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623 Knowell Place Costa Mesa, CA 92627

3 Beds 2 Baths 1,313 sqft Built 1955

$868,880

List Price

$3,260

$3K - $3.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1955
  • Price/Sqft : $661.75
  • 7 Days on Market
  • MLS # : OC21148383
  • Updated Date : 07/13/2021 at 10:27
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,313 sqft
  • Baths : 2 full
Listing Agent

Pinnacle Real Estate Group

Listing Agent's Description

Welcome to this completely renovated home in beautiful city of Costa Mesa. This impressive home is highly upgraded inside out. New roof, new flooring throughout the whole house, new interior and exterior paint, new LED recess lights, new double panel Low E vinyl windows. Enjoy gatherings in the generously-sized living area adjusted to dinner area. Spacious kitchen with large quartz counter top, new appliances, newer cabinet, stylish backslashes, new faucet and sink. Bathrooms with new quartz counter, stylish shower wall tiles, new vanities, and designer’s tile floors. This home is ideally positioned to enjoy the proximity to beaches, cafes and restaurants, shopping center. Easy access to 405 & 55, Enjoy walking trails, biking routes , the beach, or experience a concert of Broadway production, come and enjoy everything this beautiful city of Costa Mesa has to offer.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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]

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
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
 

$781,992$955,768$868,880

PURCHASE PRICE

$2,934$3,586$3,260

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,260
EXPENSES Loan Payment -$3,018
Property Tax -$866
Property Insurance -$59
Property Management Fees -$160
CASH FLOW
-$842

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.

$868,880

PROJECTED PRICE

$3,260

PROJECTED RENT

0.38%

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$500k$1.0M$1.5M$2.0M$2.5M

PROJECTED ANNUAL CASH FLOW

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

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$236,003

INVESTMENT

$236,003

Down Payment
$217,220
Rehab Estimate
$5,750
Closing Costs
$13,033

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$3,018

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $217,220
Loan Amount $651,660
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$7,040

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,260

    LIST RENT
  • $2.48

    LIST RENT PER SQFT
  • $3,391

    COMP ESTIMATED VALUE
  • $2.58

    COMP AVG. RENT PER SQFT
Comps Range
$2,590
1$2,5902$3,2603$3,3004$3,3005$3,850
$3,850
RENT COMPS ANALYSIS
  • 623 Knowell Place Costa Mesa, CA 2
    • 3 beds 2 baths ∙ 1,313 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,313 Sqft ∙ Built 1955
    • Rent
    • Rent Per SQFT
    •  
    • $3,260
    • $2.48
    •  
  • 1845 Anaheim Avenue Costa Mesa, CA 1
    • 3 beds 2 baths ∙ 1,212 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,212 Sqft ∙ Built 1963
    LEASED 04/24/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,590
    • $2.14
    •  
  • 959 Arbor Street Costa Mesa, CA 3
    • 3 beds 2 baths ∙ 1,236 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,236 Sqft ∙ Built 1954
    LEASED 10/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.67
    •  
  • 935 Senate Street Costa Mesa, CA 4
    • 3 beds 2 baths ∙ 1,154 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,154 Sqft ∙ Built 1957
    LEASED 11/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.86
    •  
  • 2272 Fordham Drive Costa Mesa, CA 5
    • 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1957
    LEASED 01/14/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,850
    • $2.66
    •  
PROPERTY LISTING DETAILS
Christine Wang
Pinnacle Real Estate Group
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21148383
Last Updated: 07/13/2021
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