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1859 Pitcairn Drive Costa Mesa, CA 92626

4 Beds 3 Baths 2,413 sqft Built 1963

$1,199,000

List Price

$4,190

$3.9K - $4.4K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1963
  • Price/Sqft : $496.89
  • 58 Days on Market
  • MLS # : PW20218781
  • Updated Date : 12/06/2020 at 06:52
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,413 sqft
  • Baths : 3 full
Listing Agent

New Century Realtors

Listing Agent's Description

If your idea of a home is one of tranquility, and peace then you have found your special retreat. Amazing 4 Bedroom and 3 Bath home located at the end of a cul de sac, surrounded by rich architecture and well cared for homes, with nice neighbors. Features New Windows, New Floors, New Downstairs toilet, New Ceiling Fans, New Backyard & Front Yard, New Front Door, Custom Kitchen, Garage has new walls and new floors as well as the attic too. New Outdoor, New Upstairs toilet and 3 walk-in closets. The house has a Sky lighted entry and open floor plan. Front to rear view from the moment you enter AND you can feel the vibrancy immediately. Enjoy the real wood burning fireplace there. The open kitchen has a unique island, eating area and more doors to the patio. One bedroom and bath are downstairs for guests or office use. All bedrooms upstairs are large, Master has its own retreat and fireplace. This is a very well maintained and a true must see and feel one of kind. Walk to park, shopping, a few short miles to beach and freeways.

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 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.
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: The Island Streets

NeighborhoodNIR Market*CityMarket2010Year20002019300k350k400k450k500k550k600k650k700k750k800k850k900kPrice in $272k922k

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

Neighborhood: The Island Streets

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q22000220024002600280030003200340036003800Rent in $19813914

* 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
Adams Elementary School Primary Regular 427 19 5
Adams Elementary School Middle Regular 427 19 5
Estancia High School High Regular 1,335 52 6

Adams Elementary School

  • Education Level: Primary
  • # of students: 427
  • # of teachers: 19
5
GreatSchools Rating

Adams Elementary School

  • Education Level: Middle
  • # of students: 427
  • # of teachers: 19
5
GreatSchools Rating

Estancia High School

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

$1,079,100$1,318,900$1,199,000

PURCHASE PRICE

$3,771$4,609$4,190

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,190
EXPENSES Loan Payment -$4,424
Property Tax -$1,172
Property Insurance -$85
Property Management Fees -$205
CASH FLOW
-$1,696

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.

$1,199,000

PROJECTED PRICE

$4,190

PROJECTED RENT

0.35%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

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
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M

PROJECTED ANNUAL CASH FLOW

11530-$30k-$20k-$10k$0.0$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$323,485

INVESTMENT

$323,485

Down Payment
$299,750
Rehab Estimate
$5,750
Closing Costs
$17,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,424

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $299,750
Loan Amount $899,250
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$428

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,190

    LIST RENT
  • $1.74

    LIST RENT PER SQFT
  • $4,265

    COMP ESTIMATED VALUE
  • $1.77

    COMP AVG. RENT PER SQFT
Comps Range
$4,190
1$4,1902$4,1953$4,5004$4,5005$4,750
$4,750
RENT COMPS ANALYSIS
  • 1859 Pitcairn Drive Costa Mesa, CA 1
    • 5 beds 3 baths ∙ 2,413 Sqft ∙ Built 1963 5 beds 3 baths ∙ 2,413 Sqft ∙ Built 1963
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $4,190
    • $1.74
    •  
  • 20032 Lawson Lane Huntington Beach, CA 2
    • 4 beds 3 baths ∙ 2,334 Sqft ∙ Built 1966 4 beds 3 baths ∙ 2,334 Sqft ∙ Built 1966
    property image
    LEASED 07/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,195
    • $1.80
    •  
  • 1869 Tahiti Drive Costa Mesa, CA 3
    • 5 beds 3 baths ∙ 2,747 Sqft ∙ Built 1962 5 beds 3 baths ∙ 2,747 Sqft ∙ Built 1962
    property image
    LEASED 05/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $1.64
    •  
  • 1827 Hummingbird Drive Costa Mesa, CA 4
    • 5 beds 3 baths ∙ 2,678 Sqft ∙ Built 1969 5 beds 3 baths ∙ 2,678 Sqft ∙ Built 1969
    property image
    LEASED 05/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $1.68
    •  
  • 1821 Pitcairn Drive Costa Mesa, CA 5
    • 4 beds 3 baths ∙ 2,438 Sqft ∙ Built 1963 4 beds 3 baths ∙ 2,438 Sqft ∙ Built 1963
    property image
    LEASED 08/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,750
    • $1.95
    •  
PROPERTY LISTING DETAILS
Adela Olivares
New Century Realtors
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20218781
Last Updated: 12/06/2020
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