Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

2968 Mindanao Drive Costa Mesa, CA 92626

4 Beds 1 Baths 1,786 sqft Built 1959

$999,000

List Price

$3,530

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

November 21, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1959
  • Price/Sqft : $559.35
  • 3 Days on Market
  • MLS # : NP20228277
  • Updated Date : 11/20/2020 at 16:08
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,786 sqft
  • Baths : 1 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

RARE MESA VERDE SINGLE LEVEL "INNER LOOP" OPPORTUNITY! BEST TO GET IN ON THIS ONE FIRST! 24/7 Virtual Tour https://ranchophotos.com/mls/2968-mindanao-dr/. Just what you have been waiting for! Single level 4 bedroom on one the best cul d sac streets in the "Inner Loop". Long term owners have remodeled master bath, has dual fireplaces, breakfast nook, formal living room, formal dining room, spacious kitchen, inside laundry room and all flowing out to the beautiful grounds with mature fruit trees, brick patio, the soothing water feature & swimming pool. Also newer stainless steel kitchen sink, stainless & suspended vent hood, 5 burner gas cook top, stainless oven & refrigerator plus new Carrier air conditioning, newer furnace, dual paned windows and sliders & raised 6 panel interior doors. Completing this amazing opportunity is the motion sensor exterior lighting, Ring doorbell, the garage with custom inlaid grated plastic flooring, built-ins and loft storage. The swimming pool stands empty awaiting renovation. HURRY, HURRY FOR THIS RARELY AVAILABLE OPPORTUNITY!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: The Island Streets

NeighborhoodNIR Market*CityMarket2010Year20002019300k350k400k450k500k550k600k650k700k750k800k850k900kPrice in $272k922k

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

Neighborhood: The Island Streets

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q22000220024002600280030003200340036003800Rent in $19813914

* 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
Adams Elementary School Primary Regular 427 19 5
Adams Elementary School Middle Regular 427 19 5
Estancia High School High Regular 1,335 52 6

Adams Elementary School

  • Education Level: Primary
  • # of students: 427
  • # of teachers: 19
5
GreatSchools Rating

Adams Elementary School

  • Education Level: Middle
  • # of students: 427
  • # of teachers: 19
5
GreatSchools Rating

Estancia High School

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

$899,100$1,098,900$999,000

PURCHASE PRICE

$3,177$3,883$3,530

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,530
EXPENSES Loan Payment -$3,686
Property Tax -$976
Property Insurance -$70
Property Management Fees -$173
CASH FLOW
-$1,375

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.

$999,000

PROJECTED PRICE

$3,530

PROJECTED RENT

0.35%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 6.1%
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$2.5M

PROJECTED ANNUAL CASH FLOW

11530-$25k-$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$270,485

INVESTMENT

$270,485

Down Payment
$249,750
Rehab Estimate
$5,750
Closing Costs
$14,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$3,686

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $249,750
Loan Amount $749,250
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$497

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,530

    LIST RENT
  • $1.98

    LIST RENT PER SQFT
  • $3,514

    COMP ESTIMATED VALUE
  • $1.97

    COMP AVG. RENT PER SQFT
Comps Range
$3,100
1$3,1002$3,4003$3,4004$3,5305$3,600
$3,600
RENT COMPS ANALYSIS
  • 2968 Mindanao Drive Costa Mesa, CA 4
    • 4 beds 1 baths ∙ 1,786 Sqft ∙ Built 1959 4 beds 1 baths ∙ 1,786 Sqft ∙ Built 1959
    • Rent
    • Rent Per SQFT
    •  
    • $3,530
    • $1.98
    •  
  • 2973 Bimini Place Costa Mesa, CA 1
    • 3 beds 2 baths ∙ 1,641 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,641 Sqft ∙ Built 1959
    LEASED 03/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.89
    •  
  • 3220 Nebraska Place Costa Mesa, CA 2
    • 4 beds 1 baths ∙ 1,639 Sqft ∙ Built 1960 4 beds 1 baths ∙ 1,639 Sqft ∙ Built 1960
    LEASED 05/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.07
    •  
  • 1661 Texas Circle Costa Mesa, CA 3
    • 3 beds 2 baths ∙ 1,828 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,828 Sqft ∙ Built 1971
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $1.86
    •  
  • 2846 Serang Place Costa Mesa, CA 5
    • 4 beds 2 baths ∙ 1,753 Sqft ∙ Built 1961 4 beds 2 baths ∙ 1,753 Sqft ∙ Built 1961
    LEASED 04/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $2.05
    •  
PROPERTY LISTING DETAILS
Jennifer Pritchett
Coldwell Banker Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: NP20228277
Last Updated: 11/20/2020
BESbswy