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32 Elderglen #36 Irvine, CA 92604

3 Beds 2 Baths 1,121 sqft Built 1978

$579,000

List Price

$2,470

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 17, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1978
  • Price/Sqft : $516.50
  • 5 Days on Market
  • MLS # : CV21032835
  • Updated Date : 02/18/2021 at 16:54
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,121 sqft
  • Baths : 1 full , 1 half
Listing Agent

Re/max Champions

Listing Agent's Description

Rare opportunity to own this tastefully renovated, townhome/condo in a beautiful treelined neighborhood. This adorable 3 bedroom home is located in the highly sought after Woodbridge Village. Newer cabinets and counter tops in the kitchen and bathrooms. Newer laminate flooring, double paned windows, recessed lighting, ceiling fans and fresh paint throughout the house. Two carport spaces are directly behind the house. Spacious patio just outside the kitchen area includes outdoor storage. Enjoy all of Woodbridge Village amenities which include 2 Lakes, 2 beach lagoons, walking/biking paths, 22 swimming pools, 24 tennis courts and much more. Award winning schools/IUSD School District. Conveniently located near shopping, transporation and freeways.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Village Glen North

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900kPrice in $175k943k

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

Neighborhood: Village Glen North

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
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
 

$521,100$636,900$579,000

PURCHASE PRICE

$2,223$2,717$2,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,470
EXPENSES Loan Payment -$2,011
Property Tax -$528
Property Insurance -$54
HOA -$395
Property Management Fees -$121
CASH FLOW
-$639

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.

$579,000

PROJECTED PRICE

$2,470

PROJECTED RENT

0.43%

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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$159,185

INVESTMENT

$159,185

Down Payment
$144,750
Rehab Estimate
$5,750
Closing Costs
$8,685

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,011

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $144,750
Loan Amount $434,250
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$658

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,470

    LIST RENT
  • $2.2

    LIST RENT PER SQFT
  • $2,475

    COMP ESTIMATED VALUE
  • $2.21

    COMP AVG. RENT PER SQFT
Comps Range
$2,470
1$2,4702$2,4753$2,4804$2,6005$2,650
$2,650
RENT COMPS ANALYSIS
  • 32 Elderglen Irvine, CA 1
    • 3 beds 2 baths ∙ 1,121 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,121 Sqft ∙ Built 1978
    • Rent
    • Rent Per SQFT
    •  
    • $2,470
    • $2.20
    •  
  • 28 Elderglen Irvine, CA 2
    • 3 beds 2 baths ∙ 1,104 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,104 Sqft ∙ Built 1978
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,475
    • $2.24
    •  
  • 23 Autumn Oak Irvine, CA 3
    • 3 beds 2 baths ∙ 1,084 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,084 Sqft ∙ Built 1978
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,480
    • $2.29
    •  
  • 57 Meadowgrass Irvine, CA 4
    • 3 beds 2 baths ∙ 1,220 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,220 Sqft ∙ Built 1977
    LEASED 01/13/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $2.13
    •  
  • 43 Alderwood Irvine, CA 5
    • 3 beds 2 baths ∙ 1,220 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,220 Sqft ∙ Built 1978
    LEASED 12/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $2.17
    •  
PROPERTY LISTING DETAILS
Rebecca Martinez
Re/max Champions
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV21032835
Last Updated: 02/18/2021
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