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128 E Wilson Costa Mesa, CA 92627

3 Beds 3 Baths 1,933 sqft Built 2020

$1,095,000

List Price

$3,770

$3.5K - $4K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 08, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $566.48
  • 3 Days on Market
  • MLS # : OC20233613
  • Updated Date : 11/07/2020 at 13:56
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,933 sqft
  • Baths : 2 full , 1 half
Listing Agent

Berkshire Hathaway Homeservice

Listing Agent's Description

Live Happy! In this custom designed and built, beautiful 3 bedroom home! Feel good! With brand new construction, soaring ceilings and extra windows that bring in an abundance of natural light! The Great Room has 10' high ceilings, fireplace on one end and a gorgeous kitchen on the other. High placed windows bring in extra sunlight while providing privacy. Marble back splash, solid surface counters, GE Cafe series appliances, step in pantry & island sink make for a fantastic space to gather, cook and make memories. 4 part stacking slider opens up the room to the back patio! Upstairs includes large dedicated laundry room, step in storage closet, 9' ceilings, 2 guest bedrooms with bright sunlight and extra spacious master suite complete with soaking tub, glass enclosed shower and large walk in closet. High efficient energy rated furnace and air conditioner, high quality fixtures and hardware throughout, Tankless water heater, solar & charger ready and premier Milgard fiberglass window system. Conveniently located to BackBay, shops, and freeway access. Walk to restaurants, ride to the beach. Award winning Newport Mesa Unified School District.

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MARKET HIGHLIGHTS

  • 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.
  • 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)

PRICE & RENT TRENDS

Neighborhood: Eastside Costa Mesa

NeighborhoodNIR Market*CityMarket2010Year20002019300k400k500k600k700k800k900k1000k1100k1200kPrice in $272k1225k

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

Neighborhood: Eastside Costa Mesa

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q22000220024002600280030003200340036003800Rent in $19813867

* 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
Kaiser Elementary School Primary Regular 681 23 8
Ensign Intermediate School Middle Regular 1,173 42 8
Newport Harbor High School High Regular 2,355 82 8

Kaiser Elementary School

  • Education Level: Primary
  • # of students: 681
  • # of teachers: 23
8
GreatSchools Rating

Ensign Intermediate School

  • Education Level: Middle
  • # of students: 1,173
  • # of teachers: 42
8
GreatSchools Rating

Newport Harbor High School

  • Education Level: High
  • # of students: 2,355
  • # of teachers: 82
8
GreatSchools Rating
 

$985,500$1,204,500$1,095,000

PURCHASE PRICE

$3,393$4,147$3,770

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,770
EXPENSES Loan Payment -$4,040
Property Tax -$1,067
Property Insurance -$74
Property Management Fees -$185
CASH FLOW
-$1,596

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$1,095,000

PROJECTED PRICE

$3,770

PROJECTED RENT

0.34%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 6.5%
Maintenance Year (1-5) 3.00%
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$2.5M$3.0M

PROJECTED ANNUAL CASH FLOW

11530-$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$292,175

INVESTMENT

$292,175

Down Payment
$273,750
Rehab Estimate
$2,000
Closing Costs
$16,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$4,040

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $273,750
Loan Amount $821,250
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$247

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,770

    LIST RENT
  • $1.95

    LIST RENT PER SQFT
  • $4,093

    COMP ESTIMATED VALUE
  • $2.12

    COMP AVG. RENT PER SQFT
Comps Range
$3,770
1$3,7702$4,0003$4,0004$4,5005$4,600
$4,600
RENT COMPS ANALYSIS
  • 128 E Wilson Costa Mesa, CA 1
    • 3 beds 3 baths ∙ 1,933 Sqft ∙ Built 2020 3 beds 3 baths ∙ 1,933 Sqft ∙ Built 2020
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,770
    • $1.95
    •  
  • 132 Monte Vista Avenue Costa Mesa, CA 2
    • 3 beds 3 baths ∙ 2,000 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,000 Sqft ∙ Built 2001
    property image
    LEASED 06/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.00
    •  
  • 195 Mesa Drive Costa Mesa, CA 3
    • 3 beds 4 baths ∙ 2,000 Sqft ∙ Built 2006 3 beds 4 baths ∙ 2,000 Sqft ∙ Built 2006
    property image
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.00
    •  
  • 2450 Elden Avenue Costa Mesa, CA 4
    • 3 beds 3 baths ∙ 2,072 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,072 Sqft ∙ Built 2001
    property image
    LEASED 08/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $2.17
    •  
  • 2467 Orange Avenue Costa Mesa, CA 5
    • 3 beds 3 baths ∙ 2,000 Sqft ∙ Built 2009 3 beds 3 baths ∙ 2,000 Sqft ∙ Built 2009
    property image
    LEASED 12/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,600
    • $2.30
    •  
PROPERTY LISTING DETAILS
Cheryl Laidlaw
Berkshire Hathaway Homeservice
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20233613
Last Updated: 11/07/2020
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