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2797 Redwing Circle Costa Mesa, CA 92626

5 Beds 3 Baths 2,768 sqft Built 1970

$1,249,000

List Price

$4,540

$4.3K - $4.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1970
  • Price/Sqft : $451.23
  • 3 Days on Market
  • MLS # : OC21046171
  • Updated Date : 03/06/2021 at 14:38
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,768 sqft
  • Baths : 3 full
Listing Agent

Berkshire Hathaway Homeservice

Listing Agent's Description

At the end of a cul-de-sac in Mesa Verde's Upper Bird streets, this impressive, contemporary home sits on one of the largest lots in the neighborhood. A unique custom front door & New Orleans lantern style lighting welcome you through a private gated courtyard. Inside, a dramatic entry w/volume ceilings, a custom chandelier & rich wood floors leads to a large living room w/a gas fireplace & opens to a spacious formal dining room. The chef's kitchen w/custom cabinetry & high end stainless appliances has beautiful quartz counters w/a designer backsplash, & a generous pantry. It opens to a spacious family room w/rich wood floors, a cove-style fireplace, recessed lighting, & a wine refrigerator. French doors w/custom shades in both the kitchen & family room lead to a professionally landscaped backyard w/fruit trees, large pots, a deck w/a bamboo patio covering & twinkle lighting, 2 fountains, & a flower planter. Relax in the private, above ground spa after a long day. The home's side yard has a dog run w/artificial grass & is securely enclosed. Completing the downstairs is a bedroom or office & a full bath. Upstairs are 4 additional bedrooms, 3 w/walk in closets. A remodeled full bath in the hall has a custom vanity w/quartz top, & a stand alone soaking tub. The spacious master suite w/recessed lighting & hw floors has a walk in closet w/custom built ins. The master bath has an oversized walk in shower & custom vanity w/quartz top. Central a/c. 3 car garage w/charging station.

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: The Upper Birds

NeighborhoodNIR Market*CityMarket2010Year20002019300k400k500k600k700k800k900k1000k1100k1200kPrice in $243k1209k

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

Neighborhood: The Upper Birds

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q220002200240026002800300032003400360038004000420044004600Rent in $18444744

* 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
Tewinkle Middle School Middle Regular 654 29 4
Estancia High School High Regular 1,335 52 6

Tewinkle Middle School

  • Education Level: Middle
  • # of students: 654
  • # of teachers: 29
4
GreatSchools Rating

Estancia High School

  • Education Level: High
  • # of students: 1,335
  • # of teachers: 52
6
GreatSchools Rating
 

$1,124,100$1,373,900$1,249,000

PURCHASE PRICE

$4,086$4,994$4,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,540
EXPENSES Loan Payment -$4,338
Property Tax -$1,221
Property Insurance -$94
Property Management Fees -$222
CASH FLOW
-$1,335

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.

$1,249,000

PROJECTED PRICE

$4,540

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 6.8%
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$3.5M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$336,735

INVESTMENT

$336,735

Down Payment
$312,250
Rehab Estimate
$5,750
Closing Costs
$18,735

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,338

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $312,250
Loan Amount $936,750
See What Happens When You Reinvest Cash Flow

0.83

YEARS SAVED

$4,200

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,540

    LIST RENT
  • $1.64

    LIST RENT PER SQFT
  • $4,505

    COMP ESTIMATED VALUE
  • $1.63

    COMP AVG. RENT PER SQFT
Comps Range
$4,200
1$4,2002$4,3003$4,5004$4,5405$4,850
$4,850
RENT COMPS ANALYSIS
  • 2797 Redwing Circle Costa Mesa, CA 4
    • 5 beds 3 baths ∙ 2,768 Sqft ∙ Built 1970 5 beds 3 baths ∙ 2,768 Sqft ∙ Built 1970
    • Rent
    • Rent Per SQFT
    •  
    • $4,540
    • $1.64
    •  
  • 3257 Colorado Lane Costa Mesa, CA 1
    • 4 beds 3 baths ∙ 2,632 Sqft ∙ Built 1960 4 beds 3 baths ∙ 2,632 Sqft ∙ Built 1960
    LEASED 08/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $1.60
    •  
  • 20091 Viva Circle Huntington Beach, CA 2
    • 4 beds 3 baths ∙ 2,765 Sqft ∙ Built 1979 4 beds 3 baths ∙ 2,765 Sqft ∙ Built 1979
    LEASED 11/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,300
    • $1.56
    •  
  • 1827 Hummingbird Drive Costa Mesa, CA 3
    • 5 beds 3 baths ∙ 2,678 Sqft ∙ Built 1969 5 beds 3 baths ∙ 2,678 Sqft ∙ Built 1969
    LEASED 05/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $1.68
    •  
  • 20341 Running Springs Lane Huntington Beach, CA 5
    • 4 beds 3 baths ∙ 2,908 Sqft ∙ Built 1973 4 beds 3 baths ∙ 2,908 Sqft ∙ Built 1973
    LEASED 07/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,850
    • $1.67
    •  
PROPERTY LISTING DETAILS
Debra Mathison
Berkshire Hathaway Homeservice
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21046171
Last Updated: 03/06/2021
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