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2884 Regis Lane Costa Mesa, CA 92626

3 Beds 2 Baths 1,253 sqft Built 1962

$769,000

List Price

$2,900

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1962
  • Price/Sqft : $613.73
  • 3 Days on Market
  • MLS # : 20656418
  • Updated Date : 11/06/2020 at 11:41
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,253 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty Los Feliz

Listing Agent's Description

This home is located in a highly desirable area of Costa Mesa. You have top schools, large parks and tons of walkability to favorite local hotspots. With this home, you have the opportunity to make it very special...all you need is a little sweat equity. You have 3 spciaous bedrooms with 1,253 sf lot. The back yard has mature lanscaping and offers nice privacy. This traditional house sits on a spacious 6,402 square foot lot and with a little vision, this property will absolutely be your dream home.

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MARKET HIGHLIGHTS

  • 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.
  • 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)

PRICE & RENT TRENDS

Neighborhood: Mesa del Mar

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800kPrice in $243k841k

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

Neighborhood: Mesa del Mar

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q220002200240026002800300032003400Rent in $18443550

* 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
Davis Magnet School Primary Magnet 569 20 10
Davis Magnet School Middle Magnet 569 20 10
Costa Mesa High School High Regular 1,779 69 6

Davis Magnet School

  • Education Level: Primary
  • # of students: 569
  • # of teachers: 20
10
GreatSchools Rating

Davis Magnet School

  • Education Level: Middle
  • # of students: 569
  • # of teachers: 20
10
GreatSchools Rating

Costa Mesa High School

  • Education Level: High
  • # of students: 1,779
  • # of teachers: 69
6
GreatSchools Rating
 

$692,100$845,900$769,000

PURCHASE PRICE

$2,610$3,190$2,900

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,900
EXPENSES Loan Payment -$2,837
Property Tax -$752
Property Insurance -$57
Property Management Fees -$142
CASH FLOW
-$888

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.

$769,000

PROJECTED PRICE

$2,900

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 5.2%
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

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$209,535

INVESTMENT

$209,535

Down Payment
$192,250
Rehab Estimate
$5,750
Closing Costs
$11,535

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,837

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $192,250
Loan Amount $576,750
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$2,798

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,900

    LIST RENT
  • $2.31

    LIST RENT PER SQFT
  • $2,910

    COMP ESTIMATED VALUE
  • $2.32

    COMP AVG. RENT PER SQFT
Comps Range
$2,900
1$2,9002$3,2003$3,2504$3,3005$3,500
$3,500
RENT COMPS ANALYSIS
  • 2884 Regis Lane Costa Mesa, CA 1
    • 3 beds 2 baths ∙ 1,253 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,253 Sqft ∙ Built 1962
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $2.31
    •  
  • 3074 Trinity Drive Costa Mesa, CA 2
    • 3 beds 2 baths ∙ 1,399 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,399 Sqft ∙ Built 1961
    LEASED 08/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.29
    •  
  • 1158 Austin Street Costa Mesa, CA 3
    • 4 beds 2 baths ∙ 1,405 Sqft ∙ Built 1962 4 beds 2 baths ∙ 1,405 Sqft ∙ Built 1962
    LEASED 09/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $2.31
    •  
  • 263 Hanover Drive Costa Mesa, CA 4
    • 3 beds 2 baths ∙ 1,380 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,380 Sqft ∙ Built 1957
    LEASED 02/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.39
    •  
  • 312 Princeton Drive Costa Mesa, CA 5
    • 3 beds 2 baths ∙ 1,525 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,525 Sqft ∙ Built 1957
    LEASED 06/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.30
    •  
PROPERTY LISTING DETAILS
Brock J Worthen
Keller Williams Realty Los Feliz
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 20656418
Last Updated: 11/06/2020
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