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

3149 Sicily Avenue Costa Mesa, CA 92626

3 Beds 1 Baths 1,400 sqft Built 1957

INVESTimate

$919,000

List Price

$3,260

$3,010 - $3,510

Rent Est.

$974,691  ( +6.06%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1957
  • Price/Sqft : $656.43
  • 24 Days on Market
  • MLS # : PW20155246
  • Updated Date : 08/20/2020 at 10:16
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,400 sqft
  • Baths : 1 full
Listing Agent

Royal Palms Realty

Listing Agent's Description

Highly sought-after single-story Mesa Verde 3 bedroom/ 2 bath home completely remodeled 2017.The house is located on one of the most coveted Island Streets Sicily Ave. Close access to freeways, SoCo, OC Mix, Mesa Verde Center, Mesa Verde Country Club, parks, dining/shopping as well as the bike trail to jump on and ride to the beach. Along the curved driveway you will notice a lush private mature landscaping consisting of all Ornamental Edibles. These have been planted with Backyard Orchard Culture design making the trees small, productive and easy to maintain. Entering the front door, you will notice beautiful hard wood floors, an open floor plan giving way to a spacious living room and a large dining area. The bright white kitchen completely redesigned and updated with shaker cabinets and quartz counter-top, with farm house sink center piece stands out. A large sliding glass patio door leads to a private lush mature Ornamental Edible landscape backyard with large covered patio space to enjoy sunsets and enjoy outdoor dining. Mature Ornamental Edible landscape with Backyard Orchard Culture design(making the trees small and easy to maintain)(mangos, Avocados, apples, citrus, plums, plouts, apricots, apriums, peaches, plueries, pomegranates, passion fruit, nectarines, blueberries, blackberries, boysenberries, grapes) Seller and sellers agent do not guarantee property details, it is the buyers responsibility to verify all details including square footage ect for themselves

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)
  • 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 area contributes to 55.3% of California state economy i.e. Gross State Product (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)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 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
California Elementary School Primary Regular 430 17 7
California Elementary School Middle Regular 430 17 7
Estancia High School High Regular 1,335 52 6

California Elementary School

  • Education Level: Primary
  • # of students: 430
  • # of teachers: 17
7
GreatSchools Rating

California Elementary School

  • Education Level: Middle
  • # of students: 430
  • # of teachers: 17
7
GreatSchools Rating

Estancia High School

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

$827,100$1,010,900$919,000

PURCHASE PRICE

$2,934$3,586$3,260

RENT

DOWN PAYMENT
FINANCING

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,260
EXPENSES Loan Payment -$3,391
Property Tax -$898
Property Insurance -$61
Property Management Fees -$160
CASH FLOW
-$1,249

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.

$919,000

PROJECTED PRICE

$3,260

PROJECTED RENT

0.35%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 6.06%
Maintenance Year (1-5) 8.00%
Vacancy 5.81%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$249,285

INVESTMENT

$249,285

Down Payment
$229,750
Rehab Estimate
$5,750
Closing Costs
$13,785

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,391

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $229,750
Loan Amount $689,250
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$519

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,260

    LIST RENT
  • $2.33

    LIST RENT PER SQFT
  • $3,273

    COMP ESTIMATED VALUE
  • $2.34

    COMP AVG. RENT PER SQFT
Comps Range
$3,260
1$3,2602$3,3503$3,6004$3,7005$3,700
$3,700
RENT COMPS ANALYSIS
  • 3149 Sicily Avenue Costa Mesa, 1
    • 3 beds 1 baths ∙ 1,400 Sqft ∙ Built 1957 3 beds 1 baths ∙ 1,400 Sqft ∙ Built 1957
    • Rent
    • Rent Per SQFT
    •  
    • $3,260
    • $2.33
    •  
  • 1590 Corsica Place Costa Mesa, 2
    • 3 beds 2 baths ∙ 1,427 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,427 Sqft ∙ Built 1959
    LEASED 11/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,350
    • $2.35
    •  
  • 3230 Washington Avenue Costa Mesa, 3
    • 3 beds 2 baths ∙ 1,551 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,551 Sqft ∙ Built 1960
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $2.32
    •  
  • 3224 Dakota Avenue Costa Mesa, 4
    • 3 beds 1 baths ∙ 1,614 Sqft ∙ Built 1960 3 beds 1 baths ∙ 1,614 Sqft ∙ Built 1960
    LEASED 01/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,700
    • $2.29
    •  
  • 3151 Barbados Place Costa Mesa, 5
    • 3 beds 2 baths ∙ 1,551 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,551 Sqft ∙ Built 1957
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,700
    • $2.39
    •  
PROPERTY LISTING DETAILS
Terry Depriest
Royal Palms Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20155246
Last Updated: 08/20/2020
BESbswy