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29 Preston Irvine, CA 92618

3 Beds 4 Baths 2,085 sqft Built 2000

$899,999

List Price

$3,770

$3.5K - $4K

Rent Est.

PROPERTY INFO

November 05, 2020 RECENTLY ADDED
FACTS
  • Built In 2000
  • Price/Sqft : $431.65
  • 4 Days on Market
  • MLS # : IG20233770
  • Updated Date : 11/05/2020 at 14:21
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,085 sqft
  • Baths : 3 full , 1 half
Listing Agent

Gold Team Real Estate Inc.

Listing Agent's Description

IN A BEAUTIFUL OAK CREEK THIS 4 BEDROOM 3.5 BATH INCLUDES A CASITAS ( IN LAWS ROOM) OUT SIDE WITH A FULL BATH. HIGHLY UPGRADED FAMILY SIZE KITCHEN WITH LARGE CENTER ISLAND , DOUBLE OVENS, BUILD IN MICROWAVE, LIVING ROOM FEATURES ROMANTIC FIRE PLACE WITH GRANITE SURROUND PLUS RECESSED LIGHTS. BUILT IN ENTERTAINMENT CENTER. UPSTAIRS LAUNDRY ROOM, COMPUTER NICHE WITH BUILT IN DESK. RESORT STYLE AMENITIES OF OAK CREEK, 3 PARKS 3 POOLS, TENNIS COURTS AND BASKET BALL COURTS. OFF COURSE AWARD WINNING SCHOOLS EASY ACCESS TO 405 & 5 FREEWAYS. WALKING DISTANCE TO SHOPPING AND DINNING.

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MARKET HIGHLIGHTS

  • 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]
  • 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)

PRICE & RENT TRENDS

Neighborhood: The Cricket Club

NeighborhoodNIR Market*CityMarket2010Year20002019300k400k500k600k700k800k900k1000k1100k1200kPrice in $272k1269k

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

Neighborhood: The Cricket Club

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q220002200240026002800300032003400360038004000Rent in $19814143

* 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
Oak Creek Elementary School Primary Regular 876 30 8
Lakeside Middle School Middle Regular 650 21 10
Woodbridge High School High Regular 2,480 82 10

Oak Creek Elementary School

  • Education Level: Primary
  • # of students: 876
  • # of teachers: 30
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
 

$809,999$989,999$899,999

PURCHASE PRICE

$3,393$4,147$3,770

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,770
EXPENSES Loan Payment -$3,321
Property Tax -$937
Property Insurance -$77
HOA -$80
Property Management Fees -$185
CASH FLOW
-$830

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.

$899,999

PROJECTED PRICE

$3,770

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

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

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$244,250

INVESTMENT

$244,250

Down Payment
$225,000
Rehab Estimate
$5,750
Closing Costs
$13,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,321

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $225,000
Loan Amount $674,999
See What Happens When You Reinvest Cash Flow

1.42

YEARS SAVED

$8,136

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,770

    LIST RENT
  • $1.81

    LIST RENT PER SQFT
  • $3,758

    COMP ESTIMATED VALUE
  • $1.8

    COMP AVG. RENT PER SQFT
Comps Range
$3,400
1$3,4002$3,4003$3,4504$3,7705$3,800
$3,800
RENT COMPS ANALYSIS
  • 29 Preston Irvine, CA 4
    • 3 beds 4 baths ∙ 2,085 Sqft ∙ Built 2000 3 beds 4 baths ∙ 2,085 Sqft ∙ Built 2000
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,770
    • $1.81
    •  
  • 100 Millbrook Irvine, CA 1
    • 3 beds 3 baths ∙ 1,936 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,936 Sqft ∙ Built 2000
    property image
    LEASED 04/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $1.76
    •  
  • 41 Pembroke Irvine, CA 2
    • 3 beds 3 baths ∙ 1,910 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,910 Sqft ∙ Built 2000
    property image
    LEASED 06/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $1.78
    •  
  • 33 Kelsey Irvine, CA 3
    • 3 beds 3 baths ∙ 1,910 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,910 Sqft ∙ Built 1999
    property image
    LEASED 09/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,450
    • $1.81
    •  
  • 40 Sagebrush Irvine, CA 5
    • 4 beds 3 baths ∙ 2,047 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,047 Sqft ∙ Built 2000
    property image
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $1.86
    •  
PROPERTY LISTING DETAILS
Shahid Jalal
Gold Team Real Estate Inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20233770
Last Updated: 11/05/2020
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