Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

3001 Cherrywood Irvine, CA 92618

3 Beds 2 Baths 1,400 sqft Built 2000

$699,800

List Price

$2,790

$2.5K - $3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $499.86
  • 4 Days on Market
  • MLS # : OC21039552
  • Updated Date : 02/27/2021 at 11:29
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,400 sqft
  • Baths : 2 full
Listing Agent

Aspero Realty, Inc

Listing Agent's Description

Light and bright end unit in GREAT south-facing location !! *** Soaring cathedral ceilings, Upgraded Kitchen Cabinets, Granite counters, hardwood floors, plantation shutters, designer paint, multiple ceiling fans, upgraded master bath vanity, new garage epoxy flooring and storage cabinets, and more!! *** Note: 3rd bedroom configured as open loft with closet niche space *** Walk to upscale Oak Creek dining, choice of 5 pools, tennis, fitness center and Oak Creek elementary.

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: Oak Park

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800k850k900kPrice in $221k943k

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

Neighborhood: Oak Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q218002000220024002600280030003200340036003800Rent in $16683818

* 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
Lakeside Middle School Middle Regular 650 21 10
Woodbridge High School High Regular 2,480 82 10
Woodbridge High School High Unknown NA

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

Woodbridge High School

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

$629,820$769,780$699,800

PURCHASE PRICE

$2,511$3,069$2,790

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,790
EXPENSES Loan Payment -$2,431
Property Tax -$729
Property Insurance -$61
HOA -$195
Property Management Fees -$137
CASH FLOW
-$762

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.

$699,800

PROJECTED PRICE

$2,790

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 5.5%
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

PROJECTED ANNUAL CASH FLOW

11530-$15k-$10k-$5.0k$0.0$5.0k$10k

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$191,197

INVESTMENT

$191,197

Down Payment
$174,950
Rehab Estimate
$5,750
Closing Costs
$10,497

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,431

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $174,950
Loan Amount $524,850
See What Happens When You Reinvest Cash Flow

0.5

YEARS SAVED

$1,131

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,790

    LIST RENT
  • $1.99

    LIST RENT PER SQFT
  • $2,940

    COMP ESTIMATED VALUE
  • $2.1

    COMP AVG. RENT PER SQFT
Comps Range
$2,790
1$2,7902$2,8003$2,8504$2,9005$3,100
$3,100
RENT COMPS ANALYSIS
  • 3001 Cherrywood Irvine, CA 1
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 2000
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,790
    • $1.99
    •  
  • 3101 Cherrywood Irvine, CA 2
    • 3 beds 3 baths ∙ 1,348 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,348 Sqft ∙ Built 2000
    property image
    LEASED 11/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $2.08
    •  
  • 125 Cherrybrook Lane Irvine, CA 3
    • 3 beds 3 baths ∙ 1,350 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,350 Sqft ∙ Built 1999
    property image
    LEASED 02/12/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $2.11
    •  
  • 807 Larkridge Irvine, CA 4
    • 3 beds 3 baths ∙ 1,400 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,400 Sqft ∙ Built 1998
    property image
    LEASED 02/12/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $2.07
    •  
  • 3 Amberleaf Irvine, CA 5
    • 3 beds 3 baths ∙ 1,450 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,450 Sqft ∙ Built 1986
    property image
    LEASED 01/14/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $2.14
    •  
PROPERTY LISTING DETAILS
Todd Muradian
Aspero Realty, Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21039552
Last Updated: 02/27/2021
BESbswy