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24 Wayfarer Irvine, CA 92614

3 Beds 3 Baths 1,571 sqft Built 1980

$890,000

List Price

$3,290

$3K - $3.5K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $566.52
  • 5 Days on Market
  • MLS # : OC20250105
  • Updated Date : 12/05/2020 at 12:18
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,571 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Premier Realty

Listing Agent's Description

Beautiful highly upgraded Cottage Home located on the greenbelt in the most quiet, prime, inside loop location! Absolutely turnkey! Freshly painted in cream and sage, freshly landscaped with mature trees on the gated patio. The Kitchen and all 3 Baths are elegant with black granite counters, custom white cabinetry, stylish hardware and accessories and premium quality plumbing fixtures. The Kitchen opens into the large family room that features a gorgeous built-in Entertainment or bookcase and beamed ceiling. Top of the line appliances include a 5 burner Kenmore gas range, Bosch dishwasher and GE double door refrigerator with door front water dispenser. The silver metallic tile backsplash is gorgeous!!!There is a private custom office just inside the front door. The Living Room looks out onto the greenbelt and has a white brick wood/burning and gas fireplace. Perfect for the holidays! Throughout the home you will find elegant baseboards and crown molding, LED recessed lights in most rooms, brushed nickel accessories, So much has just been done! Fresh paint inside and out. New low pile modern carpeting and spotlessly clean and ready to move into. This is the best 1571 sq. ft. plan with not an inch wasted! The 3 upstairs bedrooms are generous in size as well as the Baths. The bedrooms all have wall length organized closets with mirrored doors. Most windows have white Plantation shutters. There are 2 sets of sliding French doors opening onto the garden. Just a few blocks to WHS!

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: Woodbridge

NeighborhoodNIR Market*CityMarket2010Year20002019300k350k400k450k500k550k600k650k700k750k800k850k900kPrice in $261k943k

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

Neighborhood: Woodbridge

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
Meadow Park Elementary School Primary Regular 685 24 9
Meadow Park Elementary School Middle Regular 685 24 9
Woodbridge High School High Regular 2,480 82 10

Meadow Park Elementary School

  • Education Level: Primary
  • # of students: 685
  • # of teachers: 24
9
GreatSchools Rating

Meadow Park Elementary School

  • Education Level: Middle
  • # of students: 685
  • # of teachers: 24
9
GreatSchools Rating

Woodbridge High School

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

$801,000$979,000$890,000

PURCHASE PRICE

$2,961$3,619$3,290

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,290
EXPENSES Loan Payment -$3,284
Property Tax -$808
Property Insurance -$65
HOA -$105
Property Management Fees -$161
CASH FLOW
-$1,133

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.

$890,000

PROJECTED PRICE

$3,290

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 4.8%
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$241,600

INVESTMENT

$241,600

Down Payment
$222,500
Rehab Estimate
$5,750
Closing Costs
$13,350

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,284

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $222,500
Loan Amount $667,500
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$1,070

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,290

    LIST RENT
  • $2.09

    LIST RENT PER SQFT
  • $3,287

    COMP ESTIMATED VALUE
  • $2.09

    COMP AVG. RENT PER SQFT
Comps Range
$3,100
1$3,1002$3,2903$3,3004$3,3005$3,300
$3,300
RENT COMPS ANALYSIS
  • 24 Wayfarer Irvine, CA 2
    • 3 beds 3 baths ∙ 1,571 Sqft ∙ Built 1980 3 beds 3 baths ∙ 1,571 Sqft ∙ Built 1980
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,290
    • $2.09
    •  
  • 17 Tidewater Irvine, CA 1
    • 3 beds 2 baths ∙ 1,440 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,440 Sqft ∙ Built 1981
    property image
    LEASED 05/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $2.15
    •  
  • 20 Whitecloud Irvine, CA 3
    • 3 beds 2 baths ∙ 1,633 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,633 Sqft ∙ Built 1980
    property image
    LEASED 01/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.02
    •  
  • 14 Portside Irvine, CA 4
    • 3 beds 3 baths ∙ 1,522 Sqft ∙ Built 1983 3 beds 3 baths ∙ 1,522 Sqft ∙ Built 1983
    property image
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.17
    •  
  • 9 Spinnaker Irvine, CA 5
    • 3 beds 3 baths ∙ 1,625 Sqft ∙ Built 1983 3 beds 3 baths ∙ 1,625 Sqft ∙ Built 1983
    property image
    LEASED 10/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.03
    •  
PROPERTY LISTING DETAILS
Amy Farrell-caves
Re/max Premier Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20250105
Last Updated: 12/05/2020
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