940 Cheyenne, Costa Mesa, California 92626, Costa Mesa, 92626 - 5 bed, 2 bath

940 Cheyenne, Costa Mesa, California 92626 home-pic-0

940 Cheyenne

Costa Mesa, California 92626

ACTIVE
CONDITION: FAIR
5Beds
2Baths
1,665Sq Ft
6,000Lot Size

Property Price

LIST PRICE$1,165,000
EST. MARKET VALUE
$1,336,866
12% BelowMARKET VALUE

SUMMARY

Analysis of 940 Cheyenne, Costa Mesa, California 92626 reveals a Prime Investment Opportunity with a current list price of $1,165,000—significantly undercutting the $1,336,866 Fair Market Value by 12%. This valuation gap indicates a +$171,866 Instant Equity potential for buyers. The property maintains a Fair Condition Rating (50/100), suggesting the property is in acceptable condition with potential for value enhancement through selective updates and improvements. Located in a high-demand neighborhood within the Costa Mesa Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for both Buy-and-Hold Investors and Owner-Occupants willing to undertake light renovation work.

Estimated Market Value

$1,336,866 +$171,866 Equity Potential
Based on Realkey algorithm analyzing recent comparable sales in Costa Mesa.

Comparable Sales Map

Comparables within 1 miles sold in recently

Address Sold Price BedsBathsSq Ft$/SqftDistance
940 Cheyenne
Subject
$1,165,000*
List Price
521,665$803-
A
3421 Santa Clara
Sold
$1,399,000421,870$7480.8 mi
B
995 Post Road
Sold
$1,236,610421,484$8330.4 mi
C
3096 Warren Lane
Sold
$1,230,000421,824$6740.9 mi
D
3121 Mckinley Way
Sold
$1,200,000421,944$6170.3 mi
E
3263 Turlock
Pending
$1,495,000
List Price
421,884$7940.7 mi

* Subject property listed price vs sold prices of comps.

Condition Analysis

OVERALL CONDITION SCORE

Fair
TeardownExcellent

Property is moderate renovation needed.

The property features high-end mechanical and system upgrades completed within the last 18 months, including a new Lennox HVAC, 220-amp electrical panel, Tesla batteries, and a tankless water heater. However, the interior is currently mid-renovation and requires a buyer to finish the remodel, meaning it is not move-in ready. While the infrastructure is excellent, the incomplete state of the kitchen, bathrooms, and living finishes aligns with the 'fair' category requiring minor to moderate completion work.

PROSSTRENGTHS & OPPORTUNITIES

  • Great Schools

    Elementary School: Killybrooke Elementary School (9/10).

  • Modern Infrastructure & Energy Efficiency

    The property features extensive high-value mechanical upgrades, including a new Lennox HVAC system, 220-amp electrical panel, tankless water heater, and dual Tesla battery packs with solar, providing exceptional utility reliability and cost savings.

  • Flexible Single-Level Layout

    This rare 5-bedroom-capable single-story floor plan offers significant versatility for large families or multi-generational living, with a spacious 1,665 square foot footprint that is easily adaptable to the buyer's needs.

CONSRISKS & DEFICIENCIES

  • Freeway Proximity

    The home's location near the 73 Freeway may present challenges regarding ambient traffic noise and air quality, which could be a deterrent for buyers seeking a whisper-quiet residential environment.

  • Incomplete Interior Remodel

    As the property is being sold mid-renovation, it requires a buyer with the additional capital and vision to complete the interior finishes, which may complicate traditional financing for some applicants.

About 940 Cheyenne

Located in a picturesque Costa Mesa neighborhood, this 5-bedroom, 2-bath home offers 1,665 square feet all on one single level. One bedroom wall was removed, creating a spacious 4-bedroom layout today, but it can easily be converted back to a true 5-bedroom if needed. The current owner began a thoughtful renovation, but a change in circumstances now creates a fantastic opportunity for the next buyer to finish the remodel and customize the home to their own style and vision. Over the past 18 months, the home has seen extensive upgrades, including a new Lennox A/C and heat pump, new ductwork, whole-house fan, insulated roof and walls, Leviton Wi-Fi controlled switches, newer 220-amp electrical panel, tankless water heater, water pressure regulator, replaced skylights, new gutters front and back, fresh exterior paint, illuminated house numbers, and a high-end front door with dual retractable screens. The backyard features a swimming pool with a brand-new liner, pump, and filter. The property also includes leased solar and two Tesla battery packs, adding energy efficiency and backup power. This home has many quality improvements already in place, with room to add value, and the chance to make it your own! *As you can see, the home sits fairly close to the 73Fwy. There is a 40' wide elevated greenbelt between the home and a very tall sound wall which deadens the noise substantially while the prevailing winds blow from west to east, directing particulates and much of the sound inland*

Property Details

Public Facts

Property Type
Single Family Residence
Year Built
1965
Lot Size
6,000 Sq. Ft.

Interior

Total Bedrooms
5
Total Bathrooms
2 (2 Full, 0 Half)

Exterior & Parking

No exterior & parking available.

Utilities & Misc

HOA Fee
$0 / Month

Neighborhood Insights

Costa Mesa Unified Schools

Paularino Elementary School

Grades PK-6 • 0.4 mi

7/10

Sonora Elementary School

Grades PK-6 • 0.5 mi

8/10

Maude B. Davis Elementary School

Grades PK-6 • 1.0 mi

9/10

Sensitive Facilities

No sensitive facilities data found.

Neighborhood Comparison

FeatureSubjectAverage HomeNeighborhood Ranking (50 Listings)
Beds5.04.0
87%
Baths2.02.0
50%
Square foot1,6651,908
35%
Lot Size6,0006,695
25%
Price$1.17M$1.63M
7%
Price per sq ft$700$891
19%
Built year19651965
50%
HOA$0$0
50%
Days on market2146
1%

Pricing History

Listed for Sale

Mar 5, 2026

$1,165,000

Initial Listing

Sold

Dec 6, 2006

$650,000

Public Record

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