For yield-focused investors, the rent roll is the document that matters most. It shows what a property actually collects, unit by unit, rather than what a spreadsheet hopes it might. This post walks through the rent roll of 13611 Glenhaven Dr in Garden Grove, where three units are fully leased and produce $8,600 per month in gross rent.
The Rent Roll in Plain Numbers
Here is the current gross income by unit, along with the annualized figure:
- Main House (13611 Glenhaven): $3,400 per month, or $40,800 per year.
- Modern ADU (13615 Glenhaven): $3,800 per month, or $45,600 per year.
- Studio: $1,400 per month, or $16,800 per year.
The total is $8,600 per month and $103,200 per year. As a share of gross rent, the main house contributes 39.5 percent, the ADU 44.2 percent, and the studio 16.3 percent.
All three units are leased. That means the income described here comes from existing agreements, and buyers can review those agreements rather than rely on projections.
Reading Rent Against Space
Rent per bedroom is a quick way to compare units. The main house has 3 bedrooms at $3,400, which works out to about $1,133 per bedroom per month. The ADU has 4 bedrooms at $3,800, or $950 per bedroom. Across the whole estate, $8,600 spread over 8 beds is $1,075 per bed.
Rent per square foot offers another view. Each of the two larger homes has about 1,200 square feet. The main house at $3,400 equals roughly $2.83 per square foot per month, and the ADU at $3,800 equals roughly $3.17. These are simple ratios for comparison, not appraisals, and they do not by themselves say whether a rent is high or low for the area.
Taking the other side of the equation, the list price of $1,728,000 against annual gross rent of $103,200 gives a gross rent-to-price ratio of about 5.97 percent. That is a gross figure only. It ignores every operating cost, so it should not be mistaken for a cap rate. We cover net income modeling later in this series.
What Gross Rent Does Not Show
A rent roll is the starting line for underwriting, not the finish. Before drawing conclusions, a careful investor will ask about:
- Lease start and end dates for each unit.
- Security deposits held.
- Payment history, as documented in the financial packet.
- Which utilities, if any, are paid by the owner. The property has 2 electric meters, 2 gas meters, and 1 water meter, so how those are assigned matters.
- Property taxes, insurance, maintenance, and reserves, which are assumptions each buyer must set for themselves.
Because the property carries no HOA fee, one common fixed cost is absent from the budget. Everything else should be verified.
Why the Mix of Units Matters
A rent roll with three entries behaves differently from one with a single entry. The ADU leads at $3,800, but it does not dominate. If any one unit turned over, the other two would continue paying according to their leases. That does not remove risk, but it spreads it.
The studio deserves a note as well. At $1,400 per month, it brings in 16.3 percent of the total from the smallest footprint on the lot. Small units often pull their weight on a per-square-foot basis, a point we explore in a later post.
A Note on Verification
The figures in this article reflect the property's current lease information as presented by the seller side. Buyers should verify every number through the lease documents, rent roll, and their own due diligence. Nothing here is a guarantee of future income, and this article is not tax, legal, or financial advice. Your CPA, attorney, and lender can help you apply these numbers to your own situation.
View the Current Rent Roll and Lease Terms
If the income profile looks like a fit, the next step is to review the actual documents. Contact Global Estate Hub to view the current rent roll and lease terms for 13611 Glenhaven Dr, and we will share what is available to qualified buyers.