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24 Lakeview #90 Irvine, CA 92604

3 Beds 3 Baths 2,090 sqft Built 1977

$974,900

List Price

$3,740

$3.5K - $4K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1977
  • Price/Sqft : $466.46
  • 79 Days on Market
  • MLS # : LG20225232
  • Updated Date : 12/31/2020 at 22:23
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,090 sqft
  • Baths : 3 full
Listing Agent

Active Realty Inc

Listing Agent's Description

Elegant 3 bedroom, 3 bathroom multi-level condo in the community if Arborlake in Irvine! Enjoy a spacious floor plan with lots of natural light, laminate wood flooring, ceiling fans, and an inviting fireplace. The large primary bedroom offers mirrored closet doors, dual sinks in the primary and secondary bathrooms, and shower-in-tub features. Additional property highlights include an expansive deck accessible from multiple areas of the property, stainless steel appliances in the updated kitchen as well as light, bright cabinetry. Community features include the swimming pool, adjacent lake, and walking paths. Convenient to area markets, restaurants, and easy access to major freeways, and the Toll Roads!

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: Arborlake

NeighborhoodNIR Market*CityMarket2010Year20002019300k400k500k600k700k800k900k1000kPrice in $272k1046k

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

Neighborhood: Arborlake

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
Stone Creek Elementary School Primary Regular 579 19 8
Lakeside Middle School Middle Regular 650 21 10
Woodbridge High School High Regular 2,480 82 10

Stone Creek Elementary School

  • Education Level: Primary
  • # of students: 579
  • # of teachers: 19
8
GreatSchools Rating

Lakeside Middle School

  • Education Level: Middle
  • # of students: 650
  • # of teachers: 21
10
GreatSchools Rating

Woodbridge High School

  • Education Level: High
  • # of students: 2,480
  • # of teachers: 82
10
GreatSchools Rating
 

$877,410$1,072,390$974,900

PURCHASE PRICE

$3,366$4,114$3,740

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,740
EXPENSES Loan Payment -$3,386
Property Tax -$886
Property Insurance -$78
HOA -$548
Property Management Fees -$183
CASH FLOW
-$1,341

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.

$974,900

PROJECTED PRICE

$3,740

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 4.5%
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-$25k-$20k-$15k-$10k-$5.0k$0.0$5.0k

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$264,099

INVESTMENT

$264,099

Down Payment
$243,725
Rehab Estimate
$5,750
Closing Costs
$14,624

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$3,386

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $243,725
Loan Amount $731,175
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$112

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,740

    LIST RENT
  • $1.79

    LIST RENT PER SQFT
  • $3,725

    COMP ESTIMATED VALUE
  • $1.78

    COMP AVG. RENT PER SQFT
Comps Range
$3,300
1$3,3002$3,5003$3,5504$3,6005$3,740
$3,740
RENT COMPS ANALYSIS
  • 24 Lakeview Irvine, CA 5
    • 3 beds 3 baths ∙ 2,090 Sqft ∙ Built 1977 3 beds 3 baths ∙ 2,090 Sqft ∙ Built 1977
    • Rent
    • Rent Per SQFT
    •  
    • $3,740
    • $1.79
    •  
  • 103 Lakeshore Irvine, CA 1
    • 3 beds 3 baths ∙ 1,971 Sqft ∙ Built 1978 3 beds 3 baths ∙ 1,971 Sqft ∙ Built 1978
    LEASED 08/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $1.67
    •  
  • 23 Pintail Irvine, CA 2
    • 3 beds 2 baths ∙ 1,900 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,900 Sqft ∙ Built 1978
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.84
    •  
  • 25 Lakeside Irvine, CA 3
    • 3 beds 3 baths ∙ 2,035 Sqft ∙ Built 1977 3 beds 3 baths ∙ 2,035 Sqft ∙ Built 1977
    LEASED 09/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,550
    • $1.74
    •  
  • 6 Pinewood Irvine, CA 4
    • 3 beds 3 baths ∙ 1,911 Sqft ∙ Built 1977 3 beds 3 baths ∙ 1,911 Sqft ∙ Built 1977
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $1.88
    •  
PROPERTY LISTING DETAILS
Justin Tye
Active Realty Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: LG20225232
Last Updated: 12/31/2020
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