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1782 Iowa Street Costa Mesa, CA 92626

3 Beds 2 Baths 1,493 sqft Built 1961

INVESTimate

$860,000

List Price

$3,180

$2,930 - $3,430

Rent Est.

$897,066  ( +4.31%)   1 YR EST. FORECAST

PROPERTY INFO

August 26, 2020 RECENTLY ADDED
FACTS
  • Built In 1961
  • Price/Sqft : $576.02
  • 2 Days on Market
  • MLS # : 820003408
  • Updated Date : 08/25/2020 at 20:28
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,493 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty

Listing Agent's Description

Located in the highly desirable State Streets of Mesa Verde, this 3 bed 2 bath single-level home has been beautifully remodeled and is move-in ready! The home's curb appeal makes a great first impression as the lush front lawn & manicured flower beds lead up and into the welcoming entry. The spacious living room features an attractive brick fireplace as the focal point of the room, crown moulding & large front windows allowing plenty of natural night. The remodeled sparkling white kitchen features quartz counters, island with bar seating, new stainless steel appliances, a farmhouse sink & an abundance of storage. The kitchen overlooks the adjacent open dining area featuring French doors to the back patio, perfect for indoor/outdoor dining. The bedrooms are large, including a master with ensuite bath. The backyard has a large covered patio - ideal for entertaining, reading a book or enjoying a cup of coffee - a grassy yard to play or garden & an attached 2-car garage. Upgrades include new electrical panel, water heater, HVAC unit, side gates, tile floors & recessed lighting. Close proximity to schools, parks, restaurants & transportation and just 4-miles away from Huntington Beach, this home is ready for its next owner so don't delay!

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: The State Streets

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800kPrice in $243k841k

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

Neighborhood: The State Streets

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q220002200240026002800300032003400Rent in $18443596

* 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
California Elementary School Primary Regular 430 17 7
California Elementary School Middle Regular 430 17 7
Estancia High School High Regular 1,335 52 6

California Elementary School

  • Education Level: Primary
  • # of students: 430
  • # of teachers: 17
7
GreatSchools Rating

California Elementary School

  • Education Level: Middle
  • # of students: 430
  • # of teachers: 17
7
GreatSchools Rating

Estancia High School

  • Education Level: High
  • # of students: 1,335
  • # of teachers: 52
6
GreatSchools Rating
 

$774,000$946,000$860,000

PURCHASE PRICE

$2,862$3,498$3,180

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-$20k-$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 $3,180
EXPENSES Loan Payment -$3,173
Property Tax -$866
Property Insurance -$60
Property Management Fees -$156
CASH FLOW
-$1,075

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.

$860,000

PROJECTED PRICE

$3,180

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 4.31%
Maintenance Year (1-5) 8.00%
Vacancy 5.38%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$233,650

INVESTMENT

$233,650

Down Payment
$215,000
Rehab Estimate
$5,750
Closing Costs
$12,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,173

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $215,000
Loan Amount $645,000
See What Happens When You Reinvest Cash Flow

0.5

YEARS SAVED

$1,635

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
  • $2.34

    LIST RENT PER SQFT
  • $3,179

    COMP ESTIMATED VALUE
  • $2.34

    COMP AVG. RENT PER SQFT
Comps Range
$3,180
1$3,1802$3,3503$3,3504$3,6005$3,700
$3,700
RENT COMPS ANALYSIS
  • 1782 Iowa Street Costa Mesa, 1
    • 3 beds 2 baths ∙ 1,357 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,357 Sqft ∙ Built 1961
    • Rent
    • Rent Per SQFT
    •  
    • $3,180
    • $2.34
    •  
  • 1590 Corsica Place Costa Mesa, 2
    • 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, 3
    • 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
    •  
  • 3230 Washington Avenue Costa Mesa, 4
    • 3 beds 2 baths ∙ 1,551 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,551 Sqft ∙ Built 1960
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $2.32
    •  
  • 3151 Barbados Place Costa Mesa, 5
    • 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
    •  
PROPERTY LISTING DETAILS
David Knight
Keller Williams Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 820003408
Last Updated: 08/25/2020
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