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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
$233,650
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PROPERTY INFO
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!
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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
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: The State Streets
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
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
| 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
INVESTMENT
$233,650
LOAN DETAILS
$3,173
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $215,000 |
| Loan Amount | $645,000 |
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
-
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
Keller Williams Realty
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: 820003408
Last Updated: 08/25/2020
