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1063 Salinas Avenue Costa Mesa, CA 92626

3 Beds 2 Baths 1,715 sqft Built 1969

$895,000

List Price

$3,540

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1969
  • Price/Sqft : $521.87
  • 5 Days on Market
  • MLS # : OC21044456
  • Updated Date : 03/04/2021 at 11:48
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,715 sqft
  • Baths : 2 full
Listing Agent

Compass

Listing Agent's Description

Welcome to Mesa Woods! This beautiful 3 Bedroom + Bonus Room, 2 Bathroom Spanish Contemporary home is Costa Mesa’s hidden gem. You are welcomed by tropical waterwise landscaping framing a beautiful custom double door into the private courtyard. The vaulted ceilings and large windows allow an abundance of natural light. Warm wood floors throughout the open floor plan complement the upgraded kitchen with granite countertops and stainless steel appliances and living room with cozy fireplace. The Master Suite with remodeled bathroom, walk-in closet and direct access to a lush atrium is the perfect retreat. The backyard has been completely renovated with sparkling pool, full outdoor kitchen, seating area with gas fireplace, and dining area. Well positioned on a corner lot and too many upgrades to list, this home is sure to please the most discerning buyers. Walking distance to Wakeham Park, minutes to sunny California beaches, world-class shopping and dining, convenient transportation, and all Orange County has to offer. This property has “Welcome Home” written all over it!

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MARKET HIGHLIGHTS

  • Southern California has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (USMayors.org, 2018)
  • Headquarters to several Fortune 500 companies: Amgen, Farmers Insurance, Walt Disney, Avery Dennison, Activision Blizzard, CBRE Group, Edison International, Molina Healthcare, First American Financial, Pacific Life, Qualcomm and Sempra Energy (Fortune, 2018)
  • Los Angeles has been awarded the 2028 Olympics under a funding commitment of $88 billion to upgrade the transportation infrastructure connecting disparate pockets of the metro area. This is expected to produce additional employment in the coming years. (BCG, 2018)
  • As part of Southern California area, Orange County market inherits all the benefits from the area.
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
  • The area has major technology nodes of excellence: Los Angeles (Media and entertainment); Pasadena (High-tech engineering, data analytics); Riverside (Agtech, transportation/ distribution); San Diego (Healthcare, biotech, wireless communications); Irvine (Medtech, cyber security); El Segundo (Aerospace and defense IT, space transport) [BCG, 2018]
  • Southern California produces more technology PhDs per year than any other region in the country and many of the higher educated students stay within Souther California contributing to readily available workforce skills making the area more attractive than Silicon Valley (BCG, 2018)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: North Costa Mesa District

NeighborhoodNIR Market*CityMarket2010Year20002019300k350k400k450k500k550k600k650k700k750k800k850k900kPrice in $272k922k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: North Costa Mesa District

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q22000220024002600280030003200340036003800Rent in $19813902

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

 
Sorry, we do not have sufficient school data for this neighborhood.
 

$805,500$984,500$895,000

PURCHASE PRICE

$3,186$3,894$3,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,540
EXPENSES Loan Payment -$3,109
Property Tax -$889
Property Insurance -$69
Property Management Fees -$173
CASH FLOW
-$700

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$895,000

PROJECTED PRICE

$3,540

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 4.3%
Maintenance Year (1-5) 8.00%
Vacancy 5.81%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530-$15k-$10k-$5.0k$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$242,925

INVESTMENT

$242,925

Down Payment
$223,750
Rehab Estimate
$5,750
Closing Costs
$13,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$3,109

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $223,750
Loan Amount $671,250
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$10,015

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $3,540

    LIST RENT
  • $2.06

    LIST RENT PER SQFT
  • $3,554

    COMP ESTIMATED VALUE
  • $2.07

    COMP AVG. RENT PER SQFT
Comps Range
$3,500
1$3,5002$3,5003$3,5404$3,7505$3,900
$3,900
RENT COMPS ANALYSIS
  • 1063 Salinas Avenue Costa Mesa, CA 3
    • 3 beds 2 baths ∙ 1,715 Sqft ∙ Built 1969 3 beds 2 baths ∙ 1,715 Sqft ∙ Built 1969
    • Rent
    • Rent Per SQFT
    •  
    • $3,540
    • $2.06
    •  
  • 3298 Turlock Drive Costa Mesa, CA 1
    • 3 beds 2 baths ∙ 1,884 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,884 Sqft ∙ Built 1973
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.86
    •  
  • 3462 Windsor Court Costa Mesa, CA 2
    • 3 beds 2 baths ∙ 1,711 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,711 Sqft ∙ Built 1979
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.05
    •  
  • 3420 Summerset Circle Costa Mesa, CA 4
    • 3 beds 2 baths ∙ 1,755 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,755 Sqft ∙ Built 1978
    LEASED 09/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,750
    • $2.14
    •  
  • 1067 Salinas Avenue Costa Mesa, CA 5
    • 4 beds 2 baths ∙ 1,740 Sqft ∙ Built 1969 4 beds 2 baths ∙ 1,740 Sqft ∙ Built 1969
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,900
    • $2.24
    •  
PROPERTY LISTING DETAILS
Carter Kaufman
Compass
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21044456
Last Updated: 03/04/2021
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