2137 Miramar · Newport Beach, CA 92661

$589,999

4 bd · 3.0 ba · 2,088 sqft · SingleFamily public records · 272 Days on market

Built 1950 2,730 sqft lot $283/sqft · 85% below area

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Why this score? — see what drove the A- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Schools +4.8/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This is a Co-Ownership opportunity. 1/8th ownership. Adrien is a fully remodeled 1950s bungalow that provides the quintessential Newport Beach experience. Just steps away from Balboa Beach, Newport Bay, and the Wedge, this coastal gem takes serene, beachy vibes to the next level. You'll instantly feel at home in this perfectly manicured south-end neighborhood of the Balboa Penisula. Gorgeous cathedral ceilings, hardwood floors, quality furniture pieces, and exquisite finishes ensure a memorable experience the moment you step through the front door. This 4 bedroom 4 bathroom home that includes a bunkroom accommodates up to 10 guests. Prepare fresh seafood meals while taking in the coastal breeze in Adrien's fully stocked gourmet kitchen. After a long day at the beach wash off in the outdoor shower and head up to the private terrace with outdoor fireplace to watch the breathtaking Southern California sunsets night after night.

Key facts

• Outdoor fireplace
• Private terrace
• Gourmet kitchen

Tags

• FULLY REMODELED 1950S BUNGALOW
• STEPS AWAY FROM BALBOA BEACH
• GOURMET KITCHEN
• OUTDOOR SHOWER
• PRIVATE TERRACE
• OUTDOOR FIREPLACE

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $590k.

Deal economics

• At list price, monthly cash flow is $4k ($44k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $590k).
• Recommended offer: $519k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.8% vs local median 0.6% in Newport Beach — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 76/100 on livability (#101 in CA, #3,645 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, amenities A+, employment A+; Watch: health & safety C-, cost of living F.
• Newport-Mesa Unified (urban): math 46% / reading 58% proficiency, ranked #106 of 517 in CA (top 20%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+13.6%/yr); 52 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 65% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 6,974 units permitted in Orange County in 2024 (3,839 in 5+ unit buildings).
• At $9,818/mo this rent would consume 56% of the median local household income ($209k/yr) (locally 72% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $63k of equity ($4k loan paydown + $59k appreciation (10.0% local appreciation)).
• Orange County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $165k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$101k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 272 days — a 12% lower offer ($519k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $519,199 (12.0% below list)

Questions for the listing agent

1. It's been on market 272 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.66% ✓
• Cap rate: 13.78%
• Cash-on-cash: 26.72%
• DSCR: 2.19
• GRM: 5.0

CMA / ARV

• ARV (median comp): $4,032,565
• List price: $589,999
• Delta: -85.37%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2618 Cove St	0.29mi	3/3.5 (-1)	1,897 (-9%)	2mo	$4,500,000	$2,372	63
1517 Miramar Dr	0.44mi	3/2.0 (-1)	2,090 (+0%)	11mo	$3,200,000	$1,531	62
300 Heliotrope Ave	0.48mi	4/4.0	2,094 (+0%)	19mo	$4,370,000	$2,087	58
516-1/2 Acacia Ave Unit 1/2	0.60mi	3/3.5 (-1)	2,139 (+2%)	14mo	$4,200,000	$1,964	50
121 Onyx Ave	0.75mi	3/3.0 (-1)	1,975 (-5%)	8mo	$3,400,000	$1,722	44
237 Heliotrope Ave	0.43mi	3/3.0 (-1)	1,816 (-13%)	15mo	$4,650,000	$2,561	41
612 Goldenrod Ave	0.72mi	3/4.0 (-1)	2,041 (-2%)	16mo	$3,050,000	$1,494	40
209 E Bayfront	0.69mi	4/3.5	2,315 (+11%)	11mo	$8,500,000	$3,672	39
1727 Galatea Ter	0.65mi	3/2.0 (-1)	2,320 (+11%)	4mo	$8,505,000	$3,666	38
518 Angelita Dr	0.62mi	4/3.0	2,345 (+12%)	16mo	$4,520,000	$1,928	37
126 Abalone Ave	0.69mi	5/4.5 (+1)	2,219 (+6%)	12mo	$5,500,000	$2,479	36
123 Crystal Ave	0.67mi	3/4.5 (-1)	2,389 (+14%)	12mo	$7,000,000	$2,930	24

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 47.5%
• Equity multiple: 4.68×
• Total profit: $607,664
• Equity at exit: $531,518

10-year hold

• IRR: 43.4%
• Equity multiple: 11.50×
• Total profit: $1,734,049
• Equity at exit: $1,146,238

