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16591 Waite Lane Huntington Beach, CA 92647

3 Beds 2 Baths 1,122 sqft Built 1959

$829,000

List Price

$3,020

$2.8K - $3.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1959
  • Price/Sqft : $738.86
  • 3 Days on Market
  • MLS # : OC21034780
  • Updated Date : 02/20/2021 at 12:12
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,122 sqft
  • Baths : 2 full
Listing Agent

Realty One Group West

Listing Agent's Description

Adorable single family home with a large yard is now ready for the new tenants. This home features a large living room with a fireplace with access to the dining area that has several built ins for extra storage. newer kitchen features granite counters, s.s. appliances, nice window for brightness and plenty of cabinets. It also has an island that can be used as a breakfast nook. Master has a remodeled bathroom as well as the secondary bathroom is fully remodeled. Two other bedrooms have mirrored closet doors and the entire home has refinished hardwood floors. This home has an extra 330 sqft of a large sunroom area that has a new vinyl flooring with access to the backyard. Two car direct access garage completes this home. washer,dryer hookups are in the garage. Large yard is perfect for young children to play

SEE MORE

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: 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
Westmont Elementary School Primary Regular 351 16 4
Vista View Middle School Middle Regular 698 30 7
Ocean View High School High Magnet 1,549 58 5

Westmont Elementary School

  • Education Level: Primary
  • # of students: 351
  • # of teachers: 16
4
GreatSchools Rating

Vista View Middle School

  • Education Level: Middle
  • # of students: 698
  • # of teachers: 30
7
GreatSchools Rating

Ocean View High School

  • Education Level: High
  • # of students: 1,549
  • # of teachers: 58
5
GreatSchools Rating
 

$746,100$911,900$829,000

PURCHASE PRICE

$2,718$3,322$3,020

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,020
EXPENSES Loan Payment -$2,879
Property Tax -$837
Property Insurance -$54
Property Management Fees -$148
CASH FLOW
-$899

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.

$829,000

PROJECTED PRICE

$3,020

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$15k

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$225,435

INVESTMENT

$225,435

Down Payment
$207,250
Rehab Estimate
$5,750
Closing Costs
$12,435

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,879

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $207,250
Loan Amount $621,750
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$2,426

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,020

    LIST RENT
  • $2.69

    LIST RENT PER SQFT
  • $2,690

    COMP ESTIMATED VALUE
  • $2.4

    COMP AVG. RENT PER SQFT
Comps Range
$2,950
1$2,9502$2,9953$3,0004$3,0205$3,200
$3,200
RENT COMPS ANALYSIS
  • 16591 Waite Lane Huntington Beach, CA 4
    • 3 beds 2 baths ∙ 1,122 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,122 Sqft ∙ Built 1959
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,020
    • $2.69
    •  
  • 7242 Elk Circle Huntington Beach, CA 1
    • 3 beds 2 baths ∙ 1,275 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,275 Sqft ∙ Built 1972
    property image
    LEASED 11/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $2.31
    •  
  • 8221 Friesland Drive Huntington Beach, CA 2
    • 3 beds 1 baths ∙ 1,232 Sqft ∙ Built 1963 3 beds 1 baths ∙ 1,232 Sqft ∙ Built 1963
    property image
    LEASED 05/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $2.43
    •  
  • 8420 Drey Road Westminster, CA 3
    • 3 beds 2 baths ∙ 1,266 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,266 Sqft ∙ Built 1960
    property image
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $2.37
    •  
  • 17431 Marken Lane Huntington Beach, CA 5
    • 4 beds 2 baths ∙ 1,289 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,289 Sqft ∙ Built 1963
    property image
    LEASED 01/18/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.48
    •  
PROPERTY LISTING DETAILS
Jaya Krishnamurthy
Realty One Group West
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21034780
Last Updated: 02/20/2021
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