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24 Lancewood Way Irvine, CA 92612

3 Beds 2 Baths 1,749 sqft Built 1969

$950,000

List Price

$3,400

$3.2K - $3.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1969
  • Price/Sqft : $543.17
  • 5 Days on Market
  • MLS # : OC21150125
  • Updated Date : 07/13/2021 at 09:17
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,749 sqft
  • Baths : 2 full
Listing Agent

Re/max Premier Realty

Listing Agent's Description

Newly Remodeled 3 bedroom , 2 and 3/4 bathroom single family home with very minimum attachment with others in highly sought after University Park community in Irvine. The home offers large living room with a fire place. Gourmet kitchen recently remodeled with new beautiful customized quartz counter tops and cherry colored Alder wood cabinets, a new free standing stove with oven, a new microwave and double sinks with new plumbing features and new tile flooring . A large size formal dinning room that can also be used as a family room with a sliding door to large and gorgeous backyard for entertainment. A laundry room leads to a two car attached garage. Spacious master bedroom with a remodeled bathroom , mirrored closet doors and a large balcony overlooking back yard. Upstairs bathrooms have duel sinks. laminate flooring through out the house. Newer paneled doors. New ceiling fan with a remote control in family room . Recessed lights in Kitchen, living room and master bedroom. The house also has double pane windows and sliding doors through out the house. New water heater, newer furnace and newer AC. House is newly painted. Garage has many built ins for storage. There is a nice court yard at front and a big and beautiful back yard with fruit trees, roses and low water use plants, colorful bushes and automatic sprinklers. There are plenty extra parking spaces in front of the house. The house is in a famous University High School and Rancho Middle school boundaries. Two HOA facilities including tennis court, swimming pools and kids pool, spa, club house which can be rented for parties or gatherings. University Park elementary is across street. Walking distance to middle school and biking distance to University High School. Nearby University Park and facilities for sports activities and after school programs. It is located near Irvine Business Complex , UCI. Walking distance to schools, shops , restaurants, Irvine public library, park and public transportation. Short distance to Airport, South Coast Plaza, Beaches, Route 405.

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • 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]

PRICE & RENT TRENDS

Neighborhood: University Park

NeighborhoodNIR Market*CityMarket2010Year20002019300k350k400k450k500k550k600k650k700k750k800k850k900kPrice in $272k943k

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

Neighborhood: University Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q22000220024002600280030003200340036003800Rent in $19793818

* 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
Rancho San Joaquin Middle School Middle Regular 856 24 9
University High School High Regular 2,527 84 10
Rancho San Joaquin Middle School Middle Unknown NA

Rancho San Joaquin Middle School

  • Education Level: Middle
  • # of students: 856
  • # of teachers: 24
9
GreatSchools Rating

University High School

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

Rancho San Joaquin Middle School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$855,000$1,045,000$950,000

PURCHASE PRICE

$3,060$3,740$3,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,400
EXPENSES Loan Payment -$3,300
Property Tax -$847
Property Insurance -$69
HOA -$152
Property Management Fees -$167
CASH FLOW
-$1,135

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.

$950,000

PROJECTED PRICE

$3,400

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 5.7%
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-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$257,500

INVESTMENT

$257,500

Down Payment
$237,500
Rehab Estimate
$5,750
Closing Costs
$14,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,300

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $237,500
Loan Amount $712,500
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$902

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,400

    LIST RENT
  • $1.94

    LIST RENT PER SQFT
  • $3,402

    COMP ESTIMATED VALUE
  • $1.94

    COMP AVG. RENT PER SQFT
Comps Range
$3,100
1$3,1002$3,1093$3,4004$3,4955$3,500
$3,500
RENT COMPS ANALYSIS
  • 24 Lancewood Way Irvine, CA 3
    • 3 beds 2 baths ∙ 1,749 Sqft ∙ Built 1969 3 beds 2 baths ∙ 1,749 Sqft ∙ Built 1969
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $1.94
    •  
  • 18 Palmento Way Irvine, CA 1
    • 3 beds 2 baths ∙ 1,650 Sqft ∙ Built 1966 3 beds 2 baths ∙ 1,650 Sqft ∙ Built 1966
    property image
    LEASED 08/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.88
    •  
  • 59 Seton Road Irvine, CA 2
    • 3 beds 2 baths ∙ 1,640 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,640 Sqft ∙ Built 1964
    property image
    LEASED 09/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,109
    • $1.90
    •  
  • 7 Lancewood Way Irvine, CA 4
    • 3 beds 3 baths ∙ 1,749 Sqft ∙ Built 1968 3 beds 3 baths ∙ 1,749 Sqft ∙ Built 1968
    property image
    LEASED 08/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,495
    • $2.00
    •  
  • 27 Satinwood Way Irvine, CA 5
    • 3 beds 3 baths ∙ 1,749 Sqft ∙ Built 1966 3 beds 3 baths ∙ 1,749 Sqft ∙ Built 1966
    property image
    LEASED 08/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.00
    •  
PROPERTY LISTING DETAILS
Gexin Tang
Re/max Premier Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21150125
Last Updated: 07/13/2021
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