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2731 Norma St
Score
0
Oceanside, CA

2731 Norma St

799K
4 bd • 2 ba • 1,557 sf

This analysis was generated on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$799,000

Price/Sq.Ft

$513

Year Built

1973

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

This 1973-built single-family residence offers excellent value at $513.17/sqft, which is 5.8% below the Oceanside average of $544/sqft. The 1,557 sqft layout provides ample space, surpassing the typical 3-bedroom home in the area by about 10%. Recent upgrades include a renovated secondary bathroom and an upgraded master ensuite, potentially adding $15,000-$20,000 in value. The property boasts a pool and jacuzzi, features that typically command a 7-10% premium in the local market. Its location near highly-rated Grapevine Elementary (8/10 rating) enhances its appeal for families. The leased solar system contributes to energy efficiency, potentially saving $1,200-$1,800 annually on electricity costs. Climate risk scores are exceptionally low, with minimal flood (1/10), fire (1/10), and wind (1/10) risks, significantly reducing insurance costs and long-term climate-related concerns.

The Bad

The property's age (built in 1973) suggests potential for higher maintenance costs, with major systems likely approaching the end of their lifespan. The local air quality risk is moderate (4/10), which could be a concern for residents with respiratory issues. The nearby Madison Middle School's low rating (4/10) may impact long-term property value appreciation. The leased solar system, while providing energy savings, may complicate the sale process and potentially deter some buyers. At $799,000, the property is priced 12% above the median home value in Oceanside ($713,000 as of 2023), which could limit the buyer pool. The heat risk score of 5/10 indicates potential for increased cooling costs during hot days.

The Ugly

The property has appreciated 547% since its last sale in 1987, significantly outpacing inflation and market averages. This extreme appreciation raises concerns about potential overvaluation and future market corrections. The estimated annual insurance cost of $2,876.40 is approximately 15% higher than the California average, likely due to the pool and spa features. The presence of a pool increases liability and maintenance costs, potentially adding $2,000-$3,000 annually for upkeep. Major systems (HVAC, roof, plumbing) may need replacement soon due to the home's age, with potential costs of $30,000-$50,000 over the next 5-10 years. The leased solar system could have remaining contract obligations, potentially adding $10,000-$15,000 to the effective purchase price if the lease needs to be bought out.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is ideal for families with household incomes of $200,000+ (based on a 28% front-end DTI ratio for a $639,200 loan with 20% down). It suits buyers prioritizing space, outdoor amenities, and proximity to good elementary schools. The single-story layout and master bedroom on the main floor make it perfect for buyers with mobility concerns or those planning to age in place. Investors could expect a potential gross rental yield of 6.7% based on the estimated $4,500/month for a 4-bedroom home in the area, making it attractive for long-term rental investment.

Not For

Not suitable for first-time homebuyers or those with incomes below $150,000 due to the high purchase price and potential maintenance costs. The pool and spa may be a liability for families with very young children or those unwilling to manage the ongoing maintenance. Not ideal for short-term investors looking for quick appreciation, given the already high valuation relative to the local market. The single-story layout may not appeal to buyers seeking multi-generational living arrangements or those needing separate living spaces.
Demographics
Area Median Income

$90,777

Property History

Price History
Ownership Timeline

Property Taxes

$2,688
2024 Tax Assessment
2.5%from previous year
Assessed Value$242,747
Tax Rate1.11%

Sunlight Analysis

Visualize how sunlight affects this property throughout the day and year.

Sunlight Analysis

Data provided by Shadowmap

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Risk Assessment

Climate Risks

heatMODERATE

7 extreme heat days per year

98th percentile: 89°F

airMODERATE

5 bad air quality days per year

floodMINIMAL

FEMA Zone: Minimal Risk Area

Insurance: Optional

fireMINIMAL

Insurance: Optional

windMINIMAL

Insurance: Optional

Risk Analysis

The extreme appreciation since 1987 (547%) suggests a risk of market correction or stagnation in property values. The leased solar system may have contract obligations that transfer to the new owner, potentially impacting future selling flexibility. The moderate air quality risk (4/10) and major heat risk (5/10) could lead to increased HVAC usage and associated costs. Given the property's age, there's a high risk of major system failures (plumbing, electrical, HVAC) within the next 5-10 years, potentially costing $30,000-$50,000. The pool and spa, while attractive features, increase liability risks and insurance costs. The nearby middle school's low rating (4/10) may impact long-term property value appreciation and school choice considerations for families.
Insurance
Annual Cost

$2,876

$240 per month

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Schools

Rancho Buena Vista High School

Public•Grades 9-12
7/10
High
2,101 students

Madison Middle School

Public•Grades 6-8
5/10
Middle
1,067 students

Grapevine Elementary School

Public•Grades K-5
5/10
Elementary
797 students

Temple Heights Elementary School

Public•Grades K-5
5/10
Elementary
683 students

Financials

Monthly Costs
Market Rent (4 bed)

$4,500

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Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Subject Property

Price
$799,000
Price/sqft
$513
Layout
4 bd•2 ba
0

Stats in the Area

Based on 6 comparable properties nearby

Average Price

$881,317

9.3%

Your price is 9.3% below average

Median Price

$905,000

11.7%

Based on 6 recent sales

Price per Sq.Ft

$599

14.3%

Your price is 14.3% below average $/sqft

Comparable Properties

3914 Sherbourne Dr, Oceanside, CA 92056
Price: $839,900
Sq.Ft: 1,644
Beds/Baths: 4/2
$/Sq.Ft:
$5110.4%
Sale Date: 12/4/2024
2872 Colgate Drive, Oceanside, CA 92056
Price: $905,000
Sq.Ft: 1,408
Beds/Baths: 3/2
$/Sq.Ft:
$64325.3%
Sale Date: 11/23/2024
3871 Cambridge Ct, Oceanside, CA 92056
Price: $1,040,000
Sq.Ft: 1,595
Beds/Baths: 4/2
$/Sq.Ft:
$65227.1%
Sale Date: 8/26/2024
4127 Jonathon Street, Oceanside, CA 92056
Price: $595,000
Sq.Ft: 1,284
Beds/Baths: 3/2
$/Sq.Ft:
$4639.7%
Sale Date: 10/4/2024
3924 Roselle Avenue, Oceanside, CA 92056
Price: $808,000
Sq.Ft: 1,336
Beds/Baths: 4/2
$/Sq.Ft:
$60517.9%
Sale Date: 9/20/2024
4032 Wooster Dr., Oceanside, CA 92056
Price: $1,100,000
Sq.Ft: 1,529
Beds/Baths: 3/2
$/Sq.Ft:
$71940.2%
Sale Date: 7/31/2024

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