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2123 Parsons Street Costa Mesa, CA 92627

3 Beds 2 Baths 1,378 sqft Built 1957

INVESTimate

$824,888

List Price

$3,300

$3,050 - $3,550

Rent Est.

$878,918  ( +6.55%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 1957
  • Price/Sqft : $598.61
  • 8 Days on Market
  • MLS # : OC20170146
  • Updated Date : 08/22/2020 at 14:18
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,378 sqft
  • Baths : 2 full
Listing Agent

Ehm Real Estate, Inc.

Listing Agent's Description

Tastefully updated Ranch style Single Family Home located on a quiet cul-de-sac, minutes from the Beach in the highly desired Mesa West area. Rare opportunity to own this beautiful home in the heart of Costa Mesa. Approaching this home through its vast and manicured front yard, you cant help but feel right at home as you walk through the front door and into your family area. An expansive living room opens directly to your formal dining room, which seamlessly leads to the completely updated gourmet kitchen. Newer appliances include; Stainless Steel Refrigerator, Dishwasher, Gas Range and mounted Microwave, along with updated laminate flooring in the kitchen and dinning room. Newer Washer and Dryer are also included in sale. Additional upgrades include Dual Panned windows throughout and epoxy flooring in garage. Spacious Master suite boasts plenty of room for comfort and tranquility with built-in Jacuzzi. Walk down the hall and you will find two large secondary bedrooms that offer endless possibilities, along with a full guest bathroom. This home also features a beautifully manicured entertainers backyard with plenty of space for entertaining or simply enjoying the the Southern California weather. Stay cool on hot summer days with the upgraded A/C unit, and warm on cold winter nights with central heating. Close to most major highways, shopping, and a highly rated school district. Walking distance to Triangle Square. Don't miss this rare opportunity.

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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)
  • 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 area contributes to 55.3% of California state economy i.e. Gross State Product (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)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)
  • As part of Southern California area, Orange County market inherits all the benefits from the area.

PRICE & RENT TRENDS

Neighborhood: Central Costa Mesa

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800kPrice in $243k841k

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

Neighborhood: Central Costa Mesa

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q220002200240026002800300032003400Rent in $18173537

* 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
College Park Elementary School Primary Regular 589 24 3
Costa Mesa High School Middle Regular 1,779 69 6
Costa Mesa High School High Regular 1,779 69 6

College Park Elementary School

  • Education Level: Primary
  • # of students: 589
  • # of teachers: 24
3
GreatSchools Rating

Costa Mesa High School

  • Education Level: Middle
  • # of students: 1,779
  • # of teachers: 69
6
GreatSchools Rating

Costa Mesa High School

  • Education Level: High
  • # of students: 1,779
  • # of teachers: 69
6
GreatSchools Rating
 

$742,399$907,377$824,888

PURCHASE PRICE

$2,970$3,630$3,300

RENT

DOWN PAYMENT
FINANCING

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-$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,300
EXPENSES Loan Payment -$3,043
Property Tax -$847
Property Insurance -$60
Property Management Fees -$162
CASH FLOW
-$812

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.

$824,888

PROJECTED PRICE

$3,300

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 6.55%
Maintenance Year (1-5) 8.00%
Vacancy 5.38%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$224,345

INVESTMENT

$224,345

Down Payment
$206,222
Rehab Estimate
$5,750
Closing Costs
$12,373

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$3,043

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $206,222
Loan Amount $618,666
See What Happens When You Reinvest Cash Flow

1.42

YEARS SAVED

$7,619

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,300

    LIST RENT
  • $2.39

    LIST RENT PER SQFT
  • $3,421

    COMP ESTIMATED VALUE
  • $2.48

    COMP AVG. RENT PER SQFT
Comps Range
$2,950
1$2,9502$3,3003$3,4004$3,5005$3,500
$3,500
RENT COMPS ANALYSIS
  • 2123 Parsons Street Costa Mesa, 2
    • 3 beds 2 baths ∙ 1,378 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,378 Sqft ∙ Built 1957
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.39
    •  
  • 131 Albert Place Costa Mesa, 1
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1950
    LEASED 09/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $2.46
    •  
  • 175 21st Street E Costa Mesa, 3
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1976
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.83
    •  
  • 2279 Rutgers Drive Costa Mesa, 4
    • 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1957
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.41
    •  
  • 207 Albert Place Costa Mesa, 5
    • 3 beds 2 baths ∙ 1,568 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,568 Sqft ∙ Built 1962
    LEASED 02/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.23
    •  
PROPERTY LISTING DETAILS
Aneez Abdul-karim
Ehm Real Estate, Inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20170146
Last Updated: 08/22/2020
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