517-1/2 Larkspur · Newport Beach, CA 92625

$1,995,000

2 bd · 3.0 ba · 1,202 sqft · Condo public records · 88 Days on market

Built 2000 $1660/sqft · 10% below area Est $2227k · 10% under

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +12.2/15.0
• Appreciation +10.0/10.0
• Rent growth +5.0/5.0
• Schools +4.8/10.0
• Cash flow +4.1/30.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Perfectly positioned in the heart of Corona del Mar Village, this beautifully appointed rear unit residence offers an exceptional blend of privacy, convenience, and coastal charm. Ideally situated just moments from Marguerite Avenue, the primary gateway into the Village, the home enjoys easy access while remaining tucked away in a quiet and serene setting. This inviting two bedroom, three bath home is filled with abundant natural light, enhanced by expansive windows and skylights throughout. The living room is a true standout, featuring soaring vaulted ceilings, an uncommon and highly coveted element in the Village, creating a bright and airy ambiance that elevates the entire living experience. The entry level is thoughtfully designed, with main living spaces that flow seamlessly alongside a comfortable bedroom suite, ideal for guests or flexible living. Upstairs, a private sanctuary awaits, dedicated entirely to the luxurious primary suite. Sliding glass doors open to a tranquil balcony with an ocean facing orientation, offering the perfect setting to enjoy coastal breezes along with peaceful mornings and sunsets. Enjoy effortless access to boutique shopping, acclaimed dining, and the pristine beaches that define this sought after community. This is a rare opportunity to own a sophisticated coastal residence in one of Southern California’s most desirable neighborhoods.

Key facts

• Private sanctuary
• Tranquil balcony
• Expansive windows

Tags

• EXPANSIVE WINDOWS
• SOARING VAULTED CEILINGS
• COMFORTABLE BEDROOM SUITE
• PRIVATE SANCTUARY
• TRANQUIL BALCONY
• OCEAN FACING ORIENTATION

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath condo listed at $2.00M.

Deal economics

• At list price, monthly cash flow is $-5k ($-66k/yr) — negative.
• To cash-flow at today's rent, offer at most $1.03M (48.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $868k (56.5% below list).
• Recommended offer: $868k (56.5% below list) — sets the bar for 1% rule.
• Cap rate 3.0% vs local median 0.6% in Newport Beach — 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.

Location & tenants

• Location reads 76/100 on livability (#101 in CA, #3,645 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, employment A+, commute A; Watch: health & safety C-, cost of living F.
• Newport-Mesa Unified (urban): math 46% / reading 58% proficiency, ranked #106 of 517 in CA (top 20%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Harbor View Elementary (math 67%, 295 students, 12% FRL); Corona Del Mar High (math 55% / reading 63%, grade C+, #221 of 1,170 statewide, top 19%, 2,059 students, 20% FRL) — zoned schools average 16% FRL vs 40% district-wide (24 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+12.4%/yr); 91 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 27d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 6,974 units permitted in Orange County in 2024 (3,839 in 5+ unit buildings).
• At $8,677/mo this rent would consume 60% of the median local household income ($175k/yr) (locally 767% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $213k of equity ($14k loan paydown + $200k appreciation (10.0% local appreciation)).
• Orange County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$343k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($1.88M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $815k; list at $2.00M implies a 145% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $867,693 (56.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 57% concession, seller financing, or rate buy-down credit?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.43% ✗
• Cap rate: 3.01%
• Cash-on-cash: -11.74%
• DSCR: 0.48
• GRM: 19.2

CMA / ARV

• ARV (median comp): $2,226,987
• List price: $1,995,000
• Delta: -10.42%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 17.0%
• Equity multiple: 2.40×
• Total profit: $783,681
• Equity at exit: $1,797,254

10-year hold

• IRR: 16.8%
• Equity multiple: 5.82×
• Total profit: $2,693,488
• Equity at exit: $3,875,846

