Any opinions on 5 Cipriani, Irvine (Westpark II)?

C

confuzed

New member
I am looking at buying a single family home in Irvine that can be rented out for few years and then we can upgrade it before moving in, when we are ready to downsize.
https://www.redfin.com/CA/Irvine/5-Cipriani-92606/home/4626422

Above home somehow matches our needs, but I am not sure if it is the right one. Here is what we like about:

- floorplan (high ceiling, main floor bathroom)
- size under 3000 sq. ft.
- lot over 5000 sq. ft.
- 3-car garage
- low property tax and HOA fees

Here is what we don't like:

- very original (deferred maintenance) so it will require substantial amount to upgrade
- with upgrades, move-in cost can go over $1.5m, which will be close to new home price today
- backs to busy street and noise can be heard in the mornings and evenings
- right at the entrance of a long street, so most of the neighborhood traffic flows through
- it has been rental for long time
- even if we put 30% down, monthly negative can be $1000+ with current interest rates

What do you think should be the fair price?

I will appreciate your feedback.
 
First off, provide the link:
https://www.redfin.com/CA/Irvine/5-Cipriani-92606/home/4626422

Now, I would like to say that Vintage Plan 4 is probably my favorite floorplan in the Westpark II hood:

1. Dual master
2. 4 Bedroom + Bonus Room (and one of the bedrooms is downstairs)
3. Large laundry room (that's not a walk-thru to the garage)
4. Circular flooplan (you can loop through family/kitchen/dining/living)
5. PS9 staircase (for when you daughter walks down to meet her prom date) :)
6. And 3CWG... obv.

To address your concerns:

1. Based on the pictures, it doesn't really look like it needs that much maintenance. The kitchen can be done for less than $30k and the bathrooms and flooring maybe another $20-30k.

2. Paseo Westpark is not a busy street. That street is very quiet when it's important, from 10pm to 7am.

3. The location is actually pretty good, corner lot, only 7 houses on the cul de sac and because you are closer to Paseo Westpark, you are much farther from Culver and walking distance to the school and pool.

$1.38m is pretty high though... which also makes me sad because had we stayed in Westpark II, we probably on the low side would have had about $200-300k in equity.

I think MRs are also expired now in Westpark II right? Or very close to it.
 
Floorplan:

Vintage-Floorplan-D.jpg
 
Agree with Irvinehomeowner,

its a nice property and the street it faces is very quiet , not like Sand canyon....
Homes in Paseo Westpark are very nice and have good value.

 
Irvinehomeowner opinion is truly ?expert?!

3 car garage, walking distance to the 99 Ranch Plaza (FCB paradise) and walking distance to the Target Plaza, mello roose going away or gone = a winner. Of course winners don?t come cheap.
 
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