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2989 Jacaranda Avenue Costa Mesa, CA 92626

3 Beds 2 Baths 1,427 sqft Built 1959

$999,900

List Price

$3,290

$3K - $3.5K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1959
  • Price/Sqft : $700.70
  • 3 Days on Market
  • MLS # : PW21030243
  • Updated Date : 02/12/2021 at 17:27
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,427 sqft
  • Baths : 2 full
Listing Agent

Sundae Homes

Listing Agent's Description

Great opportunity to get into this 3 bedroom, 2 bathroom - under market value home and make it your very own! With a little love and creative vision, you can turn this slightly dated home into the oasis of your dreams. This humble abode has a great curb appeal and sits on a large front lawn. The home's layout offers a great flow throughout. The living room can be the perfect cozy corner, complete with a brick fireplace and french doors leading out the awesome backyard! The kitchen is in good shape and provides ample storage space. The bedrooms are spacious as well. The bathrooms are dated but are fully functional as-is. The backyard is our favorite! Complete with a large sparkling blue pool, a paved area for poolside lounging or outdoor dining, and a grassy area for outdoor activities! Don't miss this EXCELLENT opportunity. You'll be kicking yourself if you miss it!

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: Mesa Verde

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $243k878k

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

Neighborhood: Mesa Verde

ZipNIR Market*CityMarket2010Year2000 Q22019 Q220002200240026002800300032003400Rent in $18443581

* 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
 

$899,910$1,099,890$999,900

PURCHASE PRICE

$2,961$3,619$3,290

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,290
EXPENSES Loan Payment -$3,473
Property Tax -$977
Property Insurance -$62
Property Management Fees -$161
CASH FLOW
-$1,383

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.

$999,900

PROJECTED PRICE

$3,290

PROJECTED RENT

0.33%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 6.3%
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

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$3.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$270,724

INVESTMENT

$270,724

Down Payment
$249,975
Rehab Estimate
$5,750
Closing Costs
$14,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,473

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $249,975
Loan Amount $749,925
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$216

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,290

    LIST RENT
  • $2.31

    LIST RENT PER SQFT
  • $3,364

    COMP ESTIMATED VALUE
  • $2.36

    COMP AVG. RENT PER SQFT
Comps Range
$3,290
1$3,2902$3,3503$3,7004$3,7005$3,700
$3,700
RENT COMPS ANALYSIS
  • 2989 Jacaranda Avenue Costa Mesa, CA 1
    • 3 beds 2 baths ∙ 1,427 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,427 Sqft ∙ Built 1959
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,290
    • $2.31
    •  
  • 1849 Kentucky Place Costa Mesa, CA 2
    • 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1960
    property image
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,350
    • $2.31
    •  
  • 3151 Barbados Place Costa Mesa, CA 3
    • 3 beds 2 baths ∙ 1,551 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,551 Sqft ∙ Built 1957
    property image
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,700
    • $2.39
    •  
  • 1723 Labrador Drive Costa Mesa, CA 4
    • 3 beds 2 baths ∙ 1,576 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,576 Sqft ∙ Built 1958
    property image
    LEASED 09/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,700
    • $2.35
    •  
  • 2917 Royal Palm Drive Costa Mesa, CA 5
    • 4 beds 2 baths ∙ 1,557 Sqft ∙ Built 1959 4 beds 2 baths ∙ 1,557 Sqft ∙ Built 1959
    property image
    LEASED 01/22/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,700
    • $2.38
    •  
PROPERTY LISTING DETAILS
Ben Ryan
Sundae Homes
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21030243
Last Updated: 02/12/2021
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