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23 Perennial Irvine, CA 92603

3 Beds 3 Baths 1,443 sqft Built 2004

INVESTimate

$750,000

List Price

$3,140

$2,890 - $3,390

Rent Est.

$791,175  ( +5.49%)   1 YR EST. FORECAST

PROPERTY INFO

August 23, 2020 RECENTLY ADDED
FACTS
  • Built In 2004
  • Price/Sqft : $519.75
  • 4 Days on Market
  • MLS # : OC20172905
  • Updated Date : 08/24/2020 at 21:07
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,443 sqft
  • Baths : 2 full , 1 half
Listing Agent

Berkshire Hathaway Homeservice

Listing Agent's Description

Experience a Sophisticated Southern California Lifestyle in Quail Hill, Irvine—FORMER MODEL HOME situated on a Premium Corner Lot Location with courtyard views and within steps from “Blue Ribbon” Alderwood Elementary, The Commons Park, and Quail Hill Shopping Center! Our Jasmine Collection Residence Five “Regenberg” by “Shea Homes” is one of Quail Hill’s MOST Highly Desired Floor Plans and features 3BD 2.5BA and 1,443 Sq. Ft of decadent indulgence and natural light! The home offers an open floor plan and the Finest Interior Elements throughout including Birch Glass Fronted Cabinetry, Custom Fitted Plantation Shutters and Window Shades, Slate Flooring, and Recessed Lighting. Gourmet Kitchen complete with ALL Kitchen Appliances! A Lifestyle Opportunity for Outdoor Living—Corner Lot Location and Private Front Porch! Enjoy World-Class Amenities—exclusive to Quail Hill residents --5 parks, 3 pools, BBQ and Picnic Areas, Fitness Center, Sport Court, Full Soccer and Baseball Fields, and Hiking Trails all inspired by the warm ambiance of their surrounding environment. Award-winning Irvine Unified School District and just minutes from Irvine Spectrum Center, Oak Creek Golf Club, Kaiser Permanente Medical Center, John Wayne Airport, and Laguna Beach!

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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: Sandal Wood

NeighborhoodNIR Market*CityMarket2010Year20002019300k400k500k600k700k800k900k1000kPrice in $272k1059k

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

Neighborhood: Sandal Wood

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2160018002000220024002600280030003200340036003800Rent in $14723818

* 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
Alderwood Elementary School Primary Regular 835 28 9
Alderwood Elementary School Middle Regular 835 28 9
University High School High Regular 2,527 84 10

Alderwood Elementary School

  • Education Level: Primary
  • # of students: 835
  • # of teachers: 28
9
GreatSchools Rating

Alderwood Elementary School

  • Education Level: Middle
  • # of students: 835
  • # of teachers: 28
9
GreatSchools Rating

University High School

  • Education Level: High
  • # of students: 2,527
  • # of teachers: 84
10
GreatSchools Rating
 

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

PURCHASE PRICE

$2,826$3,454$3,140

RENT

DOWN PAYMENT
FINANCING

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-$15k-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,140
EXPENSES Loan Payment -$2,767
Property Tax -$832
Property Insurance -$62
HOA -$188
Property Management Fees -$154
CASH FLOW
-$863

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

$3,140

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 5.49%
Maintenance Year (1-5) 8.00%
Vacancy 5.81%
Length of Stay Years 2

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 65% 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

0.5

YEARS SAVED

$1,668

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,140

    LIST RENT
  • $2.18

    LIST RENT PER SQFT
  • $3,139

    COMP ESTIMATED VALUE
  • $2.18

    COMP AVG. RENT PER SQFT
Comps Range
$2,950
1$2,9502$3,0003$3,0504$3,1005$3,140
$3,140
RENT COMPS ANALYSIS
  • 23 Perennial Irvine, 5
    • 3 beds 3 baths ∙ 1,443 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,443 Sqft ∙ Built 2004
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,140
    • $2.18
    •  
  • 29 Windchime Irvine, 1
    • 3 beds 3 baths ∙ 1,330 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,330 Sqft ∙ Built 2003
    property image
    LEASED 08/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $2.22
    •  
  • 47 Windchime Irvine, 2
    • 3 beds 3 baths ∙ 1,300 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,300 Sqft ∙ Built 2005
    property image
    LEASED 10/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $2.31
    •  
  • 243 Dewdrop Irvine, 3
    • 3 beds 3 baths ∙ 1,416 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,416 Sqft ∙ Built 2003
    property image
    LEASED 03/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,050
    • $2.15
    •  
  • 123 Windchime Irvine, 4
    • 3 beds 3 baths ∙ 1,534 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,534 Sqft ∙ Built 2003
    property image
    LEASED 12/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $2.02
    •  
PROPERTY LISTING DETAILS
Ronnie Hackett
Berkshire Hathaway Homeservice
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20172905
Last Updated: 08/24/2020
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