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15012 Drake Lane Huntington Beach, CA 92647

3 Beds 2 Baths 1,032 sqft Built 1962

$699,900

List Price

$2,540

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

November 03, 2020 RECENTLY ADDED
FACTS
  • Built In 1962
  • Price/Sqft : $678.20
  • 2 Days on Market
  • MLS # : PW20231157
  • Updated Date : 11/02/2020 at 22:59
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,032 sqft
  • Baths : 1 full , 1 half
Listing Agent

Keller Williams Coastal Prop.

Listing Agent's Description

Wonderful Opportunity to live in this fantastic neighborhood in north Huntington Beach! This home needs cosmetic work but has "great bones" and potential! Property has been in the family for over 40 years, and is perfect for someone willing to put a little work back into it to make it really shine. It has a Large Oversized "Corner Lot" with 7,000 sq feet, and block walls surrounding the perimeter. House has hardwood flooring throughout, inside laundry area, nice kitchen and an enclosed patio in the back. Part of the garage has been converted into living area. The highly distinguished MARINA HIGH SCHOOL (rated 9 out of 10) is only a short walking distance. Great central location! With being only approximately 3 miles from the ocean, you'll feel the ocean breeze year round. Close to all that Huntington Beach - Surf City has to offer! Shopping, Restaurants, Entertainment, Parks, easy Freeway Access, and so much more.

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: Huntington Beach

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800kPrice in $243k844k

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

Neighborhood: Huntington Beach

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21800200022002400260028003000320034003600Rent in $17803620

* 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
Schroeder Elementary School Primary Regular 636 25 8
Helen Stacey Middle School Middle Regular 907 39 8
Marina High School High Regular 2,438 93 9

Schroeder Elementary School

  • Education Level: Primary
  • # of students: 636
  • # of teachers: 25
8
GreatSchools Rating

Helen Stacey Middle School

  • Education Level: Middle
  • # of students: 907
  • # of teachers: 39
8
GreatSchools Rating

Marina High School

  • Education Level: High
  • # of students: 2,438
  • # of teachers: 93
9
GreatSchools Rating
 

$629,910$769,890$699,900

PURCHASE PRICE

$2,286$2,794$2,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,540
EXPENSES Loan Payment -$2,582
Property Tax -$721
Property Insurance -$52
Property Management Fees -$124
CASH FLOW
-$940

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.

$699,900

PROJECTED PRICE

$2,540

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 5.2%
Maintenance Year (1-5) 8.00%
Vacancy 5.38%
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

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$191,224

INVESTMENT

$191,224

Down Payment
$174,975
Rehab Estimate
$5,750
Closing Costs
$10,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,582

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $174,975
Loan Amount $524,925
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$602

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,540

    LIST RENT
  • $2.46

    LIST RENT PER SQFT
  • $2,559

    COMP ESTIMATED VALUE
  • $2.48

    COMP AVG. RENT PER SQFT
Comps Range
$2,540
1$2,5402$2,9503$2,9954$3,1955$3,250
$3,250
RENT COMPS ANALYSIS
  • 15012 Drake Lane Huntington Beach, CA 1
    • 3 beds 2 baths ∙ 1,032 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,032 Sqft ∙ Built 1962
    • Rent
    • Rent Per SQFT
    •  
    • $2,540
    • $2.46
    •  
  • 14592 Aspen Circle Huntington Beach, CA 2
    • 3 beds 2 baths ∙ 1,218 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,218 Sqft ∙ Built 1964
    LEASED 12/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $2.42
    •  
  • 5931 Frontier Circle Huntington Beach, CA 3
    • 3 beds 2 baths ∙ 1,195 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,195 Sqft ∙ Built 1963
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $2.51
    •  
  • 6151 Dundee Drive Huntington Beach, CA 4
    • 3 beds 2 baths ∙ 1,268 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,268 Sqft ∙ Built 1964
    LEASED 08/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,195
    • $2.52
    •  
  • 14912 Sunnycrest Lane Huntington Beach, CA 5
    • 4 beds 2 baths ∙ 1,318 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,318 Sqft ∙ Built 1963
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $2.47
    •  
PROPERTY LISTING DETAILS
Sue Miskelly
Keller Williams Coastal Prop.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20231157
Last Updated: 11/02/2020
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