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