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858 Towne Street Costa Mesa, CA 92627

3 Beds 2 Baths 1,000 sqft Built 1955

$950,000

List Price

$2,930

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1955
  • Price/Sqft : $950.00
  • 16 Days on Market
  • MLS # : EV21010076
  • Updated Date : 01/29/2021 at 19:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,000 sqft
  • Baths : 2 full
Listing Agent

Berkshire Hathaway Homeservices California Realty

Listing Agent's Description

Welcomed to this beautiful mid-century 3 bedroom 2 bath POOL HOME sitting in a very nice area and near shopping, hiking trails, CA-55 and CA-405. Tile flooring throughout the home, textured ceilings and newer paint. If you are looking for a home with space, you definitely don't want to miss this one. This property features a huge bonus room currently divided as a 4th and 5th rooms. Get ready for those summer days with this expansive entertainers Back backyard with a swimming pool, a separated porch area. Pet run and much more. 2 Car garage with textured ceiling and tile flooring. it has a gated entrance and block and wood fence around. Solar system will be paid off at close of escrow. seller took really good care of this property. Bring your own ideas and make it your own. Schedule your appointment to see it!!!

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: 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
Ensign Intermediate School Middle Regular 1,173 42 8
Newport Harbor High School High Regular 2,355 82 8

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
 

$855,000$1,045,000$950,000

PURCHASE PRICE

$2,637$3,223$2,930

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,930
EXPENSES Loan Payment -$3,300
Property Tax -$907
Property Insurance -$51
Property Management Fees -$144
CASH FLOW
-$1,472

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.

$950,000

PROJECTED PRICE

$2,930

PROJECTED RENT

0.31%

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-$25k-$20k-$15k-$10k-$5.0k$0.0$5.0k

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$257,500

INVESTMENT

$257,500

Down Payment
$237,500
Rehab Estimate
$5,750
Closing Costs
$14,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,300

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $237,500
Loan Amount $712,500
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$86

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,930

    LIST RENT
  • $2.93

    LIST RENT PER SQFT
  • $2,543

    COMP ESTIMATED VALUE
  • $2.54

    COMP AVG. RENT PER SQFT
Comps Range
$2,930
1$2,9302$2,9503$2,9504$3,1005$3,300
$3,300
RENT COMPS ANALYSIS
  • 858 Towne Street Costa Mesa, CA 1
    • 3 beds 2 baths ∙ 1,000 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,000 Sqft ∙ Built 1955
    • Rent
    • Rent Per SQFT
    •  
    • $2,930
    • $2.93
    •  
  • 2020 Republic Avenue Costa Mesa, CA 2
    • 3 beds 1 baths ∙ 1,265 Sqft ∙ Built 1954 3 beds 1 baths ∙ 1,265 Sqft ∙ Built 1954
    LEASED 06/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $2.33
    •  
  • 6 Latitude Court Newport Beach, CA 3
    • 3 beds 2 baths ∙ 1,129 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,129 Sqft ∙ Built 1973
    LEASED 08/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $2.61
    •  
  • 1845 Anaheim Avenue Costa Mesa, CA 4
    • 3 beds 2 baths ∙ 1,212 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,212 Sqft ∙ Built 1963
    LEASED 09/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $2.56
    •  
  • 959 Arbor Street Costa Mesa, CA 5
    • 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
    •  
PROPERTY LISTING DETAILS
Maria Garcia
Berkshire Hathaway Homeservices California Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: EV21010076
Last Updated: 01/29/2021
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