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.
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.