Cash invested: $558,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 92625

• Home prices YoY: 3.5%
• Rents YoY: 12.4%
• Active inventory: 91
• Price-to-rent: 19.2×

Monthly cashflow live

• Estimated rent: $8,677 high
• Mortgage (P&I): −$10,462
• Tax from tax record: −$1,024 /mo · $12,293/yr
• Insurance: −$831
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,822
• Net cashflow: $-5,463

Break-even live

Break-even rent $15,592

Max offer price $1,029,962

Occupancy floor —

Sensitivity live

Price	-10% $-4,334	-5% $-4,898	+0% $-5,463	+5% $-6,028	+10% $-6,592
Rent	-10% $-6,148	-5% $-5,806	+0% $-5,463	+5% $-5,120	+10% $-4,777
Rate	-1.0pp $-4,458	-0.5pp $-4,955	base $-5,463	+0.5pp $-5,980	+1.0pp $-6,506

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $498,750
• Closing costs: $59,850
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
519 Larkspur Ave Corona del Mar, CA	2.0	2.5	1226	$12,995	$10.60	45d	1	0.03mi
705 Larkspur Ave Unit B Corona Del Mar, CA	2.0	1.5	1000	$5,999	$6.00	45d	1	0.08mi
618 Iris Ave Unit B Corona del Mar, CA	3.0	3.0	1484	$10,995	$7.41	5d	1	0.09mi
700 Iris Ave Corona del Mar, CA	2.0	2.5	1270	$9,995	$7.87	17d	1	0.11mi
509 Marigold Ave Unit 1/2 Corona Del Mar, CA	2.0	2.0	1400	$7,500	$5.36	26d	1	0.13mi
608 1/2 Heliotrope Ave Corona Del Mar, CA	3.0	2.0	1475	$5,575	$3.78	6d	1	0.13mi
505 1/2 Marigold Ave Corona Del Mar, CA	2.0	2.5	1403	$8,200	$5.84	45d	1	0.14mi
714 Heliotrope Ave Corona del Mar, CA	3.0	2.0	1403	$8,500	$6.06	21d	1	0.17mi
707 Heliotrope Ave Corona del Mar, CA	1.0	1.0	750	$6,500	$8.67	45d	1	0.18mi
619 Narcissus Ave Corona del Mar, CA	3.0	2.0	1282	$7,000	$5.46	26d	1	0.18mi
435 Heliotrope Ave Corona del Mar, CA	2.0	1.0	832	$3,700	$4.45	45d	1	0.19mi
506 Goldenrod Ave Unit B Corona Del Mar, CA	2.0	2.5	1450	$14,000	$9.66	45d	1	0.21mi
415 1/2 Heliotrope Ave Corona Del Mar, CA	1.0	1.5	800	$4,495	$5.62	26d	1	0.23mi
412 Goldenrod Ave Unit B Corona Del Mar, CA	3.0	3.0	1419	$9,000	$6.34	45d	1	0.26mi
436 Fernleaf Ave Unit 1/2 Corona Del Mar, CA	3.0	2.0	1440	$5,750	$3.99	26d	1	0.27mi
309 Marguerite Ave Unit C Corona del Mar, CA	3.0	2.0	1444	$6,850	$4.74	24d	1	0.28mi
601 1/2 Poinsettia Ave Corona del Mar, CA	2.0	2.0	1213	$12,000	$9.89	45d	1	0.29mi
319 Heliotrope Ave Corona del Mar, CA	2.0	2.0	1200	$14,000	$11.67	45d	1	0.29mi
409 Goldenrod Ave Unit B Corona Del Mar, CA	3.0	2.0	1309	$7,500	$5.73	45d	1	0.29mi
2741 Bungalow Pl Corona del Mar, CA	2.0	2.0	1476	$7,500	$5.08	21d	1	0.31mi
421 Fernleaf Ave Corona Del Mar, CA	2.0	2.0	1400	$7,800	$5.57	45d	1	0.31mi
