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51 Spanish Lace Irvine, CA 92620

3 Beds 3 Baths 1,614 sqft Built 2006

$719,999

List Price

$3,120

$2.9K - $3.4K

Rent Est.

PROPERTY INFO

January 22, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $446.10
  • 4 Days on Market
  • MLS # : PW20191178
  • Updated Date : 01/22/2021 at 15:54
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,614 sqft
  • Baths : 3 full
Listing Agent

Redpoint Realty

Listing Agent's Description

Enjoy resort style amenities at Woodbury including clubhouse, fireplace and BBQ areas, pools, spa with cabanas, sports courts, neighborhood gardens and playgrounds. The peaceful front courtyard location offers a community outdoor fireplace & lovely sitting area perfect for private time or outdoor entertaining. The light and bright second level is open and makes for easy living with dining room and kitchen with granite countertops with large sit-up island. Kitchen has brand new steel appliances, new refrigerator, New dishwasher, New Stove & oven, New microwave. New paint for home inside even garage, also No carpet home inside. Enjoy the great room/living room with fireplace. Three full bath will provide independent privacy for each bed room. Close to elementary school location, you can go to Woodbury Elementary School by walk. Do not waist time to look for your cozy home, here is the your perfect home!

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Lombard Court South

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800k850k900kPrice in $231k943k

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

Neighborhood: Lombard Court South

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q218002000220024002600280030003200340036003800Rent in $16273818

* 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
Woodbury Elementary School Primary Regular 1,076 37 8
Woodbury Elementary School Middle Regular 1,076 37 8
Irvine High School High Regular 1,968 64 9

Woodbury Elementary School

  • Education Level: Primary
  • # of students: 1,076
  • # of teachers: 37
8
GreatSchools Rating

Woodbury Elementary School

  • Education Level: Middle
  • # of students: 1,076
  • # of teachers: 37
8
GreatSchools Rating

Irvine High School

  • Education Level: High
  • # of students: 1,968
  • # of teachers: 64
9
GreatSchools Rating
 

$647,999$791,999$719,999

PURCHASE PRICE

$2,808$3,432$3,120

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,120
EXPENSES Loan Payment -$2,501
Property Tax -$855
Property Insurance -$66
HOA -$125
Property Management Fees -$153
CASH FLOW
-$580

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.

$719,999

PROJECTED PRICE

$3,120

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 4.9%
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-$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$196,550

INVESTMENT

$196,550

Down Payment
$180,000
Rehab Estimate
$5,750
Closing Costs
$10,800

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,501

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $180,000
Loan Amount $539,999
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$5,937

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,120

    LIST RENT
  • $1.93

    LIST RENT PER SQFT
  • $3,115

    COMP ESTIMATED VALUE
  • $1.93

    COMP AVG. RENT PER SQFT
Comps Range
$3,000
1$3,0002$3,1003$3,1204$3,2005$3,350
$3,350
RENT COMPS ANALYSIS
  • 51 Spanish Lace Irvine, CA 3
    • 3 beds 3 baths ∙ 1,614 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,614 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $3,120
    • $1.93
    •  
  • 26 Vintage Irvine, CA 1
    • 3 beds 3 baths ∙ 1,614 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,614 Sqft ∙ Built 2005
    LEASED 05/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.86
    •  
  • 87 Long Irvine, CA 2
    • 3 beds 3 baths ∙ 1,614 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,614 Sqft ∙ Built 2005
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.92
    •  
  • 102 Sarabande Irvine, CA 4
    • 3 beds 3 baths ∙ 1,719 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,719 Sqft ∙ Built 2006
    LEASED 01/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.86
    •  
  • 28 Vintage Irvine, CA 5
    • 3 beds 3 baths ∙ 1,614 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,614 Sqft ∙ Built 2005
    LEASED 01/02/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,350
    • $2.08
    •  
PROPERTY LISTING DETAILS
Brady Kim
Redpoint Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20191178
Last Updated: 01/22/2021
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