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296 Costa Del Mar Rd Marina, CA 93933

3 Beds 2 Baths 1,647 sqft Built 1990

$765,000

List Price

$2,890

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

January 01, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1990
  • Price/Sqft : $464.48
  • 3 Days on Market
  • MLS # : ML81824356
  • Updated Date : 01/01/2021 at 09:31
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,647 sqft
  • Baths : 2 full
Listing Agent

Sotheby's Int'l Realty-pg

Listing Agent's Description

This light, bright and tastefully remodeled single story Monterey Bay Estates home is exceptional. You will love the wood-like luxury vinyl flooring throughout the home, beautifully remodeled master bathroom and gourmet kitchen, vaulted ceilings, abundance of windows and its move-in condition. The flow of the home is ideal for entertaining indoor and out. Another bonus is a private, low maintenance backyard with access from the kitchen/family room and the Master bedroom. An indoor laundry area attached double garage, two extra bedrooms plus an additional full bath completes this home. Call soon to see this gem before its gone!

SEE MORE

MARKET HIGHLIGHTS

  • Santa Cruz is the headquarters to technology companies: Looker.com, Plantronics, FileOpen and major university system - University of California, Santa Cruz (Santa Cruz Economic Development, 2019)
  • North Central Coast, CA area contributes to 10.2% of California state economy i.e. Gross State Product (USMayors.org, 2018)
  • Santa Cruz is the 6th best city for future job growth (Forbes, 2019)
  • North Central Coast, CA area has 62.2% labor force participation rate; within this area, Salinas, CA metro has 62.5% and Santa Cruz-Watsonville, CA metro has 61.8% labor force participation rate (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Central Marina

ZipNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600kPrice in $225k609k

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

Neighborhood: Central Marina

NeighborhoodNIR Market*CityMarket2015Year20132019 Q219002000210022002300240025002600270028002900300031003200Rent in $18063267

* 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
Olson Elementary School Primary Regular 413 20 3
Los Arboles Middle School Middle Regular 620 31 2
Marina High School High Regular 559 31 6

Olson Elementary School

  • Education Level: Primary
  • # of students: 413
  • # of teachers: 20
3
GreatSchools Rating

Los Arboles Middle School

  • Education Level: Middle
  • # of students: 620
  • # of teachers: 31
2
GreatSchools Rating

Marina High School

  • Education Level: High
  • # of students: 559
  • # of teachers: 31
6
GreatSchools Rating
 

$688,500$841,500$765,000

PURCHASE PRICE

$2,601$3,179$2,890

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,890
EXPENSES Loan Payment -$2,823
Property Tax -$731
Property Insurance -$66
Property Management Fees -$129
CASH FLOW
-$859

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.

$765,000

PROJECTED PRICE

$2,890

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.50%
Appreciation Year (1-5) 9.3%
Maintenance Year (1-5) 8.00%
Vacancy 4.80%
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$208,475

INVESTMENT

$208,475

Down Payment
$191,250
Rehab Estimate
$5,750
Closing Costs
$11,475

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,823

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $191,250
Loan Amount $573,750
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$867

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $0

    LIST RENT
  • $0

    LIST RENT PER SQFT
  • $2,767

    COMP ESTIMATED VALUE
  • $1.68

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,8003$3,100
$3,100
RENT COMPS ANALYSIS
  • 296 Costa Del Mar Rd Marina, CA 1
    • 3 beds 2 baths ∙ 1,647 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,647 Sqft ∙ Built 1990
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 421 Windsor Ct Marina, CA 2
    • 3 beds 2 baths ∙ 1,663 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,663 Sqft ∙ Built 1975
    LEASED 05/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.68
    •  
  • 387 Redwood Heights Ct Marina, CA 3
    • 4 beds 3 baths ∙ 1,840 Sqft ∙ Built 1991 4 beds 3 baths ∙ 1,840 Sqft ∙ Built 1991
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.68
    •  
PROPERTY LISTING DETAILS
Sandra Schirmer
Sotheby's Int'l Realty-pg
BESbswy