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71 Night Bloom Irvine, CA 92602

3 Beds 3 Baths 1,600 sqft Built 2005

$800,000

List Price

$3,110

$2.9K - $3.4K

Rent Est.

PROPERTY INFO

December 26, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $500.00
  • 5 Days on Market
  • MLS # : OC20226000
  • Updated Date : 12/26/2020 at 14:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,600 sqft
  • Baths : 2 full , 1 half
Listing Agent

First Team Real Estate

Listing Agent's Description

Make forever memories in this charming Santa Barbara style detached home located in the quiet community of Mericort. Situated on a premium, interior location overlooking a greenspace, you’ll be proud to call it home! Enter into the cozy main living area, where the fireplace will take the chill out of the cool winter air! The updated kitchen is a chef’s delight, featuring Cambria Quartz counters & farm-style sink. A large island with a wine fridge, storage & seating is the perfect place for casual dining. The spacious dining area has a sliding door leading to your lush, private backyard retreat. Hardwood floors in the kitchen & dining area, as well as plantation shutters throughout the main level, add warmth & comfort to the living spaces. Upstairs are all three bedrooms. When you’re ready to unwind at the end of the day, the master suite is the place to be, with rich dark wood shutters & a large walk-in closet. Also separated from the secondary bedrooms, the master offers the utmost in privacy. The master bath features a separate shower & over-sized soaking tub. The two large secondary bedrooms share a Jack & Jill bath, with a dual vanity & a separate tub/shower area. Whether it’s coffee in the morning or wine in the evening, you’ll enjoy the backyard ambiance, which features Flagstone floors. There's enough room to plant some flowers. Attend award winning schools including Hicks Canyon Elem, Orchard Hills Middle school & Beckman High, just a short walk away! Welcome 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: Trailing Vine

NeighborhoodNIR Market*CityMarket2010Year20002019300k350k400k450k500k550k600k650k700k750k800k850k900kPrice in $272k943k

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

Neighborhood: Trailing Vine

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q2160018002000220024002600280030003200340036003800Rent in $14823818

* 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
Orchard Hills School Primary Regular 1,171 38 10
Orchard Hills School Middle Regular 1,171 38 10
Arnold O. Beckman High School High Regular 2,648 94 9

Orchard Hills School

  • Education Level: Primary
  • # of students: 1,171
  • # of teachers: 38
10
GreatSchools Rating

Orchard Hills School

  • Education Level: Middle
  • # of students: 1,171
  • # of teachers: 38
10
GreatSchools Rating

Arnold O. Beckman High School

  • Education Level: High
  • # of students: 2,648
  • # of teachers: 94
9
GreatSchools Rating
 

$720,000$880,000$800,000

PURCHASE PRICE

$2,799$3,421$3,110

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,110
EXPENSES Loan Payment -$2,952
Property Tax -$849
Property Insurance -$66
HOA -$170
Property Management Fees -$152
CASH FLOW
-$1,079

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.

$800,000

PROJECTED PRICE

$3,110

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 4.8%
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-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$217,750

INVESTMENT

$217,750

Down Payment
$200,000
Rehab Estimate
$5,750
Closing Costs
$12,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,952

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $200,000
Loan Amount $600,000
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$379

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,110

    LIST RENT
  • $1.94

    LIST RENT PER SQFT
  • $3,112

    COMP ESTIMATED VALUE
  • $1.94

    COMP AVG. RENT PER SQFT
Comps Range
$3,110
1$3,1102$3,2003$3,2004$3,2505$3,400
$3,400
RENT COMPS ANALYSIS
  • 71 Night Bloom Irvine, CA 1
    • 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $3,110
    • $1.94
    •  
  • 12 Avalon Irvine, CA 2
    • 3 beds 3 baths ∙ 1,601 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,601 Sqft ∙ Built 2002
    LEASED 11/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.00
    •  
  • 36 Night Bloom Irvine, CA 3
    • 3 beds 3 baths ∙ 1,635 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,635 Sqft ∙ Built 2005
    LEASED 03/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.96
    •  
  • 11 Montelena Irvine, CA 4
    • 3 beds 3 baths ∙ 1,684 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,684 Sqft ∙ Built 2002
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $1.93
    •  
  • 3 Evensen Irvine, CA 5
    • 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 2002
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $1.89
    •  
PROPERTY LISTING DETAILS
Lisa Anderson
First Team Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20226000
Last Updated: 12/26/2020
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