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3055 Madison Avenue Costa Mesa, CA 92626

3 Beds 2 Baths 1,954 sqft Built 1963

$1,049,000

List Price

$3,760

$3.5K - $4K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1963
  • Price/Sqft : $536.85
  • 7 Days on Market
  • MLS # : OC21004213
  • Updated Date : 01/16/2021 at 21:31
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,954 sqft
  • Baths : 2 full
Listing Agent

Coast To Canyon Real Estate

Listing Agent's Description

You absolutely don't want to miss this GORGEOUS REMODELED Home! So many upgrades & features - it will be hard to list them all! Starting with the Beautiful 9" HARDWOOD PLANK FLOORS! All new VINYL WINDOWS! Custom lighting! NEW Baseboards/Doors/Frames & Hardware! REMODELED KITCHEN includes: open beamed ceilings, stainless steel appliances, GIGANTIC center island w/ TONS of storage on both sides of the island, large farm sink, custom lighting, tongue & groove ceiling & walls, 2 large skylights, custom built-ins in the dining area & you don’t want to miss the ADDITIONAL STORAGE storage underneath the built-in nook bench! THE GREAT ROOM is appointed with a BEAUTIFUL stone faced WOOD BURNING fireplace as well another decorative fireplace on the opposite wall! Enjoy the EXPANSIVE ENTERTAINMENT WALL that is complete with built in's that SPAN the length of the room! REMODELED MASTER BATH boasts the most AMAZING walk-in-shower w/DUAL SHOWER HEADS as well as having DUAL master sinks! Master closet has custom built-in & all of the bedrooms are appointed w/ mirrored wardrobe doors! You will enjoy the OUTDOOR ENTERTAINMENT AREA with built-in BBQ & Patio sitting area that are accessed through French Doors off of the Kitchen & the Great Room! The 5 ton AC & Heat & Air unit was recently installed in 2018 to provide maximum comfort! 200 AMP PANEL & BRAND NEW EPOXY GARAGE FLOOR! The home is conveniently located near schools, freeways, toll road & of course the PRESTIGIOUS South Coast Plaza!

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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: Mesa North

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800kPrice in $243k841k

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

Neighborhood: Mesa North

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q220002200240026002800300032003400Rent in $18443537

* 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
Paularino Elementary School Primary Regular 444 20 7
Paularino Elementary School Middle Regular 444 20 7
Costa Mesa High School High Regular 1,779 69 6

Paularino Elementary School

  • Education Level: Primary
  • # of students: 444
  • # of teachers: 20
7
GreatSchools Rating

Paularino Elementary School

  • Education Level: Middle
  • # of students: 444
  • # of teachers: 20
7
GreatSchools Rating

Costa Mesa High School

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

$944,100$1,153,900$1,049,000

PURCHASE PRICE

$3,384$4,136$3,760

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,760
EXPENSES Loan Payment -$3,644
Property Tax -$1,023
Property Insurance -$74
Property Management Fees -$184
CASH FLOW
-$1,165

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.

$1,049,000

PROJECTED PRICE

$3,760

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 6.1%
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-$20k-$15k-$10k-$5.0k$0.0$5.0k$10k$15k$20k

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$283,735

INVESTMENT

$283,735

Down Payment
$262,250
Rehab Estimate
$5,750
Closing Costs
$15,735

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,644

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $262,250
Loan Amount $786,750
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$2,720

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,760

    LIST RENT
  • $1.92

    LIST RENT PER SQFT
  • $3,810

    COMP ESTIMATED VALUE
  • $1.95

    COMP AVG. RENT PER SQFT
Comps Range
$3,300
1$3,3002$3,5003$3,5004$3,7605$3,875
$3,875
RENT COMPS ANALYSIS
  • 3055 Madison Avenue Costa Mesa, CA 4
    • 3 beds 2 baths ∙ 1,954 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,954 Sqft ∙ Built 1963
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,760
    • $1.92
    •  
  • 3132 Coolidge Avenue Costa Mesa, CA 1
    • 3 beds 2 baths ∙ 1,606 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,606 Sqft ∙ Built 1963
    property image
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.05
    •  
  • 3298 Turlock Drive Costa Mesa, CA 2
    • 3 beds 2 baths ∙ 1,884 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,884 Sqft ∙ Built 1973
    property image
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.86
    •  
  • 3079 Fernheath Lane Costa Mesa, CA 3
    • 3 beds 2 baths ∙ 1,798 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,798 Sqft ∙ Built 1958
    property image
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.95
    •  
  • 996 Azalea Drive Costa Mesa, CA 5
    • 4 beds 2 baths ∙ 2,000 Sqft ∙ Built 1973 4 beds 2 baths ∙ 2,000 Sqft ∙ Built 1973
    property image
    LEASED 10/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,875
    • $1.94
    •  
PROPERTY LISTING DETAILS
Stephanie Chapin
Coast To Canyon Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21004213
Last Updated: 01/16/2021
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