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3301 Alabama Circle Costa Mesa, CA 92626

4 Beds 2 Baths 1,786 sqft Built 1969

$950,000

List Price

$3,470

$3.2K - $3.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1969
  • Price/Sqft : $531.91
  • 6 Days on Market
  • MLS # : OC21060261
  • Updated Date : 03/27/2021 at 15:39
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,786 sqft
  • Baths : 2 full
Listing Agent

Active Realty

Listing Agent's Description

Welcome to Mesa Verde's lovely State Street neighborhood. 3301 Alabama Circle is the perfect place to call home! Enjoy a single level, 4 bedroom and 2 bath home with updated kitchen (2012) boasting gorgeous maple cabinets, built in refrigerator and granite counter tops. The high ceilings fill the home with light and sunshine. Take advantage of our incredible So Cal weather in the refreshing pool or ride your bike to the beach... it's only 4 miles on the bike path located near the home. Newer roof, A/C, tankless water heater. Excellent location at the end of a double cul-de-sac street. The home has been freshly painted inside and new luxury vinyl "wood like" flooring installed. It is waiting for your special touches throughout!

SEE MORE

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: The State Streets

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800kPrice in $243k841k

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

Neighborhood: The State Streets

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q220002200240026002800300032003400Rent in $18443596

* 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
 

$855,000$1,045,000$950,000

PURCHASE PRICE

$3,123$3,817$3,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,470
EXPENSES Loan Payment -$3,300
Property Tax -$957
Property Insurance -$70
Property Management Fees -$170
CASH FLOW
-$1,027

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.

$950,000

PROJECTED PRICE

$3,470

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 4.3%
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

PROJECTED ANNUAL CASH FLOW

11530-$20k-$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$257,500

INVESTMENT

$257,500

Down Payment
$237,500
Rehab Estimate
$5,750
Closing Costs
$14,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,300

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $237,500
Loan Amount $712,500
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$2,837

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,470

    LIST RENT
  • $1.94

    LIST RENT PER SQFT
  • $3,621

    COMP ESTIMATED VALUE
  • $2.03

    COMP AVG. RENT PER SQFT
Comps Range
$3,000
1$3,0002$3,2503$3,4004$3,4705$3,800
$3,800
RENT COMPS ANALYSIS
  • 3301 Alabama Circle Costa Mesa, CA 4
    • 4 beds 2 baths ∙ 1,786 Sqft ∙ Built 1969 4 beds 2 baths ∙ 1,786 Sqft ∙ Built 1969
    • Rent
    • Rent Per SQFT
    •  
    • $3,470
    • $1.94
    •  
  • 3237 Idaho Place Costa Mesa, CA 1
    • 4 beds 2 baths ∙ 1,637 Sqft ∙ Built 1960 4 beds 2 baths ∙ 1,637 Sqft ∙ Built 1960
    LEASED 05/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.83
    •  
  • 3261 Colorado Lane Costa Mesa, CA 2
    • 4 beds 2 baths ∙ 1,635 Sqft ∙ Built 1960 4 beds 2 baths ∙ 1,635 Sqft ∙ Built 1960
    LEASED 05/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $1.99
    •  
  • 3220 Nebraska Place Costa Mesa, CA 3
    • 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
    •  
  • 3298 California Street Costa Mesa, CA 5
    • 3 beds 1 baths ∙ 1,714 Sqft ∙ Built 1961 3 beds 1 baths ∙ 1,714 Sqft ∙ Built 1961
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.22
    •  
PROPERTY LISTING DETAILS
Karla Stagman
Active Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21060261
Last Updated: 03/27/2021
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