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5621 Nevada Drive Huntington Beach, CA 92647

3 Beds 2 Baths 1,203 sqft Built 1963

INVESTimate

$819,000

List Price

$2,880

$2,630 - $3,130

Rent Est.

$861,752  ( +5.22%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1963
  • Price/Sqft : $680.80
  • 21 Days on Market
  • MLS # : IG20158718
  • Updated Date : 08/25/2020 at 07:25
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,203 sqft
  • Baths : 2 full
Listing Agent

Richard Thompson, Broker

Listing Agent's Description

This stunning Huntington Beach single story home has been totally remodeled! As you walk in you notice how open the family room is to the kitchen and the dining room. So many items have been updated on this property- kitchen,windows, flooring, the electrical has been updated, the plumbing is all copper pipes, and the furnace has been relocated to the attic as well as the laundry relocated to a hall closet. The family room features recessed lighting, scraped ceilings, and bamboo flooring, with upgraded baseboards. The kitchen has a large open island great for dine in eating and freshly painted white cabinets. The stainless appliances include a brand new dishwasher, upgraded ceiling mount hood, stainless oven and cooktop. With easy access to the dining room you have an upgraded dining room light, bright window and open air to the hallway. You have bamboo flooring throughout except for the bathrooms which have both been fully remodeled and feature upgraded tile flooring. The hall guest bathroom has a very clean feel with white tile shower, and grey vanity all very new. All three bedrooms have ceiling fans, and newer windows, and the master bedroom features mirrored closet doors and an en suite master bath with full size shower, and upgraded "beachy" vibe vanity. The garage is spacious with room for work benches and storage, The backyard you can relax in the covered gazebo, and find a surprise garden on the side. Close to schools, freeway and park. Not far to the beach either!

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: Huntington Beach

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800kPrice in $243k844k

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

Neighborhood: Huntington Beach

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21800200022002400260028003000320034003600Rent in $17803620

* 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
Schroeder Elementary School Primary Regular 636 25 8
Helen Stacey Middle School Middle Regular 907 39 8
Marina High School High Regular 2,438 93 9

Schroeder Elementary School

  • Education Level: Primary
  • # of students: 636
  • # of teachers: 25
8
GreatSchools Rating

Helen Stacey Middle School

  • Education Level: Middle
  • # of students: 907
  • # of teachers: 39
8
GreatSchools Rating

Marina High School

  • Education Level: High
  • # of students: 2,438
  • # of teachers: 93
9
GreatSchools Rating
 

$737,100$900,900$819,000

PURCHASE PRICE

$2,592$3,168$2,880

RENT

DOWN PAYMENT
FINANCING

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-$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,880
EXPENSES Loan Payment -$3,022
Property Tax -$844
Property Insurance -$56
Property Management Fees -$141
CASH FLOW
-$1,183

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.

$819,000

PROJECTED PRICE

$2,880

PROJECTED RENT

0.35%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 5.22%
Maintenance Year (1-5) 8.00%
Vacancy 5.38%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$222,785

INVESTMENT

$222,785

Down Payment
$204,750
Rehab Estimate
$5,750
Closing Costs
$12,285

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,022

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $204,750
Loan Amount $614,250
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$291

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,880

    LIST RENT
  • $2.39

    LIST RENT PER SQFT
  • $2,893

    COMP ESTIMATED VALUE
  • $2.41

    COMP AVG. RENT PER SQFT
Comps Range
$2,880
1$2,8802$2,9953$2,9954$3,0005$3,200
$3,200
RENT COMPS ANALYSIS
  • 5621 Nevada Drive Huntington Beach, 1
    • 3 beds 2 baths ∙ 1,203 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,203 Sqft ∙ Built 1963
    • Rent
    • Rent Per SQFT
    •  
    • $2,880
    • $2.39
    •  
  • 5931 Frontier Circle Huntington Beach, 2
    • 3 beds 2 baths ∙ 1,195 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,195 Sqft ∙ Built 1963
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $2.51
    •  
  • 5922 San Souci Circle Huntington Beach, 3
    • 3 beds 2 baths ∙ 1,195 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,195 Sqft ∙ Built 1963
    LEASED 09/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $2.51
    •  
  • 5325 Victoria Place Westminster, 4
    • 3 beds 2 baths ∙ 1,367 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,367 Sqft ∙ Built 1972
    LEASED 01/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $2.19
    •  
  • 6072 Briarcliff Drive Huntington Beach, 5
    • 4 beds 2 baths ∙ 1,330 Sqft ∙ Built 1965 4 beds 2 baths ∙ 1,330 Sqft ∙ Built 1965
    LEASED 04/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.41
    •  
PROPERTY LISTING DETAILS
Michelle Williams
Richard Thompson, Broker
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IG20158718
Last Updated: 08/25/2020
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