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2432 Creswell Lane Costa Mesa, CA 92627

3 Beds 3 Baths 1,610 sqft Built 1978

$914,000

List Price

$3,550

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1978
  • Price/Sqft : $567.70
  • 29 Days on Market
  • MLS # : NP21015002
  • Updated Date : 02/25/2021 at 13:10
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,610 sqft
  • Baths : 2 full , 1 half
Listing Agent

Compass

Listing Agent's Description

Nestled in the peaceful and rarely available community of Brittany Woods, this stand alone (no shared walls) turnkey townhome features: New Carpet, upgraded kitchen and baths, 3 CAR GARAGE, crisp white cabinetry, Floor to ceiling fireplace, largest private patio in the community great for entertaining. All this in the peaceful community of Brittany Woods that boasts a refreshing pool, heated spa, clubhouse and tennis court. The location is in the heart of Eastside Costa Mesa with close proximity to Newport Back Bay Nature Preserve with 150+ acres of hiking and biking trails. Just minutes to the beach, fine dining, world class shopping and easy access to major freeways. As a single family residence it's more favorable when financing. PLEASE SEE AGENT REMARKS

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: Eastside Costa Mesa

NeighborhoodNIR Market*CityMarket2010Year20002019300k400k500k600k700k800k900k1000k1100k1200kPrice in $272k1225k

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

Neighborhood: Eastside Costa Mesa

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q22000220024002600280030003200340036003800Rent in $19813867

* 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
Woodland Elementary School Primary Regular 517 22 NA
Ensign Intermediate School Middle Regular 1,173 42 8
Newport Harbor High School High Regular 2,355 82 8

Woodland Elementary School

  • Education Level: Primary
  • # of students: 517
  • # of teachers: 22
NA
GreatSchools Rating

Ensign Intermediate School

  • Education Level: Middle
  • # of students: 1,173
  • # of teachers: 42
8
GreatSchools Rating

Newport Harbor High School

  • Education Level: High
  • # of students: 2,355
  • # of teachers: 82
8
GreatSchools Rating
 

$822,600$1,005,400$914,000

PURCHASE PRICE

$3,195$3,905$3,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,550
EXPENSES Loan Payment -$3,175
Property Tax -$891
Property Insurance -$66
HOA -$375
Property Management Fees -$174
CASH FLOW
-$1,131

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$914,000

PROJECTED PRICE

$3,550

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 6.5%
Maintenance Year (1-5) 8.00%
Vacancy 5.81%
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-$20k-$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$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$247,960

INVESTMENT

$247,960

Down Payment
$228,500
Rehab Estimate
$5,750
Closing Costs
$13,710

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$3,175

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $228,500
Loan Amount $685,500
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$412

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,550

    LIST RENT
  • $2.2

    LIST RENT PER SQFT
  • $3,538

    COMP ESTIMATED VALUE
  • $2.2

    COMP AVG. RENT PER SQFT
Comps Range
$3,350
1$3,3502$3,4003$3,5504$3,5505$3,800
$3,800
RENT COMPS ANALYSIS
  • 2432 Creswell Lane Costa Mesa, CA 4
    • 3 beds 3 baths ∙ 1,610 Sqft ∙ Built 1978 3 beds 3 baths ∙ 1,610 Sqft ∙ Built 1978
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,550
    • $2.20
    •  
  • 2445 Marseilles Way Costa Mesa, CA 1
    • 3 beds 3 baths ∙ 1,643 Sqft ∙ Built 1965 3 beds 3 baths ∙ 1,643 Sqft ∙ Built 1965
    property image
    LEASED 07/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,350
    • $2.04
    •  
  • 359 Ravello Lane Costa Mesa, CA 2
    • 3 beds 2 baths ∙ 1,444 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,444 Sqft ∙ Built 1964
    property image
    LEASED 11/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.35
    •  
  • 2474 Rue De Cannes Costa Mesa, CA 3
    • 3 beds 2 baths ∙ 1,780 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,780 Sqft ∙ Built 1964
    property image
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,550
    • $1.99
    •  
  • 2475 Napoli Way Costa Mesa, CA 5
    • 3 beds 3 baths ∙ 1,574 Sqft ∙ Built 1964 3 beds 3 baths ∙ 1,574 Sqft ∙ Built 1964
    property image
    LEASED 02/22/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.41
    •  
PROPERTY LISTING DETAILS
Eric Neff
Compass
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: NP21015002
Last Updated: 02/25/2021