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2154 Harmony Way Costa Mesa, CA 92627

3 Beds 4 Baths 1,736 sqft Built 2014

$799,000

List Price

$3,350

$3.1K - $3.6K

Rent Est.

PROPERTY INFO

January 24, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $460.25
  • 2 Days on Market
  • MLS # : OC21014855
  • Updated Date : 01/23/2021 at 21:59
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,736 sqft
  • Baths : 2 full , 2 half
Listing Agent

Exp Realty Of California Inc

Listing Agent's Description

Highly desirable Tri-level 3bd Single Family home with an open light and bright floor plan and rare private enclosed yard. Newly built in 2014 by Taylor Morrison 'Bungalow 7' is located S. of Harbor walking distance to shopping, dining, neighborhood park, and more. This ideal floor plan features a gourmet kitchen with stainless steel appliances, a farmhouse sink, and light-colored stone countertops, a kitchen island/breakfast bar with a separate dining area, lots of storage, spacious living room with balcony and mountain views! Main floor bedroom opens to a private enclosed yard perfect for pets/kids and can be utilized as a home office, workout room or play room for the kids. You are going to love the light-filled master suite with spa-like bath with light-colored stone countertops and dual vanities, walk-in shower, separate toilet and walk-in closet. The second bedroom is en-suite style with an attached bathroom and another walk-in closet. Direct 2 car garage with plenty of storage. Darling community with only 30 homes, and community area with water fountain, picnic benches, BBQ's and friendly neighbors. This property wont last long, call to get your private tour.

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: College Park District

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800kPrice in $239k841k

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

Neighborhood: College Park District

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q220002200240026002800300032003400Rent in $18423537

* 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
 

$719,100$878,900$799,000

PURCHASE PRICE

$3,015$3,685$3,350

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,350
EXPENSES Loan Payment -$2,775
Property Tax -$796
Property Insurance -$69
HOA -$320
Property Management Fees -$164
CASH FLOW
-$774

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.

$799,000

PROJECTED PRICE

$3,350

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 6.1%
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

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$217,485

INVESTMENT

$217,485

Down Payment
$199,750
Rehab Estimate
$5,750
Closing Costs
$11,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,775

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $199,750
Loan Amount $599,250
See What Happens When You Reinvest Cash Flow

1.08

YEARS SAVED

$3,812

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,350

    LIST RENT
  • $1.93

    LIST RENT PER SQFT
  • $3,945

    COMP ESTIMATED VALUE
  • $2.27

    COMP AVG. RENT PER SQFT
Comps Range
$3,300
1$3,3002$3,3503$3,4004$3,5005$3,595
$3,595
RENT COMPS ANALYSIS
  • 2154 Harmony Way Costa Mesa, CA 2
    • 3 beds 4 baths ∙ 1,736 Sqft ∙ Built 2014 3 beds 4 baths ∙ 1,736 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $3,350
    • $1.93
    •  
  • 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
    LEASED 10/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.20
    •  
  • 1974 Meyer Place Costa Mesa, CA 3
    • 3 beds 3 baths ∙ 1,488 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,488 Sqft ∙ Built 2016
    LEASED 03/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.28
    •  
  • 431 W Bay Street Costa Mesa, CA 4
    • 3 beds 3 baths ∙ 1,533 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,533 Sqft ∙ Built 2000
    LEASED 11/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.28
    •  
  • 2460 Newport Boulevard Costa Mesa, CA 5
    • 3 beds 3 baths ∙ 1,541 Sqft ∙ Built 2016 3 beds 3 baths ∙ 1,541 Sqft ∙ Built 2016
    LEASED 01/18/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,595
    • $2.33
    •  
PROPERTY LISTING DETAILS
Renee Pina
Exp Realty Of California Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21014855
Last Updated: 01/23/2021
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