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2123 Parsons Street Costa Mesa, CA 92627

3 Beds 2 Baths 1,378 sqft Built 1957

$899,988

List Price

$3,160

$2.9K - $3.4K

Rent Est.

PROPERTY INFO

January 29, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1957
  • Price/Sqft : $653.11
  • 5 Days on Market
  • MLS # : OC21018124
  • Updated Date : 01/29/2021 at 19:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,378 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Of California Inc

Listing Agent's Description

Beautifully remodeled home in the heart of Costa Mesa. This stunning single level home located on a cul-de-sac will take your breath away. The curb appeal of this home is just the beginning, from the modern 2 tone paint to the fresh new landscaping. As you enter the home you will notice an abundance of natural light in the wide open floor plan that immediately draws your eye to the designer kitchen with a massive 7" island covered in quartz, marble backsplash in a herringbone pattern, stainless steal appliances. The hallway will lead you to your dream Master Bedroom with walk-in closet complete with built-ins. No detail was over looked in the Master Bathroom with an oversized shower that features custom tiles and frames glass. Down the hallway you will find 2 more large bedrooms and a 2nd bathrooms with more designer touches. Just minutes to Triangle Square, Newport Beach, as well as some of the best shopping and dining in Orange County

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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

 
Sorry, we do not have sufficient school data for this neighborhood.
 

$809,989$989,987$899,988

PURCHASE PRICE

$2,844$3,476$3,160

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,160
EXPENSES Loan Payment -$3,126
Property Tax -$897
Property Insurance -$60
Property Management Fees -$155
CASH FLOW
-$1,078

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.

$899,988

PROJECTED PRICE

$3,160

PROJECTED RENT

0.35%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 6.6%
Maintenance Year (1-5) 8.00%
Vacancy 5.38%
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

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$244,247

INVESTMENT

$244,247

Down Payment
$224,997
Rehab Estimate
$5,750
Closing Costs
$13,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,126

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $224,997
Loan Amount $674,991
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$1,153

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,160

    LIST RENT
  • $2.29

    LIST RENT PER SQFT
  • $3,104

    COMP ESTIMATED VALUE
  • $2.25

    COMP AVG. RENT PER SQFT
Comps Range
$3,050
1$3,0502$3,1603$3,2004$3,4005$3,500
$3,500
RENT COMPS ANALYSIS
  • 2123 Parsons Street Costa Mesa, CA 2
    • 4 beds 2 baths ∙ 1,378 Sqft ∙ Built 1957 4 beds 2 baths ∙ 1,378 Sqft ∙ Built 1957
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,160
    • $2.29
    •  
  • 2336 Minuteman Way Costa Mesa, CA 1
    • 3 beds 1 baths ∙ 1,320 Sqft ∙ Built 1965 3 beds 1 baths ∙ 1,320 Sqft ∙ Built 1965
    property image
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,050
    • $2.31
    •  
  • 180 Yorktown Lane Costa Mesa, CA 3
    • 4 beds 2 baths ∙ 1,420 Sqft ∙ Built 1965 4 beds 2 baths ∙ 1,420 Sqft ∙ Built 1965
    property image
    LEASED 05/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.25
    •  
  • 2185 Rural Lane Costa Mesa, CA 4
    • 3 beds 1 baths ∙ 1,534 Sqft ∙ Built 1952 3 beds 1 baths ∙ 1,534 Sqft ∙ Built 1952
    property image
    LEASED 01/07/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.22
    •  
  • 207 Albert Place Costa Mesa, CA 5
    • 3 beds 2 baths ∙ 1,568 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,568 Sqft ∙ Built 1962
    property image
    LEASED 02/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.23
    •  
PROPERTY LISTING DETAILS
Piere Pirnejad
Exp Realty Of California Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21018124
Last Updated: 01/29/2021
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