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

2988 Andros Street Costa Mesa, CA 92626

4 Beds 2 Baths 1,641 sqft Built 1959

$899,000

List Price

$3,320

$3.1K - $3.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1959
  • Price/Sqft : $547.84
  • 2 Days on Market
  • MLS # : OC21041289
  • Updated Date : 02/27/2021 at 15:55
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,641 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Of California Inc

Listing Agent's Description

Well maintained single-level Mesa Verde family home, perfect for those wanting to do their own cosmetic updates! Great floor plan with fireplace in the living room, light-filled kitchen, and dining area has a sliding door to charming pergola for outdoor eating and or play area for kids, nice spacious master bedroom with attached bath, low maintenance yard, great curb appeal with newer double pane windows throughout, newly installed HVAC and close to freeways and shopping. Live the Costa Mesa lifestyle.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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.

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
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
 

$809,100$988,900$899,000

PURCHASE PRICE

$2,988$3,652$3,320

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,320
EXPENSES Loan Payment -$3,123
Property Tax -$879
Property Insurance -$67
Property Management Fees -$163
CASH FLOW
-$910

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.

$899,000

PROJECTED PRICE

$3,320

PROJECTED RENT

0.37%

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-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$243,985

INVESTMENT

$243,985

Down Payment
$224,750
Rehab Estimate
$5,750
Closing Costs
$13,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,123

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $224,750
Loan Amount $674,250
See What Happens When You Reinvest Cash Flow

0.92

YEARS SAVED

$3,382

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,320

    LIST RENT
  • $2.02

    LIST RENT PER SQFT
  • $3,282

    COMP ESTIMATED VALUE
  • $2

    COMP AVG. RENT PER SQFT
Comps Range
$2,995
1$2,9952$3,1003$3,3204$3,4005$3,600
$3,600
RENT COMPS ANALYSIS
  • 2988 Andros Street Costa Mesa, CA 3
    • 4 beds 2 baths ∙ 1,641 Sqft ∙ Built 1959 4 beds 2 baths ∙ 1,641 Sqft ∙ Built 1959
    • Rent
    • Rent Per SQFT
    •  
    • $3,320
    • $2.02
    •  
  • 3041 Club House Circle Costa Mesa, CA 1
    • 3 beds 3 baths ∙ 1,508 Sqft ∙ Built 1965 3 beds 3 baths ∙ 1,508 Sqft ∙ Built 1965
    LEASED 07/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $1.99
    •  
  • 2973 Bimini Place Costa Mesa, CA 2
    • 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 4
    • 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
    •  
  • 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
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 #: OC21041289
Last Updated: 02/27/2021
BESbswy