Home Buying in 92612>Question Details

Sam, Home Buyer in 92614

What is the good price (value) in92612 to buy and to rent out later after a couple of years?

Asked by Sam, 92614 Wed Jul 2, 2008

especially for SFR with 3/2 or 3/3 bed/bath... Any comments and feedback/analysis about this area is appreciated.

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0 votes Thank Flag Link Tue Jul 22, 2008
this is a very broad question.

In 92612 the most important thing you have to consider is the school that property belongs to. there are homes in this zip code that does not belong to University High for example Water mark. Take a look at this answer I wrote for another person. maybe you will have some ideas.

Whether or not it is a bargain is not a mater of personal opinion, but result from market Data. However there is a couple of different approaches to look at it.

If you look at per square foot price for this property it probably is a bargain because it is comparably much cheaper in its immediate Irvine area. and it is very new.

However if you are looking to purchase it as an investment property and wish it to go up in price it may or may not be a good deal. it may not be a good deal because the this property does not belong to the University High school. Most of the people buys a home that belongs to the University high school for a couple of reasons:
1. they want their kids to go to University high school
2. If used for rental unit, it rents out very easily and gets really high rent
3. its price not likely to drop. if you look at the search the sales data by zip codes you will see that price of these homes are rising not decrease like water mark.

it may be a good deal because the price is pretty low and it may go up, but because it does not belong to the university high school the answer to is not definite. if you don't care about school and just want a new and nice place to live in it is a great property and because you picked it up at a good price if it does go up it will make you some $$$.

here are some explanation about how to value your property.

Correctly Valuing a piece of Real Estate

Ways to valuate home price:

1. Using Trulia.com to valuate the home price;

a. Type in the full address in the window (Example:12345 Any street, City, State) & select property type;

b. Scroll down and click on view all comparable;

c. scroll down to uncheck the box next to homes for sale under the map, make sure the box next to recently sold homes is checked;

d. click on the Recently sold homes large button make sure it becomes blue

e. Sort the sold data by clicking on the sold date column and look at the first 10 or 20 sold homes;

f. Hand pick homes to be compared by eliminating sold homes that are sold 4 or more month earlier, further than 1 mile away, with a sqft difference of more than 50 sqft, also eliminate the highest and the lowest price sold homes;

g. add up the price of all of the remaining homes and divide by the number of homes will get you a very accurate valuation of the home you intent to purchase or sell. This is how banks evaluate value of the homes too.

2. Quick Rough Estimation by per square foot method:

a. go to http://www.altosresearch.com and select the state and city;

b. scroll down to find out the Price Per Square Foot;

c. Multiply this price per square foot with the sq ft of the house you intend to purchase
0 votes Thank Flag Link Sat Jul 12, 2008
Investors take any where from 120 to 160 times the gross monthly rent to determine what an investment property price should be for it to make sense.
0 votes Thank Flag Link Mon Jul 7, 2008
Hi Sam,

For investment you need to consider if the rent will pay for 1) mortagage,interest, insurance and taxes 2)vacanies 3) repair and maintances 4)Profit. If you are buying this home cash no1) will become your profit . All of the above are used to come up with percentage cap rate. The cap rate is the rate your money returns. Like when you have a saving account and bank pays you interest. The higher the cap rate the better investment you have. Otherwise you could invest in stock market!

There are many homes in your area of interest . Once you narrow down the city and the area I can tell you how much homes are rented and based on the rent and your down payment I can tell you a lot more. Please let me know if you like me to help you figure the details.

Sincerely,

Homa
Broker Associates
Prudential California Realty
0 votes Thank Flag Link Thu Jul 3, 2008
The answer to your question is driven by many factors, some based upon the market and some based upon your personal preferences. I have a financial analysis spreadsheet that I customize based upon the individual needs of each Client. Let me know if you decide to move forward....I would love to help you out.
0 votes Thank Flag Link Wed Jul 2, 2008
Your best bet would be to purchase a 2 bedroom 2 bath condo in the mid to high $300,000s. A condo in that range would rent today for between $2000-$2300, depending on size, location, and amenities.

When you are factoring a return on your investment, be sure to include the HOA dues which will be at least $300 a month for the condo complexes in the 92612 zip code.

~Amanda Wheeland
O.C. Real Estate Advisors
(949) 697-4466
0 votes Thank Flag Link Wed Jul 2, 2008
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