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2680 Orange Avenue # F Costa Mesa, CA 92627

3 Beds 3 Baths 1,650 sqft Built 1992

INVESTimate

$889,900

List Price

$3,550

$3,300 - $3,800

Rent Est.

$947,655  ( +6.49%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 1992
  • Price/Sqft : $539.33
  • 6 Days on Market
  • MLS # : OC20171297
  • Updated Date : 08/23/2020 at 14:27
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,650 sqft
  • Baths : 3 full
Listing Agent

Exp Realty Of California Inc

Listing Agent's Description

Highly updated, private gated community of only 8 Single Family Homes! Desirable open floorplan with soaring ceilings, light-filled throughout. Recently remodeled kitchen and baths, cool contemporary feeling with new quartz countertops, subway backsplash, stainless steel appliances, bay window, and travertine stone floors. Dramatic living room features new wide plank flooring, fireplace, living room opens to dining area with sliding glass door off the pocket yard, even a doggie door for Pets! New stair railing, rare main floor bedroom and full bath, perfect home office. Master suite with large walk-in closet, spa bath with separate soaking tub, double vanities with new quartz countertops, freshly painted vanity, travertine floors and shower. The secondary upstairs bedroom is en-suite with nice size bathroom featuring travertine walk-in shower and floors, individual laundry room with storage, and Juliette balcony, newer paint throughout, plantation shutters, this home is everything you want under 1 Million in Eastside and will go fast! this wonderful home wont last through the weekend, did I mention AC? of course a must have! Call for private tours now!

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MARKET HIGHLIGHTS

  • 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 area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 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)
  • As part of Southern California area, Orange County market inherits all the benefits from the area.
  • 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)

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
 

$800,910$978,890$889,900

PURCHASE PRICE

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

RENT

DOWN PAYMENT
FINANCING

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$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,550
EXPENSES Loan Payment -$3,283
Property Tax -$867
Property Insurance -$67
HOA -$180
Property Management Fees -$174
CASH FLOW
-$1,022

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.

$889,900

PROJECTED PRICE

$3,550

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 6.49%
Maintenance Year (1-5) 8.00%
Vacancy 5.81%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$241,574

INVESTMENT

$241,574

Down Payment
$222,475
Rehab Estimate
$5,750
Closing Costs
$13,349

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,283

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $222,475
Loan Amount $667,425
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$2,391

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
  • $2.15

    LIST RENT PER SQFT
  • $3,564

    COMP ESTIMATED VALUE
  • $2.16

    COMP AVG. RENT PER SQFT
Comps Range
$3,295
1$3,2952$3,4003$3,5504$3,6005$4,250
$4,250
RENT COMPS ANALYSIS
  • 2680 Orange Avenue Costa Mesa, 3
    • 3 beds 3 baths ∙ 1,650 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,650 Sqft ∙ Built 1992
    • Rent
    • Rent Per SQFT
    •  
    • $3,550
    • $2.15
    •  
  • 2558 Orange Avenue Costa Mesa, 1
    • 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 2008 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 2008
    LEASED 05/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,295
    • $2.20
    •  
  • 2569 Elden Avenue Costa Mesa, 2
    • 3 beds 3 baths ∙ 1,575 Sqft ∙ Built 1982 3 beds 3 baths ∙ 1,575 Sqft ∙ Built 1982
    LEASED 01/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.16
    •  
  • 20320 Estuary Lane Newport Beach, 4
    • 3 beds 4 baths ∙ 1,835 Sqft ∙ Built 2010 3 beds 4 baths ∙ 1,835 Sqft ∙ Built 2010
    LEASED 08/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $1.96
    •  
  • 20271 Estuary Lane Newport Beach, 5
    • 3 beds 3 baths ∙ 1,829 Sqft ∙ Built 2011 3 beds 3 baths ∙ 1,829 Sqft ∙ Built 2011
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,250
    • $2.32
    •  
PROPERTY LISTING DETAILS
Renee Pina
Exp Realty Of California Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20171297
Last Updated: 08/23/2020
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