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2128 Parsons Costa Mesa, CA 92627

3 Beds 2 Baths 1,581 sqft Built 1957

$859,988

List Price

$3,500

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1957
  • Price/Sqft : $543.95
  • 11 Days on Market
  • MLS # : OC21011431
  • Updated Date : 01/26/2021 at 19:40
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,581 sqft
  • Baths : 1 full , 1 half
Listing Agent

Exp Realty Of California Inc

Listing Agent's Description

Welcome to 2128 Parsons Street! This beautiful, mid-century modern home sits in the heart of central Costa Mesa. The original floor plan shows 1,581 sq. ft., but with the add-on of a 4th bedroom (permit unknown), this property has over 1,700 square feet of space for you to call home. With an attached two-car garage and an extra long driveway, there's no shortage of space for parking vehicles, a RV, or even a boat. This home has been freshly painted inside and out and brand new windows were just installed. With convenient access to shopping, beaches, and freeways, this is a home you will not want to miss!

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

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
 

$773,989$945,987$859,988

PURCHASE PRICE

$3,150$3,850$3,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,500
EXPENSES Loan Payment -$2,987
Property Tax -$857
Property Insurance -$65
Property Management Fees -$172
CASH FLOW
-$581

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.

$859,988

PROJECTED PRICE

$3,500

PROJECTED RENT

0.41%

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-$10k-$5.0k$0.0$5.0k$10k$15k$20k$25k

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$233,647

INVESTMENT

$233,647

Down Payment
$214,997
Rehab Estimate
$5,750
Closing Costs
$12,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,987

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $214,997
Loan Amount $644,991
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$15,789

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,500

    LIST RENT
  • $2.21

    LIST RENT PER SQFT
  • $3,743

    COMP ESTIMATED VALUE
  • $2.37

    COMP AVG. RENT PER SQFT
Comps Range
$3,400
1$3,4002$3,5003$3,5004$4,0005$4,300
$4,300
RENT COMPS ANALYSIS
  • 2128 Parsons Costa Mesa, CA 3
    • 3 beds 2 baths ∙ 1,581 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,581 Sqft ∙ Built 1957
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.21
    •  
  • 2185 Rural Lane Costa Mesa, CA 1
    • 3 beds 1 baths ∙ 1,534 Sqft ∙ Built 1952 3 beds 1 baths ∙ 1,534 Sqft ∙ Built 1952
    LEASED 01/07/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.22
    •  
  • 207 Albert Place Costa Mesa, CA 2
    • 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
    •  
  • 2381 Cornell Drive Costa Mesa, CA 4
    • 4 beds 2 baths ∙ 1,657 Sqft ∙ Built 1957 4 beds 2 baths ∙ 1,657 Sqft ∙ Built 1957
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.41
    •  
  • 208 Dartmouth Place Costa Mesa, CA 5
    • 4 beds 2 baths ∙ 1,646 Sqft ∙ Built 1959 4 beds 2 baths ∙ 1,646 Sqft ∙ Built 1959
    LEASED 05/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,300
    • $2.61
    •  
PROPERTY LISTING DETAILS
Darren Peralta
Exp Realty Of California Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21011431
Last Updated: 01/26/2021
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