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916 Lombard Court Costa Mesa, CA 92626

3 Beds 3 Baths 2,008 sqft Built 1979

$738,000

List Price

$3,310

$3.1K - $3.6K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1979
  • Price/Sqft : $367.53
  • 10 Days on Market
  • MLS # : PW20234600
  • Updated Date : 11/13/2020 at 09:56
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,008 sqft
  • Baths : 2 full , 1 half
Listing Agent

Torelli Realty

Listing Agent's Description

It is all about the location within this cherished complex...AND the 1,000 sq ft master suite. Wait until you spend some time in your own upstairs retreat with office and skylight vaulted ceilings. So much closet space and a luxurious bath with a spa-like feel. Balcony off the 2nd bedroom with privacy and sunrise views. All bedrooms are very generous in size and feel like their own get-aways. The entire home has "wood" like modern tile flooring that is indestructible and gives a very airy feeling. The natural lighting is just wonderful for working at home or quiet meditative mornings. Enjoy the private back yard with no units looking in on you, and right by the private park-like green areas where you will meet other dog walkers and in natural surroundings. Talk about a walk score of 20!!! The best pizza and pho restaurants are just a short walk away..along with The Camp and all that this area has to offer. We cannot say enough about the locations of this home and the neighbors.... everyone looking out for each other yet respectful of privacy. Eat-in kitchen and dining area in this open flow home. Super quiet cul de sac location.

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MARKET HIGHLIGHTS

  • 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)
  • 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.

PRICE & RENT TRENDS

Neighborhood: Mesa North

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800kPrice in $243k841k

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

Neighborhood: Mesa North

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q220002200240026002800300032003400Rent in $18443537

* 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
Paularino Elementary School Primary Regular 444 20 7
Paularino Elementary School Middle Regular 444 20 7
Costa Mesa High School High Regular 1,779 69 6

Paularino Elementary School

  • Education Level: Primary
  • # of students: 444
  • # of teachers: 20
7
GreatSchools Rating

Paularino Elementary School

  • Education Level: Middle
  • # of students: 444
  • # of teachers: 20
7
GreatSchools Rating

Costa Mesa High School

  • Education Level: High
  • # of students: 1,779
  • # of teachers: 69
6
GreatSchools Rating
 

$664,200$811,800$738,000

PURCHASE PRICE

$2,979$3,641$3,310

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,310
EXPENSES Loan Payment -$2,723
Property Tax -$750
Property Insurance -$76
HOA -$420
Property Management Fees -$162
CASH FLOW
-$821

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.

$738,000

PROJECTED PRICE

$3,310

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.24%
Appreciation Year (1-5) 6.1%
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

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$201,320

INVESTMENT

$201,320

Down Payment
$184,500
Rehab Estimate
$5,750
Closing Costs
$11,070

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,723

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $184,500
Loan Amount $553,500
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$2,406

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,310

    LIST RENT
  • $1.65

    LIST RENT PER SQFT
  • $3,695

    COMP ESTIMATED VALUE
  • $1.84

    COMP AVG. RENT PER SQFT
Comps Range
$3,310
1$3,3102$3,5003$3,5004$4,2005$4,200
$4,200
RENT COMPS ANALYSIS
  • 916 Lombard Court Costa Mesa, CA 1
    • 3 beds 3 baths ∙ 2,008 Sqft ∙ Built 1979 3 beds 3 baths ∙ 2,008 Sqft ∙ Built 1979
    • Rent
    • Rent Per SQFT
    •  
    • $3,310
    • $1.65
    •  
  • 3298 Turlock Drive Costa Mesa, CA 2
    • 3 beds 2 baths ∙ 1,884 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,884 Sqft ∙ Built 1973
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.86
    •  
  • 3024 Cleveland Avenue Costa Mesa, CA 3
    • 3 beds 3 baths ∙ 2,096 Sqft ∙ Built 1962 3 beds 3 baths ∙ 2,096 Sqft ∙ Built 1962
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.67
    •  
  • 801 Megan Court Costa Mesa, CA 4
    • 4 beds 2 baths ∙ 2,160 Sqft ∙ Built 1996 4 beds 2 baths ∙ 2,160 Sqft ∙ Built 1996
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $1.94
    •  
  • 3084 Tara Costa Mesa, CA 5
    • 4 beds 3 baths ∙ 2,225 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,225 Sqft ∙ Built 1997
    LEASED 06/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $1.89
    •  
PROPERTY LISTING DETAILS
Valerie Torelli
Torelli Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20234600
Last Updated: 11/13/2020
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