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
3403 Meadow # 34 
Costa Mesa, CA
92626
3 Beds 2 Baths 1,431 sqft
Built 1976
INVESTimate
$408,000
List Price
$113,870
REQUEST INFO
SCHEDULE APPOINTMENT
It's free, with no obligation
PROPERTY INFO
FACTS
- Built In 1976
- Price/Sqft : $285.12
- 41 Days on Market
- MLS # : AR20140947
- Updated Date : 08/24/2020 at 12:30
CONSTRUCTION
- Beds : 3
- Floor Size : 1,431 sqft
- Baths : 2 full
Listing Agent
Reva
Listing Agent's Description
A beautifully refurbished 1480 sqft tri-level condo conveniently located in the Village Creek Community. Bright and airy of 3 bedrooms and 2 full bathrooms. The main level of the condo features adjacent living and dining room with wet-bar and the kitchen. All the bedrooms, including the spacious master Bedroom are located on the upper levels while the garage is on the ground floor. , multiple sliding doors to the backyard patio area, electronic door knob lock, and laundry machines in the attached 2-car garage on the ground floor. The Village Creek Association is a beautiful community of condos and features a pool, spa, park-like grounds, recreation room and a safe and quiet living experience. Close to the Shopping Center, Restaurants and grocery stores.
SEE MORE
MARKET HIGHLIGHTS
- 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 area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 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)
- As part of Southern California area, Orange County market inherits all the benefits from the area.
- 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)
PRICE & RENT TRENDS
Neighborhood: Armstrong
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Armstrong
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $3,070 |
| EXPENSES | Loan Payment | -$1,505 |
| Property Tax | -$434 | |
| Property Insurance | -$62 | |
| HOA | -$462 | |
| Property Management Fees | -$150 | |
|
CASH FLOW
$456
|
||
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.
$408,000
PROJECTED PRICE
$3,070
PROJECTED RENT
0.75%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 4.24% |
| Appreciation Year (1-5) | 8.23% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.38% |
| Length of Stay Years | 2 |
TOTAL CASH OUT OF POCKET
INVESTMENT
$113,870
LOAN DETAILS
$1,505
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $102,000 |
| Loan Amount | $306,000 |
11.42
YEARS SAVED
$82,714
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$3,070
LIST RENT -
$2.15
LIST RENT PER SQFT
-
$3,159
COMP ESTIMATED VALUE -
$2.21
COMP AVG. RENT PER SQFT
Comps Range
-
3403 Meadow Costa Mesa, 1
- 3 beds 2 baths ∙ 1,431 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,431 Sqft ∙ Built 1976
- Rent
- Rent Per SQFT
- $3,070
- $2.15
-
2010 W Summer Wind Santa Ana, 2
- 3 beds 1 baths ∙ 1,406 Sqft ∙ Built 1973 3 beds 1 baths ∙ 1,406 Sqft ∙ Built 1973
LEASED 09/14/19- Rent
- Rent Per SQFT
- $3,100
- $2.20
-
3718 S Sea Breeze Santa Ana, 3
- 3 beds 2 baths ∙ 1,406 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,406 Sqft ∙ Built 1974
LEASED 10/22/19- Rent
- Rent Per SQFT
- $3,180
- $2.26
-
1921 Bay Crest Street Santa Ana, 4
- 3 beds 2 baths ∙ 1,379 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,379 Sqft ∙ Built 1973
LEASED 12/03/19- Rent
- Rent Per SQFT
- $3,200
- $2.32
-
3132 Coolidge Avenue Costa Mesa, 5
- 3 beds 2 baths ∙ 1,606 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,606 Sqft ∙ Built 1963
LEASED 05/15/20- Rent
- Rent Per SQFT
- $3,300
- $2.05
PROPERTY LISTING DETAILS
Reva
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: AR20140947
Last Updated: 08/24/2020
