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1271 Westreef Costa Mesa, CA 92627

4 Beds 4 Baths 2,009 sqft Built 2015

$1,195,000

List Price

$3,910

$3.7K - $4.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2015
  • Price/Sqft : $594.82
  • 5 Days on Market
  • MLS # : NP21044438
  • Updated Date : 03/13/2021 at 09:51
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,009 sqft
  • Baths : 2 full , 2 half
Listing Agent

Seven Gables Real Estate

Listing Agent's Description

Welcome to modern living in this detached home perched on the breezy bluffs in Costa Mesa's vibrant west side community of WestReef. Built new in 2015 overlooking the Santa Ana River and Huntington Beach, this home is walking distance to Trader Joe's, Starbucks, and a handful of local restaurants, and a short bike ride along the river trail to the beach. Sprouts and Whole Foods are a 4-min drive away on Brookhurst. With solar panels and energy efficient appliances for reduced electricity costs, this modern home checks all the boxes. The oversized back patio is conveniently located just off the kitchen and main living area, and there's a balcony at the front from which to enjoy the coastal breezes and sun-splashed views. 3 bedrooms are on the top floor, including an amply-sized master bedroom with soaring ceilings and a master bath, and two further rooms with peek-a-boo ocean views sharing another full bathroom. One of the secondary bedrooms is open and currently set up as an office/flex space, but could easily be enclosed if you seek additional privacy. The fourth bedroom option is on the ground floor, adjacent to a powder room and the home's laundry room. Sunlight pours in to this private space through a skylight, making it a perfect retreat, home gym, or office. Your updated modern living is complete with a purchased (not leased) water softener/conditioner and reverse osmosis drinking water in the kitchen. Hurry before it's gone!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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.

PRICE & RENT TRENDS

Neighborhood: Westside Costa Mesa

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800kPrice in $212k841k

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

Neighborhood: Westside Costa Mesa

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21600180020002200240026002800300032003400Rent in $15943537

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

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Tewinkle Middle School Middle Regular 654 29 4
Estancia High School High Regular 1,335 52 6

Tewinkle Middle School

  • Education Level: Middle
  • # of students: 654
  • # of teachers: 29
4
GreatSchools Rating

Estancia High School

  • Education Level: High
  • # of students: 1,335
  • # of teachers: 52
6
GreatSchools Rating
 

$1,075,500$1,314,500$1,195,000

PURCHASE PRICE

$3,519$4,301$3,910

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,910
EXPENSES Loan Payment -$4,151
Property Tax -$1,107
Property Insurance -$76
HOA -$231
Property Management Fees -$192
CASH FLOW
-$1,846

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$1,195,000

PROJECTED PRICE

$3,910

PROJECTED RENT

0.33%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 5.3%
Maintenance Year (1-5) 8.00%
Vacancy 4.35%
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$2.5M$3.0M

PROJECTED ANNUAL CASH FLOW

11530-$30k-$25k-$20k-$15k-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$322,425

INVESTMENT

$322,425

Down Payment
$298,750
Rehab Estimate
$5,750
Closing Costs
$17,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 75% down payment or higher enables the proceeds from the asset to cover all costs.

$4,151

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $298,750
Loan Amount $896,250
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$110

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,910

    LIST RENT
  • $1.95

    LIST RENT PER SQFT
  • $4,586

    COMP ESTIMATED VALUE
  • $2.28

    COMP AVG. RENT PER SQFT
Comps Range
$3,910
1$3,9102$4,2503$4,4504$4,6005$4,895
$4,895
RENT COMPS ANALYSIS
  • 1271 Westreef Costa Mesa, CA 1
    • 4 beds 4 baths ∙ 2,009 Sqft ∙ Built 2015 4 beds 4 baths ∙ 2,009 Sqft ∙ Built 2015
    • Rent
    • Rent Per SQFT
    •  
    • $3,910
    • $1.95
    •  
  • 1817 Ocean Court Costa Mesa, CA 2
    • 3 beds 4 baths ∙ 1,873 Sqft ∙ Built 2014 3 beds 4 baths ∙ 1,873 Sqft ∙ Built 2014
    LEASED 09/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,250
    • $2.27
    •  
  • 1015 Somerton Drive Costa Mesa, CA 3
    • 3 beds 3 baths ∙ 1,877 Sqft ∙ Built 2017 3 beds 3 baths ∙ 1,877 Sqft ∙ Built 2017
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,450
    • $2.37
    •  
  • 1267 Westreef Costa Mesa, CA 4
    • 4 beds 4 baths ∙ 1,969 Sqft ∙ Built 2015 4 beds 4 baths ∙ 1,969 Sqft ∙ Built 2015
    LEASED 03/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,600
    • $2.34
    •  
  • 1627 Hampton Drive Costa Mesa, CA 5
    • 4 beds 4 baths ∙ 2,274 Sqft ∙ Built 2018 4 beds 4 baths ∙ 2,274 Sqft ∙ Built 2018
    LEASED 08/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,895
    • $2.15
    •  
PROPERTY LISTING DETAILS
Matthew Fletcher
Seven Gables Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: NP21044438
Last Updated: 03/13/2021
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