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16 Miners Irvine, CA 92620

3 Beds 3 Baths 2,138 sqft Built 1977

INVESTimate

$949,000

List Price

$3,490

$3,240 - $3,740

Rent Est.

$999,772  ( +5.35%)   1 YR EST. FORECAST

PROPERTY INFO

August 24, 2020 RECENTLY ADDED
FACTS
  • Built In 1977
  • Price/Sqft : $443.87
  • 7 Days on Market
  • MLS # : PW20170330
  • Updated Date : 08/21/2020 at 05:08
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,138 sqft
  • Baths : 2 full , 1 half
Listing Agent

Ctc Brokers & Associates

Listing Agent's Description

You are going to love this home! Nestled in the desirable Northwood community of Irvine, this detached home features 3 bedrooms and 2.5 baths with over 2,000 square feet of living space. Upon entry you are greeted by vaulted ceilings which span the formal living and dining room. Hardwood floors wrap around to the kitchen and family room. The finished yard has plenty of room for entertaining. Upstairs you will find all three spacious bedrooms. The master bedroom opens up to a balcony that is perfect for taking in fresh air and enjoying a view of the garden. Attached to the master bedroom is a remodeled bathroom with a stand-up shower and separate tub. The home is within walking distance of shopping, dining, parks, and award-winning schools. It really does check off all the boxes. Come and see all that this home has to offer!

SEE MORE

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: Northwood

NeighborhoodNIR Market*CityMarket2010Year20002019300k350k400k450k500k550k600k650k700k750k800k850k900kPrice in $272k943k

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

Neighborhood: Northwood

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q22000220024002600280030003200340036003800Rent in $19813818

* 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
Northwood Elementary School Primary Regular 722 24 7
Sierra Vista Middle School Middle Regular 733 21 9
Northwood High School High Regular 2,173 72 9

Northwood Elementary School

  • Education Level: Primary
  • # of students: 722
  • # of teachers: 24
7
GreatSchools Rating

Sierra Vista Middle School

  • Education Level: Middle
  • # of students: 733
  • # of teachers: 21
9
GreatSchools Rating

Northwood High School

  • Education Level: High
  • # of students: 2,173
  • # of teachers: 72
9
GreatSchools Rating
 

$854,100$1,043,900$949,000

PURCHASE PRICE

$3,141$3,839$3,490

RENT

DOWN PAYMENT
FINANCING

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,490
EXPENSES Loan Payment -$3,501
Property Tax -$845
Property Insurance -$79
Property Management Fees -$171
CASH FLOW
-$1,106

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.

$949,000

PROJECTED PRICE

$3,490

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 5.35%
Maintenance Year (1-5) 8.00%
Vacancy 5.81%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$257,235

INVESTMENT

$257,235

Down Payment
$237,250
Rehab Estimate
$5,750
Closing Costs
$14,235

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,501

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $237,250
Loan Amount $711,750
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$2,803

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,490

    LIST RENT
  • $1.63

    LIST RENT PER SQFT
  • $3,560

    COMP ESTIMATED VALUE
  • $1.67

    COMP AVG. RENT PER SQFT
Comps Range
$3,250
1$3,2502$3,4003$3,4904$3,5005$3,580
$3,580
RENT COMPS ANALYSIS
  • 16 Miners Irvine, 3
    • 3 beds 3 baths ∙ 2,138 Sqft ∙ Built 1977 3 beds 3 baths ∙ 2,138 Sqft ∙ Built 1977
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,490
    • $1.63
    •  
  • 6 Savannah Irvine, 1
    • 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 1978 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 1978
    property image
    LEASED 12/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $1.63
    •  
  • 10 Miners Trail Irvine, 2
    • 3 beds 3 baths ∙ 2,138 Sqft ∙ Built 1977 3 beds 3 baths ∙ 2,138 Sqft ∙ Built 1977
    property image
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $1.59
    •  
  • 15 Bluecoat Irvine, 4
    • 4 beds 3 baths ∙ 1,979 Sqft ∙ Built 1978 4 beds 3 baths ∙ 1,979 Sqft ∙ Built 1978
    property image
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.77
    •  
  • 34 Miners Trail Irvine, 5
    • 3 beds 3 baths ∙ 2,134 Sqft ∙ Built 1979 3 beds 3 baths ∙ 2,134 Sqft ∙ Built 1979
    property image
    LEASED 07/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,580
    • $1.68
    •  
PROPERTY LISTING DETAILS
Mitchell Millan
Ctc Brokers & Associates
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20170330
Last Updated: 08/21/2020
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