Cash invested: $165,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 92661

• Home prices YoY: 4.5%
• Rents YoY: 13.6%
• Active inventory: 52
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $9,818 medium
• Mortgage (P&I): −$3,094
• Tax est. 1.5%: −$737 /mo · $8,850/yr
• Insurance: −$246
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,062
• Net cashflow: $3,679

Break-even live

Break-even rent $5,161

Max offer price $589,999

Occupancy floor 58%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $147,500
• Closing costs: $17,700
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2035 Miramar Dr Newport Beach, CA	4.0	3.0	2028	$21,000	$10.36	43d	1	0.11mi
2137 Channel Rd Newport Beach, CA	4.0	2.5	2632	$13,750	$5.22	24d	1	0.15mi
2137 Channel Rd Newport Beach, CA	4.0	2.5	2598	$14,000	$5.39	3d	1	0.15mi
2037 E Ocean Blvd Newport Beach, CA	4.0	4.0	2943	$30,000	$10.19	43d	1	0.15mi
2105 E Balboa Blvd Newport Beach, CA	4.0	4.5	2985	$28,500	$9.55	43d	1	0.19mi
2105 E Balboa Blvd Newport Beach, CA	4.0	4.5	2985	$28,500	$9.55	3d	1	0.19mi
2025 E Balboa Blvd Newport Beach, CA	4.0	4.0	3000	$14,000	$4.67	43d	1	0.23mi
2824 Ocean Blvd Corona del Mar, CA	5.0	4.0	2800	$15,995	$5.71	43d	1	0.34mi
507 J St Newport Beach, CA	4.0	3.0	1800	$30,000	$16.67	24d	1	0.36mi
1576 E Ocean Blvd Newport Beach, CA	4.0	3.0	2321	$16,500	$7.11	43d	1	0.37mi
315 Goldenrod Ave Corona del Mar, CA	4.0	3.5	2800	$25,000	$8.93	43d	1	0.44mi
315 1/2 Goldenrod Ave Corona del Mar, CA	3.0	2.5	1690	$9,995	$5.91	7d	1	0.44mi
225 Iris Ave Corona del Mar, CA	3.0	2.0	1426	$15,500	$10.87	43d	1	0.45mi
2801 Bayside Dr Corona del Mar, CA	4.0	4.5	2801	$19,995	$7.14	43d	1	0.46mi
1509 E Bay Ave Newport Beach, CA	4.0	4.5	2582	$45,000	$17.43	43d	1	0.48mi
409 Goldenrod Ave Unit A Corona Del Mar, CA	3.0	2.5	1809	$9,750	$5.39	43d	1	0.50mi
411 Goldenrod Ave Unit B Corona Del Mar, CA	3.0	3.0	1900	$8,575	$4.51	19d	1	0.51mi
1411 E Bay Ave Newport Beach, CA	4.0	4.0	2548	$27,500	$10.79	43d	1	0.53mi
412 Goldenrod Ave Unit B Corona Del Mar, CA	3.0	3.0	1419	$9,000	$6.34	43d	1	0.53mi
411 1/2 Heliotrope Ave Corona del Mar, CA	3.0	3.5	1847	$14,000	$7.58	4d	1	0.54mi
232 Jasmine Ave Corona del Mar, CA	3.0	3.0	1720	$12,800	$7.44	43d	1	0.54mi
435 Dahlia Ave Corona del Mar, CA	3.0	3.0	1536	$6,975	$4.54	43d	1	0.54mi
441 Carnation Ave Corona del Mar, CA	3.0	2.5	2084	$13,000	$6.24	24d	1	0.55mi
319 Jasmine Ave Corona del Mar, CA	3.0	3.5	2472	$16,000	$6.47	6d	1	0.56mi
436 Fernleaf Ave Unit 1/2 Corona Del Mar, CA	3.0	2.0	1440	$5,750	$3.99	24d	1	0.57mi
504 Avocado Ave Corona del Mar, CA	3.0	3.0	2006	$20,000	$9.97	43d	1	0.58mi
212 Marguerite Ave Corona del Mar, CA	3.0	2.5	2500	$25,000	$10.00	43d	1	0.61mi
214 Marguerite Ave Corona del Mar, CA	3.0	3.0	1894	$30,000	$15.84	43d	1	0.62mi
309 Marguerite Ave Unit C Corona del Mar, CA	3.0	2.0	1444	$6,850	$4.74	22d	1	0.62mi
517 Fernleaf Ave Corona del Mar, CA	4.0	3.5	2000	$13,000	$6.50	24d	1	0.63mi
604 Acacia Ave Corona del Mar, CA	3.0	2.5	2127	$18,000	$8.46	43d	1	0.65mi
1214 E Balboa Blvd Newport Beach, CA	4.0	3.5	2672	$22,000	$8.23	43d	1	0.67mi
112 Abalone Ave Newport Beach, CA	5.0	4.0	2893	$12,800	$4.42	43d	1	0.68mi
1901 Altura Dr Corona del Mar, CA	4.0	3.0	2616	$14,250	$5.45	43d	1	0.70mi
707 Begonia Ave Corona del Mar, CA	3.0	3.5	2085	$10,500	$5.04	43d	1	0.72mi
608 1/2 Heliotrope Ave Corona Del Mar, CA	3.0	2.0	1475	$5,575	$3.78	4d	1	0.73mi
512 Jasmine Ave Corona del Mar, CA	3.0	3.5	2097	$19,995	$9.54	43d	1	0.73mi
125 Grand Canal Newport Beach, CA	5.0	4.0	2520	$30,000	$11.90	43d	1	0.75mi
705 1/2 Goldenrod Ave Corona del Mar, CA	3.0	2.5	1543	$7,500	$4.86	12d	1	0.75mi
117 Marine Ave Newport Beach, CA	5.0	5.0	2279	$15,000	$6.58	43d	1	0.75mi

