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28 New Season Irvine, CA 92602

3 Beds 3 Baths 1,491 sqft Built 2005

INVESTimate

$705,000

List Price

$2,940

$2,690 - $3,190

Rent Est.

$739,052  ( +4.83%)   1 YR EST. FORECAST

PROPERTY INFO

August 23, 2020 RECENTLY ADDED
FACTS
  • Built In 2005
  • Price/Sqft : $472.84
  • 4 Days on Market
  • MLS # : OC20166599
  • Updated Date : 08/23/2020 at 15:22
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,491 sqft
  • Baths : 2 full , 1 half
Listing Agent

Berkshire Hathaway Homeservice

Listing Agent's Description

Beautifully upgraded condo located on a VERY PRIVATE CORNER LOT boasting 75k WORTH OF RECENT UPGRADES throughout 3 bedrooms/2.5 bathrooms, kitchen, living & dining room, loft, and laundry room. This bright and peaceful sanctuary includes crown molding throughout, wood flooring on first level, upgraded stair railing, and recessed lighting. Indulge in gourmet meals prepared with all NEW Kitchen Aid appliances - microwave, oven, range, and refrigerator. Highly versatile loft can serve as an office or additional entertainment space. The spacious master ensures your maintained high quality of life and sleep, allowing for tranquil unwinding. Destress in the serenity of the master bathroom, luxuriously featuring highly upgraded Italian and 3D tiling, standing tub, and shower. Secondary upstairs bathroom features sophisticated immaculate marble upgrades throughout. Don't miss this incomparable opportunity to call this property home, conveniently located just minutes away from the 5 freeways, Lower Peters Canyon Park, awarding winning Beckman High School, and a plethora of dining, shopping, and entertainment opportunities. Neighborhood amenities entail serene pool, spa, BBQ area, playground, and park.

SEE MORE

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: 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
 

$634,500$775,500$705,000

PURCHASE PRICE

$2,646$3,234$2,940

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-$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,940
EXPENSES Loan Payment -$2,601
Property Tax -$640
Property Insurance -$63
HOA -$157
Property Management Fees -$144
CASH FLOW
-$665

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.

$705,000

PROJECTED PRICE

$2,940

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 4.83%
Maintenance Year (1-5) 8.00%
Vacancy 5.81%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$192,575

INVESTMENT

$192,575

Down Payment
$176,250
Rehab Estimate
$5,750
Closing Costs
$10,575

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,601

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $176,250
Loan Amount $528,750
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$5,654

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,940

    LIST RENT
  • $1.97

    LIST RENT PER SQFT
  • $2,937

    COMP ESTIMATED VALUE
  • $1.97

    COMP AVG. RENT PER SQFT
Comps Range
$2,940
1$2,9402$3,0003$3,1004$3,2005$3,300
$3,300
RENT COMPS ANALYSIS
  • 28 New Season Irvine, 1
    • 3 beds 3 baths ∙ 1,491 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,491 Sqft ∙ Built 2005
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,940
    • $1.97
    •  
  • 11 New Market Irvine, 2
    • 3 beds 3 baths ∙ 1,549 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,549 Sqft ∙ Built 2001
    property image
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.94
    •  
  • 31 Monte Carlo Irvine, 3
    • 3 beds 3 baths ∙ 1,560 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,560 Sqft ∙ Built 1988
    property image
    LEASED 11/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.99
    •  
  • 12 Liliano Irvine, 4
    • 3 beds 3 baths ∙ 1,605 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,605 Sqft ∙ Built 1987
    property image
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.99
    •  
  • 5 Del Mar Irvine, 5
    • 3 beds 3 baths ∙ 1,685 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,685 Sqft ∙ Built 2002
    property image
    LEASED 08/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $1.96
    •  
PROPERTY LISTING DETAILS
Brianna Nguyen
Berkshire Hathaway Homeservice
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20166599
Last Updated: 08/23/2020
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