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510 Mills Way
Goleta, CA

510 Mills Way

$1,721,700
3 bd • 2 ba • 1,630 sf

This analysis was generated by artificial intelligence on 1/25/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

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AI Property Analysis

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List Price

$1,721,700

Price/Sq.Ft

$1056

Year Built

AI Property Analysis

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

The Good

The property at 510 Mills Way, Goleta, CA 93117 boasts several positive attributes. Its location in Goleta, a highly desirable area between Santa Barbara and the ocean, contributes to its strong market position. The 3-bedroom, 2-bathroom layout in 1,630 sqft is well-suited for small families or professionals. At $1,721,700, the price per square foot of $1056.26 is consistent with the area's premium real estate market. The property features a well-maintained front yard with mature landscaping, including a striking tree that adds character and curb appeal. The single-story design is attractive for accessibility and energy efficiency. The driveway provides off-street parking, a valuable asset in this area.

The Bad

The asking price of $1,721,700 is significantly above the median income in the area ($77,964), which may limit the pool of potential buyers. The property's age, while not specified, appears to be several decades old based on the architectural style, which could mean higher maintenance costs and potential need for updates. The lack of detailed information about recent renovations or the state of major systems (HVAC, roof, plumbing) is concerning and requires further investigation. The single-car driveway may be limiting for multi-car households, which is common in this car-dependent area.

The Ugly

The extreme price point of $1,721,700 in relation to the median income suggests potential affordability issues and a challenging mortgage situation for many buyers. Monthly payments could exceed $9,000 (assuming 20% down, 6% interest rate, plus taxes and insurance), requiring an annual income of over $300,000 to meet typical lending standards. The property's location in a seismically active area prone to wildfires, droughts, and occasional flooding presents significant natural disaster risks. Insurance costs could be substantial, potentially adding thousands to annual ownership costs. The proximity to Santa Barbara Airport may result in noise pollution, impacting quality of life and potentially future resale value.

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 best suited for high-income professionals or families with substantial savings, ideally earning $300,000+ annually. It would appeal to those prioritizing location over home size, valuing proximity to Santa Barbara and coastal amenities. The single-story layout is ideal for retirees or those with mobility concerns. Investors might consider it for high-end short-term rentals, given the desirable location and potential for strong rental income (estimated $4,200+ monthly for a 3-bedroom based on provided rental rates).

Not For

This property is not suitable for first-time homebuyers or those with median incomes in the area, given the high price point. Families requiring more than 3 bedrooms or extensive outdoor space may find the property limiting. It's not ideal for those sensitive to potential noise issues due to the airport proximity. Buyers looking for a modern, move-in ready home without the need for potential updates or high maintenance costs should consider alternatives.
Demographics
Area Median Income

$77,964

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Risk Assessment

Risk Analysis

Major risks include natural disasters common to the area: earthquakes, wildfires, and potential flooding. These could lead to high insurance premiums and possible property damage. The uncertain age of the property suggests potential for significant near-term maintenance or renovation costs. Airport noise could affect quality of life and future resale value. The high price point relative to local incomes poses a risk of market volatility, especially if economic conditions change. Zoning and building regulations in Goleta may restrict future expansion or renovation plans. The property's value may be sensitive to changes in the local job market, particularly related to UCSB and tech industries in the area.

Financials

Monthly Costs

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$812,467

-52.8% below list price

Median Price

$1,235,000

Based on 6 recent sales

Price per Sq.Ft

$513

Comparable Properties

7337 Hillsboro Street, GOLETA, CA 93117
Price: $5,500
Sq.Ft: 1,587
Beds/Baths: 3/2
$/Sq.Ft:
$399.7%
Sale Date: 10/22/2024
331 Mathilda Drive, GOLETA, CA 93117
Price: $4,300
Sq.Ft: 1,350
Beds/Baths: 3/2
$/Sq.Ft:
$399.7%
Sale Date: 10/21/2024
38 San Anzio Way, SANTA BARBARA, CA 93117
Price: $1,250,000
Sq.Ft: 1,594
Beds/Baths: 4/2
$/Sq.Ft:
$78425.8%
Sale Date: 8/16/2024
359 Cannon Green Drive #F, GOLETA, CA 93117
Price: $1,110,000
Sq.Ft: 1,462
Beds/Baths: 3/2
$/Sq.Ft:
$75928.1%
Sale Date: 8/23/2024
7171 Emily Lane, GOLETA, CA 93117
Price: $1,270,000
Sq.Ft: 1,859
Beds/Baths: 3/2
$/Sq.Ft:
$68335.3%
Sale Date: 8/12/2024
232 Coronado Drive, Goleta, CA 93117
Price: $1,235,000
Sq.Ft: 1,459
Beds/Baths: 4/2
$/Sq.Ft:
$84619.9%
Sale Date: 7/29/2024

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