5200 Irvine Blvd #190

Irvine, CA 92620

$430,000B-

2 bd · 2.0 ba · 1,440 sqft · Built 1978 · Manufactured · Active · 50 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,098/mo
• Mortgage (P&I): −$2,255
• Tax + insurance: −$273
• HOA: −$289
• Vac / Maint / Mgmt: −$861
• Net cashflow: $421/mo
• Annual: $5,051/yr
• Cap rate: 7.47%
• Cash-on-cash: 4.20%
• DSCR: 1.19
• 1% rule: 0.95%
• Cash to close: $120,400

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $430k.
• At list price, monthly cash flow is $421 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $410k (4.7% below list).
• It's been on market 50 days — a 3% lower offer ($417k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $410k (4.7% below list) — sets the bar for 1% rule.
• In year one you build about $14k of equity ($3k loan paydown + $11k appreciation (2.5% local appreciation)).
• Location reads 76/100 on livability (#100 in CA, #3,537 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: health & safety C-, cost of living F.
• Irvine Unified (urban): math 74% / reading 80% proficiency, ranked #31 of 517 in CA (top 6%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Northwood Elementary (516 students, 31% FRL); Sierra Vista Middle (1,126 students, 17% FRL); Northwood High (math 75% / reading 83%, grade A-, #51 of 1,170 statewide, top 4%, 2,251 students, 19% FRL).
• Market conditions: Rents flat; 151 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 6,974 units permitted in Orange County in 2024 (3,839 in 5+ unit buildings).
• Orange County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (2.5% appreciation + 0.1% rent growth), your $120k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 7.5% vs local median 1.2% in Irvine — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• This rent runs 33% of the median local income ($147k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 50 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.