Listing history 45 events

1. 2026-06-18
   days on market $589,999 Active 272 DOM
2. 2026-06-17
   days on market $589,999 Active 271 DOM
3. 2026-06-16
   days on market $589,999 Active 270 DOM
4. 2026-06-15
   days on market $589,999 Active 269 DOM
5. 2026-06-13
   days on market $589,999 Active 267 DOM
6. 2026-06-13
   days on market $589,999 Active 266 DOM
7. 2026-06-09
   days on market $589,999 Active 263 DOM
8. 2026-06-08
   days on market $589,999 Active 262 DOM
9. 2026-06-07
   days on market $589,999 Active 261 DOM
10. 2026-06-04
    days on market $589,999 Active 258 DOM
11. 2026-06-03
    days on market $589,999 Active 257 DOM
12. 2026-06-02
    days on market $589,999 Active 256 DOM
13. 2026-06-01
    days on market $589,999 Active 255 DOM
14. 2026-05-31
    days on market $589,999 Active 254 DOM
15. 2025-09-19
    listed $589,999 Active 938-char remark

    Show marketing remark (938 chars)

    This is a Co-Ownership opportunity. 1/8th ownership. Adrien is a fully remodeled 1950s bungalow that provides the quintessential Newport Beach experience. Just steps away from Balboa Beach, Newport Bay, and the Wedge, this coastal gem takes serene, beachy vibes to the next level. You'll instantly feel at home in this perfectly manicured south-end neighborhood of the Balboa Penisula. Gorgeous cathedral ceilings, hardwood floors, quality furniture pieces, and exquisite finishes ensure a memorable experience the moment you step through the front door. This 4 bedroom 4 bathroom home that includes a bunkroom accommodates up to 10 guests. Prepare fresh seafood meals while taking in the coastal breeze in Adrien's fully stocked gourmet kitchen. After a long day at the beach wash off in the outdoor shower and head up to the private terrace with outdoor fireplace to watch the breathtaking Southern California sunsets night after night.

16. 2025-05-09
    historical
17. 2024-10-28
    price $589,999
18. 2024-09-17
    price $594,000
19. 2024-06-12
    price $599,000
20. 2024-05-15
    listed $610,000 Active
21. 2024-04-20
    historical
22. 2023-12-05
    price $605,000
23. 2023-10-19
    listed $628,271 Active
24. 2023-07-31
    soldstatus $596,540 Closed Sale
25. 2023-07-15
    listed $596,540 Active
26. 2023-07-14
    soldstatus $596,540 Closed Sale
27. 2023-06-20
    soldstatus $596,540 Closed Sale
28. 2023-06-20
    listed $596,540 Active
29. 2022-11-23
    status Active
30. 2022-09-24
    status Active
31. 2022-06-09
    listed $596,540 Active
32. 2022-06-09
    historical
33. 2022-04-05
    listed $596,540 Active
34. 2022-04-04
    soldstatus $4,000,000 Closed
35. 2022-04-04
    soldstatus $4,000,000 Closed Sale
36. 2022-04-04
    soldstatus $4,000,000
37. 2022-03-21
    status Pending Sale
38. 2022-03-21
    historical Contingent - Continue to Show
39. 2022-03-02
    listed $3,999,000 Active
40. 2022-03-02
    listed $3,999,000 Active
41. 2021-05-28
    soldstatus $2,700,000 Closed Sale
42. 2021-05-01
    status Pending Sale
43. 2021-04-23
    price $2,950,000
44. 2021-04-09
    listed $3,200,000 Active
45. 1976-05-26
    soldstatus $100,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (shaded) · 18% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥83°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $117,814
• − Mortgage interest: −$33,049
• − Property taxes: −$8,850
• − Insurance: −$2,950
• − Repairs & maintenance: −$9,425
• − Management: −$9,425
• − Depreciation: −$17,164
• Taxable income: $36,951
• Est. tax owed @ 24.0%: −$8,868
• After-tax cash flow: $35,277/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Newport-Mesa Unified
• NCES district ID: 0627240
• Math proficiency: 46% ▼ -6.00%
• Reading proficiency: 58% ▼ -5.00%
• Median HH income: $83,922
• Composite: 47.64/100
• National rank: #2248
• State rank: #106 of 517 in CA

