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28 Rockwood Irvine, CA 92614

3 Beds 3 Baths 1,578 sqft Built 1984

$749,000

List Price

$3,030

$2.8K - $3.3K

Rent Est.

PROPERTY INFO

November 20, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1984
  • Price/Sqft : $474.65
  • 5 Days on Market
  • MLS # : OC20242717
  • Updated Date : 11/19/2020 at 19:29
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,578 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Premier Realty

Listing Agent's Description

PARKSIDE 2 STORY TOWNHOME, LIGHT AND BRIGHT 3 BEDROOM, 2.5 BATH IN WONDERFUL WOODBRIDGE. OPEN AND WELCOME GROUND FLOOR LIVING ROOM WITH VAULTED CEILING AND COZY FIRE PLACE, LAMINATE WOODEN LOOK FLOORING DOWNSTAIRS, SPACIOUS SEPARATE DEN OR COULD BE FORMAL DINING ROOM, BREAKFAST NOOK WITH SETTING TABLE, OPEN KITCHEN OVER LOOK BACKYARD. UPGRADED CARPET THRU-OUT UPSTAIRS. LARGE MASTER BEDROOM SUITE, PRIVATE BACKYARD WITH EASY ACCESS TO BLUE LAKE PARK AND HOA FACILITIES POOLS. MEADOW PARK ELEMENTARY AND SOUTH LAKE MIDDLE SCHOOL ARE IN SHORT WALKING DISTANCE. WOODBRIDGE COMMUNITY HAS MOST FACILITIES SUCH AS : POOL, TENNIS COURTS AND BOTH LAKES . SHOPPING CENTER AND FREEWAY ACCESS ARE IN FEW MINUTES AWAY. COME AND ENJOY THIS RESORT COMMUNITY.

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MARKET HIGHLIGHTS

  • 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]
  • 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)

PRICE & RENT TRENDS

Neighborhood: Parkway West

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800k850k900kPrice in $245k943k

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

Neighborhood: Parkway West

ZipNIR 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
 

$674,100$823,900$749,000

PURCHASE PRICE

$2,727$3,333$3,030

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,030
EXPENSES Loan Payment -$2,763
Property Tax -$680
Property Insurance -$65
HOA -$105
Property Management Fees -$148
CASH FLOW
-$732

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.

$749,000

PROJECTED PRICE

$3,030

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 5.4%
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

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$204,235

INVESTMENT

$204,235

Down Payment
$187,250
Rehab Estimate
$5,750
Closing Costs
$11,235

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,763

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $187,250
Loan Amount $561,750
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$5,428

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,030

    LIST RENT
  • $1.92

    LIST RENT PER SQFT
  • $3,298

    COMP ESTIMATED VALUE
  • $2.09

    COMP AVG. RENT PER SQFT
Comps Range
$3,030
1$3,0302$3,2003$3,2004$3,3005$3,350
$3,350
RENT COMPS ANALYSIS
  • 28 Rockwood Irvine, CA 1
    • 3 beds 3 baths ∙ 1,578 Sqft ∙ Built 1984 3 beds 3 baths ∙ 1,578 Sqft ∙ Built 1984
    • Rent
    • Rent Per SQFT
    •  
    • $3,030
    • $1.92
    •  
  • 40 Rockwood Irvine, CA 2
    • 3 beds 3 baths ∙ 1,601 Sqft ∙ Built 1978 3 beds 3 baths ∙ 1,601 Sqft ∙ Built 1978
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.00
    •  
  • 9 Queens Wreath Way Irvine, CA 3
    • 3 beds 2 baths ∙ 1,494 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,494 Sqft ∙ Built 1965
    LEASED 06/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.14
    •  
  • 65 Summerstone Irvine, CA 4
    • 3 beds 3 baths ∙ 1,578 Sqft ∙ Built 1983 3 beds 3 baths ∙ 1,578 Sqft ∙ Built 1983
    LEASED 08/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.09
    •  
  • 7 Snowapple Irvine, CA 5
    • 3 beds 2 baths ∙ 1,571 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,571 Sqft ∙ Built 1980
    LEASED 03/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,350
    • $2.13
    •  
PROPERTY LISTING DETAILS
Ming Chen
Re/max Premier Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20242717
Last Updated: 11/19/2020
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