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14592 Comet Street Irvine, CA 92604

4 Beds 2 Baths 1,656 sqft Built 1970

$924,990

List Price

$3,250

$3K - $3.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1970
  • Price/Sqft : $558.57
  • 5 Days on Market
  • MLS # : OC21043470
  • Updated Date : 03/06/2021 at 10:47
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,656 sqft
  • Baths : 2 full
Listing Agent

Century 21 Masters

Listing Agent's Description

Welcome Home! This beautiful 4 bed (Current 3 Bed+ Playroom could easily be covered to 4th room), 2 bath Irvine home has 1,656 sqft of living space and is perfectly located on a spacious corner lot! As you enter into the home, you'll notice the open floor plan, vaulted ceilings and recessed lighting. This home features an upgraded kitchen with stainless steel appliances, Milgard windows, recessed lights throughout, open dining and family room and cozy fireplace. You will love the large master suite, which leads to the backyard, has double sinks in the master bath, two large closets and includes space for an office or extra storage. Enjoy the large windows in the other bedrooms for lots of natural lighting and a playroom that is easily converted into a 4th bedroom. There is a portion of the attic that is finished and great for storage...who doesnt love extra storage?!? Entertain or have a BBQ in the spacious backyard with a custom covered patio! This home is located near shops, dining, parks, the freeway and highly rated local schools.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)
  • As part of Southern California area, Orange County market inherits all the benefits from the area.
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
  • 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 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)

PRICE & RENT TRENDS

Neighborhood: El Camino Real

NeighborhoodNIR Market*CityMarket2010Year20002019300k350k400k450k500k550k600k650k700k750k800k850k900kPrice in $268k943k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: El Camino Real

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q22000220024002600280030003200340036003800Rent in $18493818

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Venado Middle School Middle Regular 577 18 8
Irvine High School High Regular 1,968 64 9
Venado Middle School Middle Unknown NA

Venado Middle School

  • Education Level: Middle
  • # of students: 577
  • # of teachers: 18
8
GreatSchools Rating

Irvine High School

  • Education Level: High
  • # of students: 1,968
  • # of teachers: 64
9
GreatSchools Rating

Venado Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$832,491$1,017,489$924,990

PURCHASE PRICE

$2,925$3,575$3,250

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,250
EXPENSES Loan Payment -$3,213
Property Tax -$825
Property Insurance -$67
Property Management Fees -$159
CASH FLOW
-$1,014

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.

$924,990

PROJECTED PRICE

$3,250

PROJECTED RENT

0.35%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 6.6%
Maintenance Year (1-5) 8.00%
Vacancy 5.81%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

PROJECTED ANNUAL CASH FLOW

11530-$20k-$15k-$10k-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$250,872

INVESTMENT

$250,872

Down Payment
$231,248
Rehab Estimate
$5,750
Closing Costs
$13,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$3,213

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $231,248
Loan Amount $693,743
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$2,169

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $3,250

    LIST RENT
  • $1.96

    LIST RENT PER SQFT
  • $3,511

    COMP ESTIMATED VALUE
  • $2.12

    COMP AVG. RENT PER SQFT
Comps Range
$3,100
1$3,1002$3,1003$3,1004$3,2505$3,295
$3,295
RENT COMPS ANALYSIS
  • 14592 Comet Street Irvine, CA 4
    • 4 beds 2 baths ∙ 1,656 Sqft ∙ Built 1970 4 beds 2 baths ∙ 1,656 Sqft ∙ Built 1970
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $1.96
    •  
  • 5151 Greencap Avenue Irvine, CA 1
    • 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1970
    LEASED 06/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $2.09
    •  
  • 5072 Greencap Avenue Irvine, CA 2
    • 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1970
    LEASED 07/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $2.09
    •  
  • 2 Cheyenne Irvine, CA 3
    • 3 beds 3 baths ∙ 1,504 Sqft ∙ Built 1977 3 beds 3 baths ∙ 1,504 Sqft ∙ Built 1977
    LEASED 01/05/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $2.06
    •  
  • 4881 Karen Ann Lane Irvine, CA 5
    • 4 beds 2 baths ∙ 1,470 Sqft ∙ Built 1971 4 beds 2 baths ∙ 1,470 Sqft ∙ Built 1971
    LEASED 04/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,295
    • $2.24
    •  
PROPERTY LISTING DETAILS
Jennifer Matsumoto
Century 21 Masters
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21043470
Last Updated: 03/06/2021
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