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315 Alta Lane Costa Mesa, CA 92627

3 Beds 3 Baths 1,374 sqft Built 1969

$774,900

List Price

$3,200

$3K - $3.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1969
  • Price/Sqft : $563.97
  • 10 Days on Market
  • MLS # : SW21055313
  • Updated Date : 03/26/2021 at 13:18
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,374 sqft
  • Baths : 2 full , 1 half
Listing Agent

Prime Home Realty

Listing Agent's Description

Beautifully upgraded home in highly sought-after East Side Costa Mesa, located in Spanish-inspired Alta Mesa Condominium Community. Only 18 Units total! Travel to rear of the complex to this peaceful, private location. The large, association-maintained front yard is gated. The fully enclosed, fenced, tiled rear patio is perfect for entertaining. Direct access 2 car garage with washer/dryer, energy-efficient AC/Heat and ample guest parking near unit. Light, bright, open floor concept. Fresh paint, new carpet, crown molding, generous storage closets, and custom lighting. Remodeled kitchen has granite counters, neutral tile backsplash, breakfast bar, many cabinets that opens to back patio. Ground-floor powder room is perfect for guests. Wood laminate flooring on first floor and staircase. Custom steel railing leads upstairs to 3 bedrooms and 2 bathrooms. Master En Suite with large closet, mirrored doors, remodeled bath. Shower tiled to ceiling with intricate inlay, shower seat, rain showerhead, and glass entry door. Tile inlay continues as backsplash to custom sink and vanity. 2nd bath has custom tile shower/tub with matching vanity. Large 2nd bedroom is light and bright with built-in shelving in wide closet. 3rd bedroom makes a great home office or exercise room. One block from Back Bay walking/biking trails, Newport Bay Nature Reserve, Newport Beach, shopping, and award-winning dining. Easy, quick access to the 55 FWY, 73 Toll Road, and John Wayne Airport. See Virtual Tour!

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MARKET HIGHLIGHTS

  • 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.
  • 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)

PRICE & RENT TRENDS

Neighborhood: Eastside Costa Mesa

NeighborhoodNIR Market*CityMarket2010Year20002019300k400k500k600k700k800k900k1000k1100k1200kPrice in $272k1225k

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

Neighborhood: Eastside Costa Mesa

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q22000220024002600280030003200340036003800Rent in $19813867

* 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
Woodland Elementary School Primary Regular 517 22 NA
Ensign Intermediate School Middle Regular 1,173 42 8
Newport Harbor High School High Regular 2,355 82 8

Woodland Elementary School

  • Education Level: Primary
  • # of students: 517
  • # of teachers: 22
NA
GreatSchools Rating

Ensign Intermediate School

  • Education Level: Middle
  • # of students: 1,173
  • # of teachers: 42
8
GreatSchools Rating

Newport Harbor High School

  • Education Level: High
  • # of students: 2,355
  • # of teachers: 82
8
GreatSchools Rating
 

$697,410$852,390$774,900

PURCHASE PRICE

$2,880$3,520$3,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,200
EXPENSES Loan Payment -$2,692
Property Tax -$755
Property Insurance -$60
HOA -$450
Property Management Fees -$157
CASH FLOW
-$914

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.

$774,900

PROJECTED PRICE

$3,200

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 6.5%
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

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$211,099

INVESTMENT

$211,099

Down Payment
$193,725
Rehab Estimate
$5,750
Closing Costs
$11,624

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,692

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $193,725
Loan Amount $581,175
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$480

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,200

    LIST RENT
  • $2.33

    LIST RENT PER SQFT
  • $3,497

    COMP ESTIMATED VALUE
  • $2.55

    COMP AVG. RENT PER SQFT
Comps Range
$3,200
1$3,2002$3,4003$3,6504$3,7505$3,800
$3,800
RENT COMPS ANALYSIS
  • 315 Alta Lane Costa Mesa, CA 1
    • 3 beds 3 baths ∙ 1,374 Sqft ∙ Built 1969 3 beds 3 baths ∙ 1,374 Sqft ∙ Built 1969
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.33
    •  
  • 345 University Drive Costa Mesa, CA 2
    • 3 beds 3 baths ∙ 1,348 Sqft ∙ Built 1974 3 beds 3 baths ∙ 1,348 Sqft ∙ Built 1974
    property image
    LEASED 01/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.52
    •  
  • 2516 Elden Avenue Costa Mesa, CA 3
    • 3 beds 3 baths ∙ 1,382 Sqft ∙ Built 1980 3 beds 3 baths ∙ 1,382 Sqft ∙ Built 1980
    property image
    LEASED 07/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,650
    • $2.64
    •  
  • 251 Mesa Drive Costa Mesa, CA 4
    • 3 beds 2 baths ∙ 1,436 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,436 Sqft ∙ Built 1989
    property image
    LEASED 07/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,750
    • $2.61
    •  
  • 2475 Napoli Way Costa Mesa, CA 5
    • 3 beds 3 baths ∙ 1,574 Sqft ∙ Built 1964 3 beds 3 baths ∙ 1,574 Sqft ∙ Built 1964
    property image
    LEASED 02/22/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.41
    •  
PROPERTY LISTING DETAILS
Lisa Navarro
Prime Home Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SW21055313
Last Updated: 03/26/2021
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