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1348 Garlingford Street Costa Mesa, CA 92626

3 Beds 2 Baths 1,179 sqft Built 1964

INVESTimate

$809,000

List Price

$3,170

$2,920 - $3,420

Rent Est.

$841,198  ( +3.98%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 1964
  • Price/Sqft : $686.17
  • 5 Days on Market
  • MLS # : NP20172455
  • Updated Date : 08/22/2020 at 12:26
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,179 sqft
  • Baths : 2 full
Listing Agent

Berkshire Hathaway Homeservice

Listing Agent's Description

This lovely 3 bed, 2 Full Bathrooms, 2 car garage home offers a huge yard with gated RV access. The exterior is manicured w/ professional landscape and hard scape: stacked stone planters, stamped concrete and fencing. Inside upgrades include granite counters in kitchen & baths, tile and carpeting, custom paint, recessed lights, wainscotting, moulding, shutters, closet organizers, french doors, bay window, and much more. VERY close to the elementary school and park. Property is less then 5 minutes to the 405/5 freeways, 10 minutes the mall, 10 minutes to the beach.

SEE MORE

MARKET HIGHLIGHTS

  • 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 area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 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)
  • As part of Southern California area, Orange County market inherits all the benefits from the area.
  • 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)

PRICE & RENT TRENDS

Neighborhood: Costa Mesa

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $243k858k

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

Neighborhood: Costa Mesa

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q220002200240026002800300032003400Rent in $18443537

* 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
Killybrooke Elementary School Primary Regular 425 19 9
Killybrooke Elementary School Middle Regular 425 19 9
Costa Mesa High School High Regular 1,779 69 6

Killybrooke Elementary School

  • Education Level: Primary
  • # of students: 425
  • # of teachers: 19
9
GreatSchools Rating

Killybrooke Elementary School

  • Education Level: Middle
  • # of students: 425
  • # of teachers: 19
9
GreatSchools Rating

Costa Mesa High School

  • Education Level: High
  • # of students: 1,779
  • # of teachers: 69
6
GreatSchools Rating
 

$728,100$889,900$809,000

PURCHASE PRICE

$2,853$3,487$3,170

RENT

DOWN PAYMENT
FINANCING

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,170
EXPENSES Loan Payment -$2,985
Property Tax -$815
Property Insurance -$56
Property Management Fees -$155
CASH FLOW
-$841

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 13% of earned rent to cover both maintenance and periods of vacancy.

$809,000

PROJECTED PRICE

$3,170

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 3.98%
Maintenance Year (1-5) 8.00%
Vacancy 5.38%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$220,135

INVESTMENT

$220,135

Down Payment
$202,250
Rehab Estimate
$5,750
Closing Costs
$12,135

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,985

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $202,250
Loan Amount $606,750
See What Happens When You Reinvest Cash Flow

1.25

YEARS SAVED

$5,850

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,170

    LIST RENT
  • $2.69

    LIST RENT PER SQFT
  • $2,729

    COMP ESTIMATED VALUE
  • $2.32

    COMP AVG. RENT PER SQFT
Comps Range
$3,170
1$3,1702$3,1803$3,3504$3,3505$3,500
$3,500
RENT COMPS ANALYSIS
  • 1348 Garlingford Street Costa Mesa, 1
    • 3 beds 2 baths ∙ 1,179 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,179 Sqft ∙ Built 1964
    • Rent
    • Rent Per SQFT
    •  
    • $3,170
    • $2.69
    •  
  • 3718 S Sea Breeze Santa Ana, 2
    • 3 beds 2 baths ∙ 1,406 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,406 Sqft ∙ Built 1974
    LEASED 10/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,180
    • $2.26
    •  
  • 1590 Corsica Place Costa Mesa, 3
    • 3 beds 2 baths ∙ 1,427 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,427 Sqft ∙ Built 1959
    LEASED 11/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,350
    • $2.35
    •  
  • 1849 Kentucky Place Costa Mesa, 4
    • 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1960
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,350
    • $2.31
    •  
  • 3013 Garfield Avenue Costa Mesa, 5
    • 4 beds 2 baths ∙ 1,496 Sqft ∙ Built 1961 4 beds 2 baths ∙ 1,496 Sqft ∙ Built 1961
    LEASED 03/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.34
    •  
PROPERTY LISTING DETAILS
Brian Liberto
Berkshire Hathaway Homeservice
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: NP20172455
Last Updated: 08/22/2020
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