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380 Mira Loma Place Costa Mesa, CA 92627

5 Beds 3 Baths 2,164 sqft Built 1959

$1,350,000

List Price

$4,330

$4.1K - $4.6K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1959
  • Price/Sqft : $623.84
  • 16 Days on Market
  • MLS # : PW21010347
  • Updated Date : 01/29/2021 at 13:57
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,164 sqft
  • Baths : 3 full
Listing Agent

First Team Real Estate

Listing Agent's Description

Cul-de-sac Location in East side Costa Mesa adjacent to the Back Bay of New Port Beach and close to the Newport Beach golf Course. This home is perfect for a contractor / RV owner / home shop operator and lots more to offer. This large 5bd, 3ba home has 2164/sqft on a 8,370 lot at the end of a Cul-de-sac facing east. Lots of upgrades throughout the home: bay windows, double paned windows, tile floors, 2 bathrooms remodeled, granite counters in the kitchen, 220 in the garage, RV access.

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: 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
Kaiser Elementary School Primary Regular 681 23 8
Ensign Intermediate School Middle Regular 1,173 42 8
Newport Harbor High School High Regular 2,355 82 8

Kaiser Elementary School

  • Education Level: Primary
  • # of students: 681
  • # of teachers: 23
8
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
 

$1,215,000$1,485,000$1,350,000

PURCHASE PRICE

$3,897$4,763$4,330

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,330
EXPENSES Loan Payment -$4,689
Property Tax -$1,301
Property Insurance -$79
Property Management Fees -$212
CASH FLOW
-$1,951

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.

$1,350,000

PROJECTED PRICE

$4,330

PROJECTED RENT

0.32%

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$2.5M$3.0M$3.5M$4.0M

PROJECTED ANNUAL CASH FLOW

11530-$30k-$20k-$10k$0.0$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M$4.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$363,500

INVESTMENT

$363,500

Down Payment
$337,500
Rehab Estimate
$5,750
Closing Costs
$20,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,689

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $337,500
Loan Amount $1,012,500
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$138

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,330

    LIST RENT
  • $2

    LIST RENT PER SQFT
  • $4,696

    COMP ESTIMATED VALUE
  • $2.17

    COMP AVG. RENT PER SQFT
Comps Range
$4,300
1$4,3002$4,3303$4,5004$4,9005$4,995
$4,995
RENT COMPS ANALYSIS
  • 380 Mira Loma Place Costa Mesa, CA 2
    • 5 beds 3 baths ∙ 2,164 Sqft ∙ Built 1959 5 beds 3 baths ∙ 2,164 Sqft ∙ Built 1959
    • Rent
    • Rent Per SQFT
    •  
    • $4,330
    • $2.00
    •  
  • 421 Vista Parada Newport Beach, CA 1
    • 4 beds 3 baths ∙ 2,066 Sqft ∙ Built 1971 4 beds 3 baths ∙ 2,066 Sqft ∙ Built 1971
    LEASED 12/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,300
    • $2.08
    •  
  • 2300 La Linda Place Newport Beach, CA 3
    • 4 beds 3 baths ∙ 2,043 Sqft ∙ Built 1965 4 beds 3 baths ∙ 2,043 Sqft ∙ Built 1965
    LEASED 09/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $2.20
    •  
  • 316 Otero Newport Beach, CA 4
    • 4 beds 3 baths ∙ 2,257 Sqft ∙ Built 1970 4 beds 3 baths ∙ 2,257 Sqft ∙ Built 1970
    LEASED 10/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,900
    • $2.17
    •  
  • 2382 Bay Farm Place Newport Beach, CA 5
    • 4 beds 3 baths ∙ 2,238 Sqft ∙ Built 1968 4 beds 3 baths ∙ 2,238 Sqft ∙ Built 1968
    LEASED 11/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,995
    • $2.23
    •  
PROPERTY LISTING DETAILS
Douglas Campbell
First Team Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21010347
Last Updated: 01/29/2021
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