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2224 Saybrook Lane Costa Mesa, CA 92627

3 Beds 3 Baths 1,436 sqft Built 1980

$719,000

List Price

$3,050

$2.8K - $3.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $500.70
  • 6 Days on Market
  • MLS # : OC21031161
  • Updated Date : 02/16/2021 at 10:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,436 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Select One

Listing Agent's Description

Don't miss a rare opportunity to own a detached, three bed, 2.5 bath home at "Garden Park Village" community in central Costa Mesa. This corner unit is extremely private yet beautifully light and bright. The main floor has the perfect blend of indoor-outdoor living. The living room is open and spacious with an East facing 240 Sq. Ft. deck, the ideal spot to enjoy the morning sun. The kitchen is gorgeous with granite counters and backsplash, travertine flooring, recessed lights, stainless appliances and quality cabinetry. The dining alcove is delightful surrounded with windows, perfect natural lighting. Adjacent breakfast bar, & a fully equipped wet-bar complete the kitchen area. A second patio, South facing is excellent for BBQ or the alfresco meal. Top level has three bedrooms, all 3 with have vaulted ceilings—two of the bedrooms have attached bathrooms. The largest of the two master suites has an oversized walk-in shower and dual vanities. The laundry area includes built-in hampers, ironing board, washer/dryer included. The attached garage is oversized, roomy enough for 2 cars, bikes, boards, etc. & a car charging station. Walk to Triangle Square or cycle to the Beach from this sought after, central Costa Mesa location! South Coast Plaza, Fashion Island, and Newport Back Bay are a short drive away. Low HOA, excellent schools, quiet location, no shared walls. The community has a pool & spa—convenient access to all OC freeways, OC Airport, restaurants, shopping & beaches.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (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

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

$647,100$790,900$719,000

PURCHASE PRICE

$2,745$3,355$3,050

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,050
EXPENSES Loan Payment -$2,497
Property Tax -$716
Property Insurance -$62
HOA -$395
Property Management Fees -$149
CASH FLOW
-$770

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.

$719,000

PROJECTED PRICE

$3,050

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

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$196,285

INVESTMENT

$196,285

Down Payment
$179,750
Rehab Estimate
$5,750
Closing Costs
$10,785

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,497

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $179,750
Loan Amount $539,250
See What Happens When You Reinvest Cash Flow

0.58

YEARS SAVED

$1,615

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,050

    LIST RENT
  • $2.12

    LIST RENT PER SQFT
  • $3,328

    COMP ESTIMATED VALUE
  • $2.32

    COMP AVG. RENT PER SQFT
Comps Range
$2,850
1$2,8502$3,0503$3,0504$3,3005$3,400
$3,400
RENT COMPS ANALYSIS
  • 2224 Saybrook Lane Costa Mesa, CA 3
    • 3 beds 3 baths ∙ 1,436 Sqft ∙ Built 1980 3 beds 3 baths ∙ 1,436 Sqft ∙ Built 1980
    • Rent
    • Rent Per SQFT
    •  
    • $3,050
    • $2.12
    •  
  • 260 Victoria Street Costa Mesa, CA 1
    • 3 beds 3 baths ∙ 1,257 Sqft ∙ Built 1984 3 beds 3 baths ∙ 1,257 Sqft ∙ Built 1984
    LEASED 11/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $2.27
    •  
  • 2336 Minuteman Way Costa Mesa, CA 2
    • 3 beds 1 baths ∙ 1,320 Sqft ∙ Built 1965 3 beds 1 baths ∙ 1,320 Sqft ∙ Built 1965
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,050
    • $2.31
    •  
  • 2330 Vanguard Way Costa Mesa, CA 4
    • 3 beds 2 baths ∙ 1,315 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,315 Sqft ∙ Built 1985
    LEASED 05/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.51
    •  
  • 2330 Vanguard Way Costa Mesa, CA 5
    • 3 beds 3 baths ∙ 1,563 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,563 Sqft ∙ Built 1985
    LEASED 01/21/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.18
    •  
PROPERTY LISTING DETAILS
Kimber Wuerfel
Re/max Select One
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21031161
Last Updated: 02/16/2021
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