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96 Summerstone Irvine, CA 92614

3 Beds 2 Baths 1,440 sqft Built 1981

$968,000

List Price

$3,180

$2.9K - $3.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1981
  • Price/Sqft : $672.22
  • 11 Days on Market
  • MLS # : OC21144080
  • Updated Date : 07/11/2021 at 04:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,440 sqft
  • Baths : 2 full
Listing Agent

Agencyone Inc

Listing Agent's Description

See the 3D Walkthrough at https://my.matterport.com/show/?m=ytVgFJaqNHX&hl=0&play=1 Completely remodeled single story detached home with great open floor plan in the highly desirable Village of Woodbridge in Irvine. This bright and airy upgraded Summerfield Plan 1 home features 3 bedrooms, 2 full bathrooms, and 1,440sf of living space with a spacious wraparound yard. Recently remodeled with a new chef inspired kitchen with stainless steel appliances, beautiful Quartz countertops and White Shaker Wood Style Cabinets in the kitchen and bathrooms, recessed lighting, fresh neutral paint, and a newer roof. Spacious living room with lots of windows greets you as you enter and is connected to the dining area. The remodeled kitchen with abundant storage opens up to the dining area which overlooks the yard. Large master bedroom with dual closets along with a beautiful master bathroom. The second bedroom features access to a spacious front porch area and the third bedroom can be used as a home office. There is a lovely low maintenance rear yard off the living room and dining area. Walking distance to schools and fabulous community HOA amenities include tennis, picnic, park, swimming pools/spas, and lakefront recreational facilities including volleyball court, sandy beach water activities. Centrally located to the 405 & 5 Freeways, shopping centers, The District, Irvine Spectrum, and UCI campus. Zoned to award-winning Irvine School District. Low monthly HOA and No Mello Roos!

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MARKET HIGHLIGHTS

  • 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)
  • 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]

PRICE & RENT TRENDS

Neighborhood: Woodbridge

NeighborhoodNIR Market*CityMarket2010Year20002019300k350k400k450k500k550k600k650k700k750k800k850k900kPrice in $261k943k

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

Neighborhood: Woodbridge

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
South Lake Middle School Middle Regular 678 23 8
Woodbridge High School High Regular 2,480 82 10
South Lake Middle School Middle Unknown NA

South Lake Middle School

  • Education Level: Middle
  • # of students: 678
  • # of teachers: 23
8
GreatSchools Rating

Woodbridge High School

  • Education Level: High
  • # of students: 2,480
  • # of teachers: 82
10
GreatSchools Rating

South Lake Middle School

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

$871,200$1,064,800$968,000

PURCHASE PRICE

$2,862$3,498$3,180

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,180
EXPENSES Loan Payment -$3,362
Property Tax -$879
Property Insurance -$62
HOA -$105
Property Management Fees -$156
CASH FLOW
-$1,384

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.

$968,000

PROJECTED PRICE

$3,180

PROJECTED RENT

0.33%

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$2.5M

PROJECTED ANNUAL CASH FLOW

11530-$25k-$20k-$15k-$10k-$5.0k$0.0$5.0k

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$262,270

INVESTMENT

$262,270

Down Payment
$242,000
Rehab Estimate
$5,750
Closing Costs
$14,520

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,362

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $242,000
Loan Amount $726,000
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$103

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,180

    LIST RENT
  • $2.21

    LIST RENT PER SQFT
  • $3,179

    COMP ESTIMATED VALUE
  • $2.21

    COMP AVG. RENT PER SQFT
Comps Range
$2,800
1$2,8002$3,1803$3,2004$3,3005$3,450
$3,450
RENT COMPS ANALYSIS
  • 96 Summerstone Irvine, CA 2
    • 3 beds 2 baths ∙ 1,440 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,440 Sqft ∙ Built 1981
    • Rent
    • Rent Per SQFT
    •  
    • $3,180
    • $2.21
    •  
  • 16 Fairside Irvine, CA 1
    • 3 beds 2 baths ∙ 1,260 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,260 Sqft ∙ Built 1983
    LEASED 08/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $2.22
    •  
  • 18 Queens Wreath Way Irvine, CA 3
    • 3 beds 2 baths ∙ 1,420 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,420 Sqft ∙ Built 1965
    LEASED 09/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.25
    •  
  • 73 Summerstone Irvine, CA 4
    • 3 beds 3 baths ∙ 1,511 Sqft ∙ Built 1983 3 beds 3 baths ∙ 1,511 Sqft ∙ Built 1983
    LEASED 07/06/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.18
    •  
  • 3882 Hendrix Street Irvine, CA 5
    • 3 beds 2 baths ∙ 1,586 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,586 Sqft ∙ Built 1973
    LEASED 09/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,450
    • $2.18
    •  
PROPERTY LISTING DETAILS
Martin Mania
Agencyone Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21144080
Last Updated: 07/11/2021
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