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2569 Orange Avenue #F Costa Mesa, CA 92627

3 Beds 2 Baths 1,125 sqft Built 1971

$679,000

List Price

$2,880

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 1971
  • Price/Sqft : $603.56
  • 7 Days on Market
  • MLS # : IV20227112
  • Updated Date : 11/02/2020 at 10:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,125 sqft
  • Baths : 2 full
Listing Agent

Phillips R.e & Commercial Inv.

Listing Agent's Description

Great end unit in small 10 unit complex, with 3 Bedroom & 2 full bathroom located on Eastside of Costa Mesa. Large back yard great for pets and side yard completely fenced. Next to community pool and spa. 2 bedrooms downstairs on main floor, master bedroom upstairs. Large 2 car garage. Low HOA fee's $225.00 a month. Excellent School District. Location, Location with easy access to freeways 55, 405, and 73. Only blocks away from the Back Bay with lots of trails for hiking, bicycling and walking.

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
Kaiser Elementary School Primary Regular 681 23 8
Ensign Intermediate School Middle Regular 1,173 42 8
Newport Harbor High School High Regular 2,355 82 8

Kaiser Elementary School

  • Education Level: Primary
  • # of students: 681
  • # of teachers: 23
8
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
 

$611,100$746,900$679,000

PURCHASE PRICE

$2,592$3,168$2,880

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,880
EXPENSES Loan Payment -$2,505
Property Tax -$662
Property Insurance -$54
HOA -$225
Property Management Fees -$141
CASH FLOW
-$707

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.

$679,000

PROJECTED PRICE

$2,880

PROJECTED RENT

0.42%

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

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$185,685

INVESTMENT

$185,685

Down Payment
$169,750
Rehab Estimate
$5,750
Closing Costs
$10,185

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,505

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $169,750
Loan Amount $509,250
See What Happens When You Reinvest Cash Flow

0.92

YEARS SAVED

$3,115

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,880

    LIST RENT
  • $2.56

    LIST RENT PER SQFT
  • $2,731

    COMP ESTIMATED VALUE
  • $2.43

    COMP AVG. RENT PER SQFT
Comps Range
$2,850
1$2,8502$2,8803$3,0504$3,3005$3,300
$3,300
RENT COMPS ANALYSIS
  • 2569 Orange Avenue Costa Mesa, CA 2
    • 3 beds 2 baths ∙ 1,125 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,125 Sqft ∙ Built 1971
    • Rent
    • Rent Per SQFT
    •  
    • $2,880
    • $2.56
    •  
  • 133 Santa Isabel Ave Costa Mesa, CA 1
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1956
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $2.38
    •  
  • 2336 Minuteman Way Costa Mesa, CA 3
    • 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 2 baths ∙ 1,315 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,315 Sqft ∙ Built 1985
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.51
    •  
PROPERTY LISTING DETAILS
Mark Phillips
Phillips R.e & Commercial Inv.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV20227112
Last Updated: 11/02/2020
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