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594 Hamilton Street #E Costa Mesa, CA 92627

3 Beds 2 Baths 1,336 sqft Built 1974

$595,000

List Price

$2,890

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1974
  • Price/Sqft : $445.36
  • 10 Days on Market
  • MLS # : OC20238478
  • Updated Date : 11/18/2020 at 09:24
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,336 sqft
  • Baths : 2 full
Listing Agent

Douglas Elliman Of California

Listing Agent's Description

Warm and welcoming, open and bright! The soaring ceilings and corner fireplace are special features to this 3 bedroom, 2 bath home with a loft to use as a home office, workout room, study space or playroom. The kitchen is south facing with lots of natural light, extra counter space, a gas stove and new dishwasher. The living and dining area are open to the rear yard which has a giant covered patio and a very large grass area plus side yard access. The unique bonus to this home is two main floor bedrooms, the master has a new vanity with marble top and lighting and a tub/shower combo with farmhouse style black fixtures and mirror. The downstairs also has a laundry, washer and dryer included. The upstairs consists of an open loft area and third bedroom. The home comes with one detached garage and one designated parking space. The community has very low HOA fees which include insurance, exterior maintenance and trash and guest parking. Located convenient to shopping and restaurants, near Triangle Square. Recently renovated with paint, flooring and lighting - just ready for someone to make it their own!

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Westside Costa Mesa

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800kPrice in $212k841k

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

Neighborhood: Westside Costa Mesa

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21600180020002200240026002800300032003400Rent in $15943537

* 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
Wilson Elementary School Primary Regular 526 23 4
Tewinkle Middle School Middle Regular 654 29 4
Estancia High School High Regular 1,335 52 6

Wilson Elementary School

  • Education Level: Primary
  • # of students: 526
  • # of teachers: 23
4
GreatSchools Rating

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
 

$535,500$654,500$595,000

PURCHASE PRICE

$2,601$3,179$2,890

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,890
EXPENSES Loan Payment -$2,195
Property Tax -$593
Property Insurance -$59
HOA -$200
Property Management Fees -$142
CASH FLOW
-$299

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$595,000

PROJECTED PRICE

$2,890

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.42%
Appreciation Year (1-5) 5.3%
Maintenance Year (1-5) 8.00%
Vacancy 4.35%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$163,425

INVESTMENT

$163,425

Down Payment
$148,750
Rehab Estimate
$5,750
Closing Costs
$8,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$2,195

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $148,750
Loan Amount $446,250
See What Happens When You Reinvest Cash Flow

3.75

YEARS SAVED

$24,709

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,890

    LIST RENT
  • $2.16

    LIST RENT PER SQFT
  • $3,333

    COMP ESTIMATED VALUE
  • $2.5

    COMP AVG. RENT PER SQFT
Comps Range
$2,850
1$2,8502$2,8903$3,0004$3,4005$3,500
$3,500
RENT COMPS ANALYSIS
  • 594 Hamilton Street Costa Mesa, CA 2
    • 3 beds 2 baths ∙ 1,336 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,336 Sqft ∙ Built 1974
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,890
    • $2.16
    •  
  • 260 Victoria Street Costa Mesa, CA 1
    • 3 beds 3 baths ∙ 1,257 Sqft ∙ Built 1984 3 beds 3 baths ∙ 1,257 Sqft ∙ Built 1984
    property image
    LEASED 11/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $2.27
    •  
  • 260 Victoria Street Costa Mesa, CA 3
    • 3 beds 3 baths ∙ 1,257 Sqft ∙ Built 1984 3 beds 3 baths ∙ 1,257 Sqft ∙ Built 1984
    property image
    LEASED 11/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $2.39
    •  
  • 175 21st Street E Costa Mesa, CA 4
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1976
    property image
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $2.83
    •  
  • 1789 Crestmont Place Costa Mesa, CA 5
    • 3 beds 2 baths ∙ 1,405 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,405 Sqft ∙ Built 1957
    property image
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.49
    •  
PROPERTY LISTING DETAILS
Sarah Sitar
Douglas Elliman Of California
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20238478
Last Updated: 11/18/2020
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