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47 Meadowgrass Irvine, CA 92604

3 Beds 2 Baths 1,220 sqft Built 1977

$575,000

List Price

$2,600

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
February 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1977
  • Price/Sqft : $471.31
  • 4 Days on Market
  • MLS # : OC21015895
  • Updated Date : 02/05/2021 at 08:28
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,220 sqft
  • Baths : 1 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

47 Meadowgrass is found in the desirable sought-after village of Woodbridge in Irvine. The popular 3-bedroom, 1.5 bath attached home is part of the neighborhood of Centerview, and has many upgrades including custom lighting, smooth ceilings, recessed lights, newer windows, and recently installed stunning flooring upstairs. There is durable laminate flooring downstairs, (no carpet except on the stairs). The Master bedroom has mirrored closet-doors. The full upstairs bathroom has been upgraded with gorgeous tile. The kitchen has gleaming granite countertops, stainless steel appliances, a range hood and rich colored cabinetry. You will love whipping up meals and making full use of the large island. The inside laundry room is off the kitchen and has shelving for storage & cleaning goods. The sliding door from the kitchen opens onto a private yard, perfect for year-round BBQs, dining, relaxing and is a safe play area for the little ones! There is a storage closet there too, as well as a custom storage shed. Close-by is the one assigned carport. The home is located just a few blocks from North Lake Beach Club Lagoon and Tennis Club, and within easy walking-distance to schools. Woodbridge is one of the most popular areas, where homeowners get to enjoy the use of the unbeatable recreational facilities like 22 pools, 2 lakes with beach clubs, tennis clubs and numerous playgrounds and parks. NO MELLO-ROOS.

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: Centerview East

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900kPrice in $170k943k

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

Neighborhood: Centerview East

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q218002000220024002600280030003200340036003800Rent in $16613818

* 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
 

$517,500$632,500$575,000

PURCHASE PRICE

$2,340$2,860$2,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,600
EXPENSES Loan Payment -$1,997
Property Tax -$523
Property Insurance -$57
HOA -$105
Property Management Fees -$127
CASH FLOW
-$209

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.

$575,000

PROJECTED PRICE

$2,600

PROJECTED RENT

0.45%

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-$5.0k$0.0$5.0k$10k$15k$20k

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$158,125

INVESTMENT

$158,125

Down Payment
$143,750
Rehab Estimate
$5,750
Closing Costs
$8,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,997

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $143,750
Loan Amount $431,250
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$19,567

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,600

    LIST RENT
  • $2.13

    LIST RENT PER SQFT
  • $2,605

    COMP ESTIMATED VALUE
  • $2.14

    COMP AVG. RENT PER SQFT
Comps Range
$2,600
1$2,6002$2,6003$2,6004$2,6505$2,850
$2,850
RENT COMPS ANALYSIS
  • 47 Meadowgrass Irvine, CA 3
    • 3 beds 2 baths ∙ 1,220 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,220 Sqft ∙ Built 1977
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $2.13
    •  
  • 57 Meadowgrass Irvine, CA 1
    • 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
    •  
  • 23 Brookfield Irvine, CA 2
    • 3 beds 2 baths ∙ 1,220 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,220 Sqft ∙ Built 1977
    LEASED 12/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $2.13
    •  
  • 43 Alderwood Irvine, CA 4
    • 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
    •  
  • 49 Del Cambrea Irvine, CA 5
    • 3 beds 3 baths ∙ 1,350 Sqft ∙ Built 1995 3 beds 3 baths ∙ 1,350 Sqft ∙ Built 1995
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $2.11
    •  
PROPERTY LISTING DETAILS
Debbie Sagorin
Coldwell Banker Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21015895
Last Updated: 02/05/2021
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