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2329 Purdue Drive Costa Mesa, CA 92626

4 Beds 4 Baths 2,516 sqft Built 1999

$1,050,000

List Price

$4,290

$4K - $4.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $417.33
  • 9 Days on Market
  • MLS # : OC21030779
  • Updated Date : 02/15/2021 at 15:41
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,516 sqft
  • Baths : 3 full , 1 half
Listing Agent

Stacey Tran, Broker

Listing Agent's Description

Beautiful 2 Story Home Built in 1999 in the heart of Costa Mesa. Entertainer's dream home... Home is located in a quiet neighborhood at the end of a Cul de Sac. Spacious 4 bedrooms, 3.5 bathrooms and a bonus room which is currently used as a theater room. There is two master bedrooms, one located upstairs and one located downstairs. MUST SEE, will go quick.

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.
 

$945,000$1,155,000$1,050,000

PURCHASE PRICE

$3,861$4,719$4,290

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,290
EXPENSES Loan Payment -$3,647
Property Tax -$1,026
Property Insurance -$88
Property Management Fees -$210
CASH FLOW
-$681

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.

$1,050,000

PROJECTED PRICE

$4,290

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 6.1%
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$2.5M$3.0M

PROJECTED ANNUAL CASH FLOW

11530-$10k$0.0$10k$20k$30k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$284,000

INVESTMENT

$284,000

Down Payment
$262,500
Rehab Estimate
$5,750
Closing Costs
$15,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$3,647

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $262,500
Loan Amount $787,500
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$20,815

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,290

    LIST RENT
  • $1.71

    LIST RENT PER SQFT
  • $4,541

    COMP ESTIMATED VALUE
  • $1.81

    COMP AVG. RENT PER SQFT
Comps Range
$4,100
1$4,1002$4,2003$4,2904$4,3005$4,750
$4,750
RENT COMPS ANALYSIS
  • 2329 Purdue Drive Costa Mesa, CA 3
    • 4 beds 4 baths ∙ 2,516 Sqft ∙ Built 1999 4 beds 4 baths ∙ 2,516 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $4,290
    • $1.71
    •  
  • 353 Gulf Stream Way Costa Mesa, CA 1
    • 4 beds 3 baths ∙ 2,210 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,210 Sqft ∙ Built 2006
    LEASED 12/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,100
    • $1.86
    •  
  • 191 Mesa Drive Costa Mesa, CA 2
    • 3 beds 4 baths ∙ 2,400 Sqft ∙ Built 2006 3 beds 4 baths ∙ 2,400 Sqft ∙ Built 2006
    LEASED 10/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $1.75
    •  
  • 1027 Palmetto Way Costa Mesa, CA 4
    • 4 beds 3 baths ∙ 2,375 Sqft ∙ Built 2011 4 beds 3 baths ∙ 2,375 Sqft ∙ Built 2011
    LEASED 01/19/21
    • Rent
    • Rent Per SQFT
    •  
    • $4,300
    • $1.81
    •  
  • 1634 Beechwood Costa Mesa, CA 5
    • 4 beds 3 baths ∙ 2,643 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,643 Sqft ∙ Built 2001
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,750
    • $1.80
    •  
PROPERTY LISTING DETAILS
Ailien Nguyen
Stacey Tran, Broker
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21030779
Last Updated: 02/15/2021
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