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14671 Comet Street Irvine, CA 92604

3 Beds 2 Baths 1,480 sqft Built 1970

$750,000

List Price

$3,150

$2.9K - $3.4K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1970
  • Price/Sqft : $506.76
  • 3 Days on Market
  • MLS # : AR20251667
  • Updated Date : 12/04/2020 at 17:53
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,480 sqft
  • Baths : 2 full
Listing Agent

Transglobal Realty

Listing Agent's Description

Desirable area, quiet neighborhood, convenient location. Walking distance to school and park, minutes to 99 Ranch Market, Golf course and I-5, 405, 133, 241 and 73. Beautiful front yard and wide drive way, you could park many cars on it. Standard 2 cars garage with the direct assess to the main house. The house features 3 bedrooms and two bathrooms including one master bedroom, one den could be 4th bedroom. High ceiling at the living room, family room and master bedroom makes you truly relax at home. You will love to cook in this open kitchen, there is one sliding door for accessing to the back yard from family room. Master bedroom also has a sliding door to the back yard, no worry, you will not miss out any joyce of the activities in the yard. Don't miss the chance to own this beautiful house.

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MARKET HIGHLIGHTS

  • 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)
  • 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.

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
Greentree Elementary School Primary Regular 517 19 8
Greentree Elementary School Middle Regular 517 19 8
Irvine High School High Regular 1,968 64 9

Greentree Elementary School

  • Education Level: Primary
  • # of students: 517
  • # of teachers: 19
8
GreatSchools Rating

Greentree Elementary School

  • Education Level: Middle
  • # of students: 517
  • # of teachers: 19
8
GreatSchools Rating

Irvine High School

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

$675,000$825,000$750,000

PURCHASE PRICE

$2,835$3,465$3,150

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,150
EXPENSES Loan Payment -$2,767
Property Tax -$684
Property Insurance -$63
Property Management Fees -$154
CASH FLOW
-$518

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.

$750,000

PROJECTED PRICE

$3,150

PROJECTED RENT

0.42%

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$204,500

INVESTMENT

$204,500

Down Payment
$187,500
Rehab Estimate
$5,750
Closing Costs
$11,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$2,767

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $187,500
Loan Amount $562,500
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$16,653

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,150

    LIST RENT
  • $2.13

    LIST RENT PER SQFT
  • $3,149

    COMP ESTIMATED VALUE
  • $2.13

    COMP AVG. RENT PER SQFT
Comps Range
$3,100
1$3,1002$3,1003$3,1504$3,1955$3,300
$3,300
RENT COMPS ANALYSIS
  • 14671 Comet Street Irvine, CA 3
    • 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1970
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,150
    • $2.13
    •  
  • 5151 Greencap Avenue Irvine, CA 1
    • 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1970
    property image
    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
    property image
    LEASED 07/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $2.09
    •  
  • 14591 Highcrest Circle Irvine, CA 4
    • 3 beds 2 baths ∙ 1,525 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,525 Sqft ∙ Built 1971
    property image
    LEASED 09/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,195
    • $2.10
    •  
  • 4732 Lindstrom Avenue Irvine, CA 5
    • 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1971
    property image
    LEASED 12/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.23
    •  
PROPERTY LISTING DETAILS
Ivy Shew-jen Jou
Transglobal Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: AR20251667
Last Updated: 12/04/2020
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