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8332 Polk Circle Huntington Beach, CA 92646

3 Beds 2 Baths 1,495 sqft Built 1960

$949,900

List Price

$3,270

$3K - $3.5K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1960
  • Price/Sqft : $635.38
  • 11 Days on Market
  • MLS # : OC21000691
  • Updated Date : 01/14/2021 at 11:04
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,495 sqft
  • Baths : 1 full , 1 half
Listing Agent

Exp Realty Of California Inc

Listing Agent's Description

View, View, View. of Mountains & Fashion Island, One mile to the Beautiful Pacific Ocean. 6,913 Square Foot Lot, Single Level 1,495 Sq. Ft. Doll House, Rare Opportunity to Expand - Plus Add an A.D.U. ( Accessory Dwelling Unit ). 3 Bedrooms, 1 1/2 baths, Family Room approx. 17x26 with Fireplace and 2 Large Bright Skylights. Spa / Hot tub in Private Back Yard. 2 Car Attached Garage. Just a few minutes to Downtown & the Pier. Quick access to shopping. Location, Location, Location.

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: 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
Joseph R. Perry Elementary School Primary Regular 468 19 6
Ethel Dwyer Middle School Middle Regular 1,243 43 8
Huntington Beach Adult School High Magnet 2,939 103 9

Joseph R. Perry Elementary School

  • Education Level: Primary
  • # of students: 468
  • # of teachers: 19
6
GreatSchools Rating

Ethel Dwyer Middle School

  • Education Level: Middle
  • # of students: 1,243
  • # of teachers: 43
8
GreatSchools Rating

Huntington Beach Adult School

  • Education Level: High
  • # of students: 2,939
  • # of teachers: 103
9
GreatSchools Rating
 

$854,910$1,044,890$949,900

PURCHASE PRICE

$2,943$3,597$3,270

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,270
EXPENSES Loan Payment -$3,299
Property Tax -$939
Property Insurance -$63
Property Management Fees -$160
CASH FLOW
-$1,191

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.

$949,900

PROJECTED PRICE

$3,270

PROJECTED RENT

0.34%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 5.2%
Maintenance Year (1-5) 8.00%
Vacancy 5.38%
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-$20k-$15k-$10k-$5.0k$0.0$5.0k$10k$15k

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$257,474

INVESTMENT

$257,474

Down Payment
$237,475
Rehab Estimate
$5,750
Closing Costs
$14,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,299

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $237,475
Loan Amount $712,425
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$779

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,270

    LIST RENT
  • $2.19

    LIST RENT PER SQFT
  • $3,289

    COMP ESTIMATED VALUE
  • $2.2

    COMP AVG. RENT PER SQFT
Comps Range
$3,100
1$3,1002$3,2703$3,3004$3,5305$3,595
$3,595
RENT COMPS ANALYSIS
  • 8332 Polk Circle Huntington Beach, CA 2
    • 3 beds 2 baths ∙ 1,495 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,495 Sqft ∙ Built 1960
    • Rent
    • Rent Per SQFT
    •  
    • $3,270
    • $2.19
    •  
  • 512 Utica Avenue Huntington Beach, CA 1
    • 3 beds 2 baths ∙ 1,349 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,349 Sqft ∙ Built 1973
    LEASED 10/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $2.30
    •  
  • 8541 Pierre Drive Huntington Beach, CA 3
    • 3 beds 2 baths ∙ 1,557 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,557 Sqft ∙ Built 1975
    LEASED 12/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.12
    •  
  • 8762 Luss Drive Huntington Beach, CA 4
    • 4 beds 2 baths ∙ 1,602 Sqft ∙ Built 1968 4 beds 2 baths ∙ 1,602 Sqft ∙ Built 1968
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,530
    • $2.20
    •  
  • 19072 Summerfield Lane Huntington Beach, CA 5
    • 3 beds 2 baths ∙ 1,652 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,652 Sqft ∙ Built 1964
    LEASED 03/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,595
    • $2.18
    •  
PROPERTY LISTING DETAILS
Leland Chesley
Exp Realty Of California Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21000691
Last Updated: 01/14/2021
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