Score
0Goleta, CA
510 Mills Way
1.7M
3 beds
2 baths
1,630 sqft
3 bd • 2 ba • 1,630 sf
This analysis was generated on 1/25/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
AI Property Analysis
0:000:00 / 0:00
List Price
$1,721,700
Price/Sq.Ft
$1,056
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
Property History
Price History
Ownership Timeline
$0Cash Purchase
Aug 20, 2015Roger S Mullenhour, Roberta S FaehRoger S Mullenhour, Roberta S Faeh
Intrafamily Transfer
Non-Arm's Length Transactions
$854,000Financed
Aug 12, 2015Roger S Mullenhour, Roberta S FaehScott Taylor, Tricia Taylor
Grant Deed
Standard Sale (Purchase/Resales)
$0Cash Purchase
Aug 11, 2011Roger S Mullenhour, Roberta S FaehRoberta S Faeh, Roger S Mullenhour
Intrafamily Transfer
Non-Arm's Length Transactions
$0Financed
Aug 11, 2011Roberta S Faeh, Roger S MullenhourRoger S Mullenhour, Roberta S Faeh
Intrafamily Transfer
Non-Arm's Length Transactions
$0Cash Purchase
Jun 4, 2009Roger S Mullenhour, Roberta S FaehRoberta S Faeh, Roger S Mullenhour
Intrafamily Transfer
Non-Arm's Length Transactions
$0Financed
Jun 4, 2009Roberta S Faeh, Roger S MullenhourRoger S Mullenhour, Roberta S Faeh
Intrafamily Transfer
Non-Arm's Length Transactions
$0Cash Purchase
Sep 22, 2008Roberta S Faeh, Roger S Mullenhour & Roberta S Faeh RevoRoberta S Faeh, Roger S Mullenhour
Intrafamily Transfer
Non-Arm's Length Transactions
$0Cash Purchase
Mar 14, 1997Roger Spencer MullenhourRoberta S Faeh
Intrafamily Transfer
Non-Arm's Length Transactions
$315,000Financed
Mar 14, 1997Howitt Richard V & Eileen BRoberta S Faeh
Grant Deed
Standard Sale (Purchase/Resales)
Sunlight Analysis
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Sunlight Analysis
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Financials
Monthly Costs
Market Rent (3 bed)
Get a detailed estimate on Zillow$2,430
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$1,721,700
Price/sqft
$1,056
Layout
3 bd•2 ba
Stats in the Area
Based on 6 comparable properties nearby
Average Price
$812,467
111.9%
Your price is 111.9% above average
Median Price
$1,235,000
39.4%
Based on 6 recent sales
Price per Sq.Ft
$513
105.9%
Your price is 105.9% above average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 7337 Hillsboro Street, GOLETA, CA 93117 | $5,500 | 1,587 | 3 | 2 | $399.7% | 10/22/2024 |
| 331 Mathilda Drive, GOLETA, CA 93117 | $4,300 | 1,350 | 3 | 2 | $399.7% | 10/21/2024 |
| 38 San Anzio Way, SANTA BARBARA, CA 93117 | $1,250,000 | 1,594 | 4 | 2 | $78425.8% | 8/16/2024 |
| 359 Cannon Green Drive #F, GOLETA, CA 93117 | $1,110,000 | 1,462 | 3 | 2 | $75928.1% | 8/23/2024 |
| 7171 Emily Lane, GOLETA, CA 93117 | $1,270,000 | 1,859 | 3 | 2 | $68335.3% | 8/12/2024 |
| 232 Coronado Drive, Goleta, CA 93117 | $1,235,000 | 1,459 | 4 | 2 | $84619.9% | 7/29/2024 |
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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