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61 Barcelona Irvine, CA 92614

3 Beds 3 Baths 1,868 sqft Built 1987

$980,000

List Price

$3,450

$3.2K - $3.7K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1987
  • Price/Sqft : $524.63
  • 3 Days on Market
  • MLS # : OC21004220
  • Updated Date : 01/09/2021 at 08:34
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,868 sqft
  • Baths : 2 full , 1 half
Listing Agent

Irn Realty

Listing Agent's Description

Priced for fast sale *** Beautiful single family house in the heart of Westpark*** This bright home boasts a spacious open floorplan with high entry ceilings in the living area***The new upgraded gourmet kitchen opens up to the family room, with quartz countertop and wonderful view of the back yard*** Master bedroom with perfect size, warm sunshine in the afternoon, and walk-in closet, two other bedrooms well sized***Upgraded wood floor throughout all bedrooms***Home sound system with speakers throughout the home makes you enjoy the music everywhere ***Premium large lot size back yard well landscaped and perfect for your family relaxing, several well mature fruits including two Guava and one persimmon trees make your family enjoy yummy organic fruits during harvest season *** Zoned to award winning Irvine schools including University High School*** Great location, walking to parks, schools, and Westpark plaza***Minutes driving to UCI, beaches, airport etc. easy access to Freeway***No Mello Roos, great HOA only at $45/month, low cost, but with the amenities of world-class resort style swimming pools with BBQ, spa, parks, basketball and tennis courts and playgrounds ***Guaranteed this won’t last long, must see. Furniture and decoration could be together with sale at reasonable price.

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: Westpark

NeighborhoodNIR Market*CityMarket2010Year20002019300k350k400k450k500k550k600k650k700k750k800k850k900kPrice in $272k945k

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

Neighborhood: Westpark

NeighborhoodNIR 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
Westpark Elementary School Primary Regular 766 28 9
Westpark Elementary School Middle Regular 766 28 9
University High School High Regular 2,527 84 10

Westpark Elementary School

  • Education Level: Primary
  • # of students: 766
  • # of teachers: 28
9
GreatSchools Rating

Westpark Elementary School

  • Education Level: Middle
  • # of students: 766
  • # of teachers: 28
9
GreatSchools Rating

University High School

  • Education Level: High
  • # of students: 2,527
  • # of teachers: 84
10
GreatSchools Rating
 

$882,000$1,078,000$980,000

PURCHASE PRICE

$3,105$3,795$3,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,450
EXPENSES Loan Payment -$3,404
Property Tax -$1,020
Property Insurance -$72
HOA -$45
Property Management Fees -$169
CASH FLOW
-$1,261

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.

$980,000

PROJECTED PRICE

$3,450

PROJECTED RENT

0.35%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 3.9%
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$2.5M

PROJECTED ANNUAL CASH FLOW

11530-$20k-$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$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$265,450

INVESTMENT

$265,450

Down Payment
$245,000
Rehab Estimate
$5,750
Closing Costs
$14,700

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,404

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $245,000
Loan Amount $735,000
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$374

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,450

    LIST RENT
  • $1.85

    LIST RENT PER SQFT
  • $3,451

    COMP ESTIMATED VALUE
  • $1.85

    COMP AVG. RENT PER SQFT
Comps Range
$3,200
1$3,2002$3,4503$3,5004$3,5005$3,750
$3,750
RENT COMPS ANALYSIS
  • 61 Barcelona Irvine, CA 2
    • 3 beds 3 baths ∙ 1,868 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,868 Sqft ∙ Built 1987
    • Rent
    • Rent Per SQFT
    •  
    • $3,450
    • $1.85
    •  
  • 22 Palermo Irvine, CA 1
    • 3 beds 3 baths ∙ 1,787 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,787 Sqft ∙ Built 1987
    LEASED 10/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.79
    •  
  • 9 Las Cruces Irvine, CA 3
    • 3 beds 3 baths ∙ 1,887 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,887 Sqft ∙ Built 1987
    LEASED 06/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.85
    •  
  • 10 Trapani Irvine, CA 4
    • 3 beds 3 baths ∙ 1,868 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,868 Sqft ∙ Built 1987
    LEASED 09/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.87
    •  
  • 6 Sorrento Irvine, CA 5
    • 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 1987 4 beds 3 baths ∙ 2,000 Sqft ∙ Built 1987
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,750
    • $1.88
    •  
PROPERTY LISTING DETAILS
Lucy Li
Irn Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21004220
Last Updated: 01/09/2021
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