Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more
REQUEST INFO
SCHEDULE APPOINTMENT
It's free, with no obligation
PROPERTY INFO
FACTS
- Single Family
- Built In 1957
- Price/Sqft : $613.10
- 3 Days on Market
- MLS # : OC20225894
- Updated Date : 12/04/2020 at 07:01
CONSTRUCTION
- Beds : 3
- Floor Size : 1,450 sqft
- Baths : 2 full
Listing Agent
First Team Real Estate
Listing Agent's Description
One of the most spectacular single-story College Park homes you will find. Situated in an illustrious area of Costa Mesa with over 1450 sq. ft. and set on a 6520 sq. ft. lot. This exquisite 3-bedroom, 2-bath home has been upgraded with the highest level of quality and meticulous details throughout. Enter your living room that is elegantly lined in oak wood flooring which extends throughout the house. The home features custom paint colors, new lighting, and a wood burning fireplace. Your gourmet chef will enjoy the upgraded kitchen showcasing granite counters, SS Bosch stovetop and dishwasher, white cabinets, recessed lighting, and it flows seamlessly into a massive dining room. The home has an expansive master suite with views of the Alder and Sweet Gum trees in the backyard, a walk-in closet and fully remodeled master bathroom. The second bathroom is upgraded with shiplap wood paneling, a refinished bathtub, new shower door, new flooring, a new vanity, and new fixtures. Additional upgrades include: Central air conditioning, upgraded electrical panel, new sewer line, new toilets, new automatic garage door opener, new gate, newer water heater, drought tolerant front yard, fresh interior & exterior paint, plantation shutters, and a finished garage. A truly one-of-a-kind home that transforms you. It is like having a brand-new home.
SEE MORE
MARKET HIGHLIGHTS
- 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)
- 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.
PRICE & RENT TRENDS
Neighborhood: College Park District
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: College Park District
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $3,160 |
| EXPENSES | Loan Payment | -$3,280 |
| Property Tax | -$886 | |
| Property Insurance | -$62 | |
| Property Management Fees | -$155 | |
|
CASH FLOW
-$1,223
|
||
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.
$889,000
PROJECTED PRICE
$3,160
PROJECTED RENT
0.36%
PROJECTED RENT / PRICE RATIO
| 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
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$241,335
LOAN DETAILS
$3,280
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $222,250 |
| Loan Amount | $666,750 |
0.33
YEARS SAVED
$562
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 -
$2.18
LIST RENT PER SQFT
-
$3,226
COMP ESTIMATED VALUE -
$2.23
COMP AVG. RENT PER SQFT
Comps Range
-
2279 Rutgers Drive Costa Mesa, CA 2
- 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1957
- Rent
- Rent Per SQFT
- $3,160
- $2.18
-
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
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
LEASED 05/28/20- Rent
- Rent Per SQFT
- $3,200
- $2.25
-
2523 Bowdoin Place Costa Mesa, CA 4
- 3 beds 1 baths ∙ 1,614 Sqft ∙ Built 1959 3 beds 1 baths ∙ 1,614 Sqft ∙ Built 1959
LEASED 12/12/19- Rent
- Rent Per SQFT
- $3,400
- $2.11
-
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
LEASED 02/08/20- Rent
- Rent Per SQFT
- $3,500
- $2.23
PROPERTY LISTING DETAILS
First Team Real Estate
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: OC20225894
Last Updated: 12/04/2020
