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1948 Vitae Place Costa Mesa, CA 92627

3 Beds 2 Baths 1,658 sqft Built 2017

$950,000

List Price

$3,640

$3.4K - $3.9K

Rent Est.

PROPERTY INFO

December 19, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $572.98
  • 3 Days on Market
  • MLS # : SW20259986
  • Updated Date : 12/18/2020 at 15:20
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,658 sqft
  • Baths : 2 full
Listing Agent

Re/max One

Listing Agent's Description

LOCATION! LOCATION! LOCATION! STOP LOOKING NOW! THIS IS THE ONE! SHOWS LIKE A MODEL! MOVE-IN READY! OWNER ADDED APPROX $40K IN UPGRADES! Southern California living at its finest! Walk to "The Triangle" or ride your bike to the beach. It doesn't get better than this! This home is the most desirable of all due to LARGEST LOT AND BEST LOCATION - 3 BED 2.25 BATH PLUS OFFICE SPACE AND IT IS UPGRADED NICER THAN THE MODELS! Kitchen has subway backsplash throughout, cabinets have self-closing drawers and doors, quartz counters, stainless steel appliances, upgraded flooring, designer lighting fixtures, decorative wood plank accent wall in the living room, added recessed lighting and ceiling fans. Shiplap added in the master bedroom, 2nd bedroom, and downstairs bathroom. Barn door added in master. Walk-in closet. Quiet Cool Whole house fan. Tech-savvy systems like Google Nest doorbell and a Google Nest Yale door lock which is integrated with the NEST thermostat. UPGRADED "SMART" LUTRON LIGHTING AND HUNTER DOUGLAS POWERVIEW WI-FI SMART BLINDS (blinds open and close with the sound of your voice or the push of a button)! Double pane energy star windows. The garage has upgraded flooring, cabinets, lighting, overhead shelving, and an EV charging station. TANKLESS WATER HEATER. Pre-wired for solar. TOO MANY UPGRADES TO MENTION, must see to appreciate. VITAE boasts a highly desirable walk score of 87, with a short walk to the Triangle, Taco Brat, Social Bar and Restaurant, shops, and more.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Westside Costa Mesa

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800kPrice in $212k841k

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

Neighborhood: Westside Costa Mesa

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21600180020002200240026002800300032003400Rent in $15943537

* 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
Wilson Elementary School Primary Regular 526 23 4
Tewinkle Middle School Middle Regular 654 29 4
Estancia High School High Regular 1,335 52 6

Wilson Elementary School

  • Education Level: Primary
  • # of students: 526
  • # of teachers: 23
4
GreatSchools Rating

Tewinkle Middle School

  • Education Level: Middle
  • # of students: 654
  • # of teachers: 29
4
GreatSchools Rating

Estancia High School

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

$855,000$1,045,000$950,000

PURCHASE PRICE

$3,276$4,004$3,640

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,640
EXPENSES Loan Payment -$3,505
Property Tax -$946
Property Insurance -$67
HOA -$106
Property Management Fees -$178
CASH FLOW
-$1,163

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$950,000

PROJECTED PRICE

$3,640

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 5.3%
Maintenance Year (1-5) 8.00%
Vacancy 4.35%
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

PROJECTED ANNUAL CASH FLOW

11530-$20k-$15k-$10k-$5.0k$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$257,500

INVESTMENT

$257,500

Down Payment
$237,500
Rehab Estimate
$5,750
Closing Costs
$14,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,505

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $237,500
Loan Amount $712,500
See What Happens When You Reinvest Cash Flow

0.75

YEARS SAVED

$3,731

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,640

    LIST RENT
  • $2.2

    LIST RENT PER SQFT
  • $3,718

    COMP ESTIMATED VALUE
  • $2.24

    COMP AVG. RENT PER SQFT
Comps Range
$3,300
1$3,3002$3,4003$3,5004$3,6405$4,190
$4,190
RENT COMPS ANALYSIS
  • 1948 Vitae Place Costa Mesa, CA 4
    • 3 beds 2 baths ∙ 1,658 Sqft ∙ Built 2017 3 beds 2 baths ∙ 1,658 Sqft ∙ Built 2017
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,640
    • $2.20
    •  
  • 431 W Bay Street Costa Mesa, CA 1
    • 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 2001
    property image
    LEASED 10/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.20
    •  
  • 1974 Meyer Place Costa Mesa, CA 2
    • 3 beds 3 baths ∙ 1,488 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,488 Sqft ∙ Built 2016
    property image
    LEASED 03/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.28
    •  
  • 431 W Bay Street Costa Mesa, CA 3
    • 3 beds 3 baths ∙ 1,533 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,533 Sqft ∙ Built 2000
    property image
    LEASED 11/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.28
    •  
  • 1683 Topanga Costa Mesa, CA 5
    • 3 beds 4 baths ∙ 1,894 Sqft ∙ Built 2018 3 beds 4 baths ∙ 1,894 Sqft ∙ Built 2018
    property image
    LEASED 07/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,190
    • $2.21
    •  
PROPERTY LISTING DETAILS
Kimberli Kenefsky
Re/max One
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW20259986
Last Updated: 12/18/2020
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