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7 Greenwood Irvine, CA 92604

3 Beds 3 Baths 1,642 sqft Built 1976

$675,000

List Price

$3,120

$2.9K - $3.4K

Rent Est.

PROPERTY INFO

January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1976
  • Price/Sqft : $411.08
  • 2 Days on Market
  • MLS # : OC21012087
  • Updated Date : 01/30/2021 at 17:08
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,642 sqft
  • Baths : 2 full , 1 half
Listing Agent

Realty One Group West

Listing Agent's Description

GREAT LOCATION in front of Early Childhood Learning Center which you can see from the front windows and front door of your home! This end unit, single family home is attached on only one side and is steps away from Hoeptner Park with fields, playground, lighted tennis courts, walking and bike paths! Smoketree is a serene community with lots of trees and grass, paths, swimming pool, heated spa and clubhouse, and the Oak Creek Golf Club is right across the street from the community! Property being sold As-Is. Home has open floor plan - living room at front of home with fireplace is open to dining room, and dining room is open to kitchen. Look out kitchen window and walk out dining room sliding glass doors to private patio with block walls and 2-car garage. All bedrooms are upstairs with 2 bedrooms looking out the front of the home and master bedroom at the back of the home looking out over the patio. Master bedroom has high ceiling, walk-in closet and master bathroom. Make this home your own with your own upgrades and touches! Award Winning Unified Schools: Deerfield Elementary, Venado Middle & Irvine High. Centrally located near 5 and 405 freeways, Irvine Spectrum, Irvine Valley College, hiking and biking trails and UCI. No HOA or Mello Roos! See Virtual Tour: https://www.obdstudio.com/img/s/v-11/o243692281/c1/p4112750425-210.mp4

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Smoketree

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800k850k900kPrice in $224k943k

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

Neighborhood: Smoketree

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q218002000220024002600280030003200340036003800Rent in $17783818

* 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
Venado Middle School Middle Regular 577 18 8
Irvine High School High Regular 1,968 64 9
Venado Middle School Middle Unknown NA

Venado Middle School

  • Education Level: Middle
  • # of students: 577
  • # of teachers: 18
8
GreatSchools Rating

Irvine High School

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

Venado Middle School

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

$607,500$742,500$675,000

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 -$2,345
Property Tax -$602
Property Insurance -$67
HOA -$335
Property Management Fees -$153
CASH FLOW
-$381

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.

$675,000

PROJECTED PRICE

$3,120

PROJECTED RENT

0.46%

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$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$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$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$184,625

INVESTMENT

$184,625

Down Payment
$168,750
Rehab Estimate
$5,750
Closing Costs
$10,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,345

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $168,750
Loan Amount $506,250
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$13,006

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
  • $1.9

    LIST RENT PER SQFT
  • $3,239

    COMP ESTIMATED VALUE
  • $1.97

    COMP AVG. RENT PER SQFT
Comps Range
$2,850
1$2,8502$2,9003$3,0004$3,1205$3,400
$3,400
RENT COMPS ANALYSIS
  • 7 Greenwood Irvine, CA 4
    • 3 beds 3 baths ∙ 1,642 Sqft ∙ Built 1976 3 beds 3 baths ∙ 1,642 Sqft ∙ Built 1976
    • Rent
    • Rent Per SQFT
    •  
    • $3,120
    • $1.90
    •  
  • 11 Locust Irvine, CA 1
    • 3 beds 3 baths ∙ 1,517 Sqft ∙ Built 1975 3 beds 3 baths ∙ 1,517 Sqft ∙ Built 1975
    LEASED 12/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $1.88
    •  
  • 5102 Yearling Avenue Irvine, CA 2
    • 4 beds 2 baths ∙ 1,480 Sqft ∙ Built 1971 4 beds 2 baths ∙ 1,480 Sqft ∙ Built 1971
    LEASED 11/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.96
    •  
  • 5 Amberwood Irvine, CA 3
    • 3 beds 3 baths ∙ 1,517 Sqft ∙ Built 1975 3 beds 3 baths ∙ 1,517 Sqft ∙ Built 1975
    LEASED 08/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.98
    •  
  • 5271 Bordeaux Avenue Irvine, CA 5
    • 4 beds 2 baths ∙ 1,640 Sqft ∙ Built 1970 4 beds 2 baths ∙ 1,640 Sqft ∙ Built 1970
    LEASED 05/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.07
    •  
PROPERTY LISTING DETAILS
Thomas Grimes
Realty One Group West
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21012087
Last Updated: 01/30/2021
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