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1212 Scholarship 
Irvine, CA
92612
3 Beds 2 Baths 1,340 sqft
Built 2006
INVESTimate
$668,000
List Price
$182,770
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PROPERTY INFO
FACTS
- Built In 2006
- Price/Sqft : $498.51
- 29 Days on Market
- MLS # : OC20150411
- Updated Date : 08/24/2020 at 20:47
CONSTRUCTION
- Beds : 3
- Floor Size : 1,340 sqft
- Baths : 2 full
Listing Agent
The Michael Walsh Realty Group
Listing Agent's Description
Spectacular 3 bedroom Avenue One property! This property is a rarely available 3 bedroom private, corner residence. This bright, and open, spacious floor plan has a great-room area that opens to a large squared off balcony. This highly upgraded property has new carpet, flooring, paint, and lighting throughout, and too many upgrades to list! The bedrooms are spacious and immaculate! This property has a very desirable floor plan with a great location, and is pristine and move in ready! Many HOA amenities including an indoor basketball court, a huge pool, fitness center, and clubroom. Located within walking distance of restaurants, shopping, and freeway close. Located a short drive away are John Wayne Airport, South Coast Plaza, Fashion Island, and more. This is a must-see, and will not last!
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MARKET HIGHLIGHTS
- The area has major technology nodes of excellence: Los Angeles (Media and entertainment); Pasadena (High-tech engineering, data analytics); Riverside (Agtech, transportation/ distribution); San Diego (Healthcare, biotech, wireless communications); Irvine (Medtech, cyber security); El Segundo (Aerospace and defense IT, space transport) [BCG, 2018]
- Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
- Southern California produces more technology PhDs per year than any other region in the country and many of the higher educated students stay within Souther California contributing to readily available workforce skills making the area more attractive than Silicon Valley (BCG, 2018)
- Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)
- Southern California has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (USMayors.org, 2018)
- Headquarters to several Fortune 500 companies: Amgen, Farmers Insurance, Walt Disney, Avery Dennison, Activision Blizzard, CBRE Group, Edison International, Molina Healthcare, First American Financial, Pacific Life, Qualcomm and Sempra Energy (Fortune, 2018)
- As part of Southern California area, Orange County market inherits all the benefits from the area.
- Los Angeles has been awarded the 2028 Olympics under a funding commitment of $88 billion to upgrade the transportation infrastructure connecting disparate pockets of the metro area. This is expected to produce additional employment in the coming years. (BCG, 2018)
PRICE & RENT TRENDS
Neighborhood: Avenue One Condominiums
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Avenue One Condominiums
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $2,990 |
| EXPENSES | Loan Payment | -$2,465 |
| Property Tax | -$622 | |
| Property Insurance | -$60 | |
| HOA | -$563 | |
| Property Management Fees | -$147 | |
|
CASH FLOW
-$866
|
||
This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.
$668,000
PROJECTED PRICE
$2,990
PROJECTED RENT
0.45%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 4.08% |
| Appreciation Year (1-5) | 4.65% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.81% |
| Length of Stay Years | 2 |
TOTAL CASH OUT OF POCKET
INVESTMENT
$182,770
LOAN DETAILS
$2,465
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $167,000 |
| Loan Amount | $501,000 |
0.25
YEARS SAVED
$318
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,990
LIST RENT -
$2.23
LIST RENT PER SQFT
-
$2,995
COMP ESTIMATED VALUE -
$2.24
COMP AVG. RENT PER SQFT
Comps Range
-
1212 Scholarship Irvine, 1
- 3 beds 2 baths ∙ 1,340 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,340 Sqft ∙ Built 2006
- Rent
- Rent Per SQFT
- $2,990
- $2.23
-
2456 Watermarke Place Irvine, 2
- 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 2003
LEASED 10/13/19- Rent
- Rent Per SQFT
- $3,100
- $2.13
-
3450 Watermarke Place Irvine, 3
- 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 2005
LEASED 03/14/20- Rent
- Rent Per SQFT
- $3,300
- $2.27
-
3449 Watermarke Place Irvine, 4
- 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,456 Sqft ∙ Built 2003
LEASED 07/16/20- Rent
- Rent Per SQFT
- $3,300
- $2.27
-
105 Schick Irvine, 5
- 3 beds 3 baths ∙ 1,587 Sqft ∙ Built 2019 3 beds 3 baths ∙ 1,587 Sqft ∙ Built 2019
LEASED 08/05/19- Rent
- Rent Per SQFT
- $3,600
- $2.27
PROPERTY LISTING DETAILS
The Michael Walsh Realty Group
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: OC20150411
Last Updated: 08/24/2020
