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22 Ericson Aisle Irvine, CA 92620

3 Beds 2 Baths 1,679 sqft Built 1989

$697,000

List Price

$3,100

$2.9K - $3.4K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
FACTS
  • Built In 1989
  • Price/Sqft : $415.13
  • 11 Days on Market
  • MLS # : OC20224947
  • Updated Date : 10/31/2020 at 05:11
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,679 sqft
  • Baths : 2 full
Listing Agent

Pacific Sterling Realty

Listing Agent's Description

Welcome to the Beautiful and Immaculate 3 Bed and 2 Bath end unit Condo in the highly sought after Northwood Villas Community. This highly desirable open floor plan has BRAND NEW FLOORING (Wood and Carpet). Entertain friends and love ones in style and create beautiful memories in the spacious, bright and airy vaulted ceiling Living room. Enjoy gathering and story-telling around the cozy travertine surround Fireplace. Highly upgraded Kitchen with gorgeous rich wood cabinetry, granite counters, recessed lights, stainless steel appliances and sink. A cozy separate breakfast nook with access to your own private balcony/deck will surely delight the morning senses. Master bedroom suite with high ceiling opens up to the tranquil outdoor patio/balcony for you to enjoy quiet mornings. Separate his and her closets with sliding mirror doors provide plenty of storage space. Enjoy the convenience of separate sinks with luxurious granite counter, separate toilet room and beautiful tile flooring. Two good size bedrooms share a full bathroom with granite counter and tile flooring. Brand New Luxurious carpet in bedrooms and stairs. Separate laundry room with installed washer and dryer has spacious storage and direct access to one attached car garage. The 2nd covered car garage is detached. This is the ultimate single level living on the second floor with front door entry from ground level. No Mello Roos, low HOA with pool facility. Truly enjoy what Irvine has to offer!

SEE MORE

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: Northwood Villas

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800k850k900kPrice in $234k943k

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

Neighborhood: Northwood Villas

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2160018002000220024002600280030003200340036003800Rent in $14913818

* 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
Irvine High School High Regular 1,968 64 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

Irvine High School

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

$627,300$766,700$697,000

PURCHASE PRICE

$2,790$3,410$3,100

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,100
EXPENSES Loan Payment -$2,572
Property Tax -$635
Property Insurance -$68
HOA -$188
Property Management Fees -$152
CASH FLOW
-$514

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.

$697,000

PROJECTED PRICE

$3,100

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 4.9%
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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$190,455

INVESTMENT

$190,455

Down Payment
$174,250
Rehab Estimate
$5,750
Closing Costs
$10,455

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,572

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $174,250
Loan Amount $522,750
See What Happens When You Reinvest Cash Flow

2.17

YEARS SAVED

$12,255

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,100

    LIST RENT
  • $1.85

    LIST RENT PER SQFT
  • $3,161

    COMP ESTIMATED VALUE
  • $1.88

    COMP AVG. RENT PER SQFT
Comps Range
$2,950
1$2,9502$3,1003$3,1004$3,2005$3,300
$3,300
RENT COMPS ANALYSIS
  • 22 Ericson Aisle Irvine, CA 3
    • 3 beds 2 baths ∙ 1,679 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,679 Sqft ∙ Built 1989
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.85
    •  
  • 15 Ericson Aisle Irvine, CA 1
    • 3 beds 2 baths ∙ 1,679 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,679 Sqft ∙ Built 1988
    LEASED 08/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.76
    •  
  • 11 Wadsworth Irvine, CA 2
    • 3 beds 3 baths ∙ 1,703 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,703 Sqft ∙ Built 1986
    LEASED 11/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.82
    •  
  • 8 Waynesboro Irvine, CA 4
    • 3 beds 3 baths ∙ 1,604 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,604 Sqft ∙ Built 1985
    LEASED 01/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.00
    •  
  • 7 Mccormick Irvine, CA 5
    • 3 beds 2 baths ∙ 1,688 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,688 Sqft ∙ Built 1980
    LEASED 05/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $1.95
    •  
PROPERTY LISTING DETAILS
Merry Santoso
Pacific Sterling Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20224947
Last Updated: 10/31/2020
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