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PROPERTY INFO
FACTS
- Single Family
- Built In 1959
- Price/Sqft : $627.15
- 3 Days on Market
- MLS # : OC21035101
- Updated Date : 02/19/2021 at 20:14
CONSTRUCTION
- Beds : 3
- Floor Size : 1,451 sqft
- Baths : 2 full
Listing Agent
Berkshire Hathaway H S C P
Listing Agent's Description
Welcome to this absolutely stunning Mesa Verde single family home! If you've been waiting for a house with not only high-quality aesthetic appeal, but also functional and practical modernity, this is THE ONE! Be sure to look at the long list of recent extensive upgrades done at this home (permitted and inspected) in the photos. Walking into this spacious home, you'll feel the welcoming atmosphere of the open floorplan immediately. Throughout the home, you'll find wood-like LVP flooring, 5" baseboards, dual-pane Milgard vinyl windows, tons of deep storage space, highly upgraded and remodeled bathrooms (master bath has step-in shower large enough for a tub) with custom tilework, high-end fixtures & motion-activated exhaust fans plus recessed lighting and ceiling fans in all bedrooms and dining room. The kitchen has stainless steel appliances, granite counters, tons of cabinet space & an industrial grade ZLINE range hood. Master bedroom has a Container Store ELFA Luxury closet system. The less noticeable, yet HIGHLY VALUABLE UPDATES recently done on this home include: completely replaced roof incl. plywood, insulation, slim attic vents, facia, 200Amp service main breaker, electrical sub-breaker panel for garage, PEX plumbing throughout, new water heater, upgraded gas lines, custom paint in & out, stacked stone along front exterior, Honeywell security system, CCTV system (5 IP Cameras), ethernet cable to multiple locations with electrical outlets nearby, great for Wifi hotspots.
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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: The Island Streets
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: The Island Streets
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $3,180 |
| EXPENSES | Loan Payment | -$3,161 |
| Property Tax | -$889 | |
| Property Insurance | -$62 | |
| Property Management Fees | -$156 | |
|
CASH FLOW
-$1,088
|
||
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.
$910,000
PROJECTED PRICE
$3,180
PROJECTED RENT
0.35%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 4.08% |
| Appreciation Year (1-5) | 6.1% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.81% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$246,900
LOAN DETAILS
$3,161
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $227,500 |
| Loan Amount | $682,500 |
0.42
YEARS SAVED
$916
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$3,180
LIST RENT -
$2.19
LIST RENT PER SQFT
-
$3,189
COMP ESTIMATED VALUE -
$2.2
COMP AVG. RENT PER SQFT
Comps Range
-
1606 Baker Street Costa Mesa, CA 1
- 3 beds 2 baths ∙ 1,451 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,451 Sqft ∙ Built 1959
- Rent
- Rent Per SQFT
- $3,180
- $2.19
-
3220 Nebraska Place Costa Mesa, CA 2
- 4 beds 1 baths ∙ 1,639 Sqft ∙ Built 1960 4 beds 1 baths ∙ 1,639 Sqft ∙ Built 1960
LEASED 05/31/20- Rent
- Rent Per SQFT
- $3,400
- $2.07
-
2814 Serang Place Costa Mesa, CA 3
- 4 beds 2 baths ∙ 1,753 Sqft ∙ Built 1961 4 beds 2 baths ∙ 1,753 Sqft ∙ Built 1961
LEASED 10/09/19- Rent
- Rent Per SQFT
- $3,695
- $2.11
-
3151 Barbados Place Costa Mesa, CA 4
- 3 beds 2 baths ∙ 1,551 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,551 Sqft ∙ Built 1957
LEASED 03/02/20- Rent
- Rent Per SQFT
- $3,700
- $2.39
-
3298 California Street Costa Mesa, CA 5
- 3 beds 1 baths ∙ 1,714 Sqft ∙ Built 1961 3 beds 1 baths ∙ 1,714 Sqft ∙ Built 1961
LEASED 07/01/20- Rent
- Rent Per SQFT
- $3,800
- $2.22
PROPERTY LISTING DETAILS
Berkshire Hathaway H S C P
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: OC21035101
Last Updated: 02/19/2021