619 Poppy Ave Corona del Mar, CA	2.0	2.5	1268	$6,950	$5.48	45d	1	0.35mi
225 Iris Ave Corona del Mar, CA	3.0	2.0	1426	$15,500	$10.87	45d	1	0.36mi
436 Carnation Ave Unit B Corona del Mar, CA	2.0	1.0	800	$5,500	$6.88	45d	1	0.38mi
2545 Bungalow Pl Corona Del Mar, CA	2.0	2.0	1476	$7,500	$5.08	26d	1	0.40mi
550 Hazel Dr Corona del Mar, CA	2.0	1.5	1215	$10,995	$9.05	45d	1	0.40mi
2614 Ocean Blvd Unit B Corona del Mar, CA	2.0	2.0	1212	$12,000	$9.90	7d	1	0.45mi
445 Begonia Ave Unit 6 Corona Del Mar, CA	2.0	2.5	1398	$7,995	$5.72	24d	1	0.46mi
445 1/2 Begonia Ave Corona Del Mar, CA	2.0	2.5	1400	$7,995	$5.71	26d	1	0.46mi
2512 Ocean Blvd Unit B Corona Del Mar, CA	2.0	2.0	1150	$6,195	$5.39	45d	1	0.49mi
420 Acacia Ave Corona del Mar, CA	3.0	2.0	1210	$20,000	$16.53	26d	1	0.50mi
4200 Shorecrest Ln Apt 4202 Corona Del Mar, CA	2.0	1.5	932	$4,145	$4.45	9d	1	0.58mi
454 Seaward Rd Corona Del Mar, CA	2.0	2.0	1000	$4,900	$4.90	18d	1	0.60mi
2124 E Oceanfront Newport Beach, CA	2.0	2.0	1400	$8,495	$6.07	26d	1	0.83mi
2049 E Ocean Blvd Newport Beach, CA	2.0	2.0	1035	$20,000	$19.32	21d	1	0.90mi
1905 E Balboa Blvd Newport Beach, CA	3.0	2.0	1325	$8,500	$6.42	45d	1	0.96mi
116 Jade Ave Newport Beach, CA	2.0	1.5	1144	$7,000	$6.12	45d	1	1.04mi
1 Baywood Dr Newport Beach, CA	1.0–3.0	1.0–2.5	1235	$4,172	$3.38	0d	1	1.16mi
1510 Abalone Pl Newport Beach, CA	1.0	1.0	750	$3,500	$4.67	45d	1	1.21mi
48 1/2 Pine Valley Ln Newport Beach, CA	2.0	2.0	1500	$5,073	$3.38	1d	2	1.24mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-21
   days on market $1,995,000 Active 88 DOM
2. 2026-06-18
   days on market $1,995,000 Active 85 DOM
3. 2026-06-17
   days on market $1,995,000 Active 84 DOM
4. 2026-06-16
   days on market $1,995,000 Active 83 DOM
5. 2026-06-15
   days on market $1,995,000 Active 82 DOM
6. 2026-06-13
   days on market $1,995,000 Active 80 DOM
7. 2026-06-13
   days on market $1,995,000 Active 79 DOM
8. 2026-06-09
   days on market $1,995,000 Active 76 DOM
9. 2026-06-08
   days on market $1,995,000 Active 75 DOM
10. 2026-06-07
    days on market $1,995,000 Active 74 DOM
11. 2026-06-04
    days on market $1,995,000 Active 71 DOM
12. 2026-06-03
    days on market $1,995,000 Active 70 DOM
13. 2026-06-02
    days on market $1,995,000 Active 69 DOM
14. 2026-06-01
    days on market $1,995,000 Active 68 DOM
15. 2026-05-31
    days on market $1,995,000 Active 67 DOM
16. 2026-03-25
    listed $1,995,000 Active 1398-char remark

    Show marketing remark (1398 chars)