Livability — Newport Beach

• Score: 76/100
• State rank: #101
• US rank: #3645

Category grades

Amenities A+ Commute A Cost of living F Crime C+ Employment A+ Housing C+ Health & safety C- User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newport Beach, CA
• County: Orange County · 3,096,323 people
• City population: 83,845
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 3,079
• Household income: $209,231
• Rent vs Own: 61.1% rent · 38.9% own
• Severe rent burden: 72.0

Population outlook (Orange County) Hauer SSP2

• Today (2025): 3,477,456 people
• By 2030: 3,613,117 · +3.9%
• By 2040: 3,835,945 · +10.3%
• By 2050: 3,968,736 · +14.1%
• By 2075: 4,097,053 · +17.8%
• By 2100: 3,903,633 · +12.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Two or more races 22% Hispanic / Latino 10% Asian 2%
• Hispanic origin (detail): Mexican 9% Puerto Rican 2%
• Common ancestry: Italian 8% Danish 5% Slovak 4%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 9% German/W. Germanic 2% Other Asian/Pacific 1%

Political lean MEDSL · Orange

• 2024 margin: Toss-up / Even · D 49.7% · R 47.1% · Other 3.2%
• 2008→2024 swing: +5.2pp toward D · 2008: -2.6pp · 2024: 2.6pp
• All cycles: 2024: D+2.6 2020: D+9.0 2016: D+7.7 2012: R+8.3 2008: R+2.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 18.17%
• Current HPI: 425.2623
• Rent YoY: ▲ 13.56%
• Metro: Los Angeles-Long Beach-Anaheim, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+490.0% since first listed

31 events — show timeline

• 2025-09-19 Listed $589,999 CRMLS
• 2025-05-09 Listing Removed — CRMLS
• 2024-10-28 Price Changed $589,999 CRMLS
• 2024-09-17 Price Changed $594,000 CRMLS
• 2024-06-12 Price Changed $599,000 CRMLS
• 2024-05-15 Listed $610,000 CRMLS
• 2024-04-20 Listing Removed — CRMLS
• 2023-12-05 Price Changed $605,000 CRMLS
• 2023-10-19 Listed $628,271 CRMLS
• 2023-07-31 Sold (MLS) $596,540 CRMLS
• 2023-07-15 Listed $596,540 CRMLS
• 2023-07-14 Sold (MLS) $596,540 CRMLS
• 2023-06-20 Listed $596,540 CRMLS
• 2023-06-20 Sold (MLS) $596,540 CRMLS
• 2022-11-23 Relisted — CRMLS
• 2022-09-24 Relisted — CRMLS
• 2022-06-09 Listing Removed — CRMLS
• 2022-06-09 Listed $596,540 CRMLS
• 2022-04-05 Listed $596,540 CRMLS
• 2022-04-04 Sold (Public Records) $4,000,000 Public Records
• 2022-04-04 Sold (MLS) $4,000,000 CRMLS
• 2022-04-04 Sold (MLS) $4,000,000 SBMLS
• 2022-03-21 Pending — CRMLS
• 2022-03-21 Contingent — SBMLS
• 2022-03-02 Listed $3,999,000 CRMLS
• 2022-03-02 Listed $3,999,000 SBMLS
• 2021-05-28 Sold (MLS) $2,700,000 CRMLS
• 2021-05-01 Pending — CRMLS
• 2021-04-23 Price Changed $2,950,000 CRMLS
• 2021-04-09 Listed $3,200,000 CRMLS
• 1976-05-26 Sold (Public Records) $100,000 Public Records

Property tax history

+19.3%/yr

Latest (2025): $44,881 · +1.6% YoY. Source: county tax records.