 9, 2026
$1,375,000
Initial Listing
Jun 20, 2025
$1,050,000
Public Record