    Perfectly positioned in the heart of Corona del Mar Village, this beautifully appointed rear unit residence offers an exceptional blend of privacy, convenience, and coastal charm. Ideally situated just moments from Marguerite Avenue, the primary gateway into the Village, the home enjoys easy access while remaining tucked away in a quiet and serene setting. This inviting two bedroom, three bath home is filled with abundant natural light, enhanced by expansive windows and skylights throughout. The living room is a true standout, featuring soaring vaulted ceilings, an uncommon and highly coveted element in the Village, creating a bright and airy ambiance that elevates the entire living experience. The entry level is thoughtfully designed, with main living spaces that flow seamlessly alongside a comfortable bedroom suite, ideal for guests or flexible living. Upstairs, a private sanctuary awaits, dedicated entirely to the luxurious primary suite. Sliding glass doors open to a tranquil balcony with an ocean facing orientation, offering the perfect setting to enjoy coastal breezes along with peaceful mornings and sunsets. Enjoy effortless access to boutique shopping, acclaimed dining, and the pristine beaches that define this sought after community. This is a rare opportunity to own a sophisticated coastal residence in one of Southern California’s most desirable neighborhoods.

17. 2004-12-10
    soldstatus $815,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $12,293 · $1,024/mo
• Projected year-2 tax: $15,162 · $1,264/mo
• Expected delta: +$2,869/yr (+$239/mo · 23.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥83°F today · 23 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $104,123
• − Mortgage interest: −$111,751
• − Property taxes: −$12,293
• − Insurance: −$9,975
• − Repairs & maintenance: −$8,330
• − Management: −$8,330
• − Depreciation: −$58,036
• Taxable loss: −$104,592
• Est. tax savings @ 24.0%: +$25,102
• After-tax cash flow: $-40,452/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Newport-Mesa Unified
• NCES district ID: 0627240
• Math proficiency: 46% ▼ -6.00%
• Reading proficiency: 58% ▼ -5.00%
• Median HH income: $83,922
• Composite: 47.64/100
• National rank: #2248
• State rank: #106 of 517 in CA

Livability — Newport Beach

• Score: 76/100
• State rank: #101
• US rank: #3645

Category grades

Amenities A+ Commute A Cost of living F Crime C+ Employment A+ Housing C+ Health & safety C- User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newport Beach, CA
• County: Orange County · 3,096,323 people
• City population: 83,845
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 12,294
• Household income: $174,904
• Rent vs Own: 39.1% rent · 60.9% own
• Severe rent burden: 767.0

Population outlook (Orange County) Hauer SSP2

• Today (2025): 3,477,456 people
• By 2030: 3,613,117 · +3.9%
• By 2040: 3,835,945 · +10.3%
• By 2050: 3,968,736 · +14.1%
• By 2075: 4,097,053 · +17.8%
• By 2100: 3,903,633 · +12.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Hispanic / Latino 10% Two or more races 10% Asian 8%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Scotch-Irish 5% Slovak 5% Italian 4%
• Foreign-born: 15% · Canada, China, Vietnam
• Languages at home: 82% English-only · Spanish 6% Other Indo-European 5% Chinese 3%

Political lean MEDSL · Orange

• 2024 margin: Toss-up / Even · D 49.7% · R 47.1% · Other 3.2%
• 2008→2024 swing: +5.2pp toward D · 2008: -2.6pp · 2024: 2.6pp
• All cycles: 2024: D+2.6 2020: D+9.0 2016: D+7.7 2012: R+8.3 2008: R+2.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 16.70%
• Current HPI: 494.6724
• Rent YoY: ▲ 12.39%
• Metro: Los Angeles-Long Beach-Anaheim, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+144.8% since first listed

2 events — show timeline

• 2026-03-25 Listed $1,995,000 CRMLS
• 2004-12-10 Sold (Public Records) $815,000 Public Records

Property tax history

+1.7%/yr

Latest (2025): $12,293 · +1.6% YoY. Source: county tax records.