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16 Rimani Drive Mission Viejo, CA 92692

5 Beds 2 Baths 2,788 sqft Built 1992

$1,285,000

List Price

$4,280

$4K - $4.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1992
  • Price/Sqft : $460.90
  • 3 Days on Market
  • MLS # : OC21044872
  • Updated Date : 03/05/2021 at 19:46
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,788 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty

Listing Agent's Description

One-of-a-Kind Pacific Hills Property! This little gem sits on a large pool-sized lot, uniquely set back from the street- with a 6-car driveway in front; and wrap-around yard with Saddleback Mountain Views in back! Custom features abound! This is a true 5-Bedroom home PLUS a play room /office downstairs. Currently a 3-car garage with the possibility to convert back to a rare 4-car garage! Step inside to a two-story foyer with soaring ceilings. French sliders lead from the formal dining room to a covered dining patio in the awesome yard! The kitchen is a dream; redesigned from the original floorplan, spacious and open, with granite countertops, center island, walk-in pantry, and newer cabinetry. There is a ¾ bath on the main floor. Upstairs, the master bedroom is super spacious (and so is the closet!) The en-suite includes a dual sink vanity and separate soaking tub and shower. A view-deck with a catwalk leads to a private spa! The secondary bedrooms are spacious. Décor includes wainscotting and chic designer wall-paper. The backyard is very SPECIAL. The deck provides lots of shady patio, and there are two grassy areas, mature gardens and palm trees, and even a “Barn” – ready to convert to a playhouse, or? The open patio area affords pretty views and includes a gazebo, if desired (or seller will remove.) There is a side-staircase leading up to the spa with incredible panoramic views from the deck. Great Schools and Lake MV too!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Pacific Hills

NeighborhoodNIR Market*CityMarket2010Year20002019300k400k500k600k700k800k900k1000k1100kPrice in $272k1121k

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

Neighborhood: Pacific Hills

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q220002200240026002800300032003400360038004000Rent in $18714172

* 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
Philip Reilly Elementary School Primary Unknown 547 23 8
Newhart Middle School Middle Regular 1,276 51 7
Capistrano Valley High School High Regular 2,384 86 9

Philip Reilly Elementary School

  • Education Level: Primary
  • # of students: 547
  • # of teachers: 23
8
GreatSchools Rating

Newhart Middle School

  • Education Level: Middle
  • # of students: 1,276
  • # of teachers: 51
7
GreatSchools Rating

Capistrano Valley High School

  • Education Level: High
  • # of students: 2,384
  • # of teachers: 86
9
GreatSchools Rating
 

$1,156,500$1,413,500$1,285,000

PURCHASE PRICE

$3,852$4,708$4,280

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,280
EXPENSES Loan Payment -$4,463
Property Tax -$1,078
Property Insurance -$94
HOA -$130
Property Management Fees -$210
CASH FLOW
-$1,696

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$1,285,000

PROJECTED PRICE

$4,280

PROJECTED RENT

0.33%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 3.9%
Maintenance Year (1-5) 8.00%
Vacancy 5.81%
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$3.0M

PROJECTED ANNUAL CASH FLOW

11530-$30k-$20k-$10k$0.0$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$346,275

INVESTMENT

$346,275

Down Payment
$321,250
Rehab Estimate
$5,750
Closing Costs
$19,275

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,463

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $321,250
Loan Amount $963,750
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$424

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,280

    LIST RENT
  • $1.54

    LIST RENT PER SQFT
  • $4,280

    COMP ESTIMATED VALUE
  • $1.54

    COMP AVG. RENT PER SQFT
Comps Range
$3,950
1$3,9502$3,9503$4,2504$4,2805$4,290
$4,290
RENT COMPS ANALYSIS
  • 16 Rimani Drive Mission Viejo, CA 4
    • 4 beds 3 baths ∙ 2,788 Sqft ∙ Built 1992 4 beds 3 baths ∙ 2,788 Sqft ∙ Built 1992
    • Rent
    • Rent Per SQFT
    •  
    • $4,280
    • $1.54
    •  
  • 27371 Viana Mission Viejo, CA 1
    • 4 beds 3 baths ∙ 2,773 Sqft ∙ Built 1983 4 beds 3 baths ∙ 2,773 Sqft ∙ Built 1983
    LEASED 05/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,950
    • $1.42
    •  
  • 26091 San Marino Court Mission Viejo, CA 2
    • 4 beds 3 baths ∙ 2,601 Sqft ∙ Built 1994 4 beds 3 baths ∙ 2,601 Sqft ∙ Built 1994
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,950
    • $1.52
    •  
  • 26252 Verona Place Mission Viejo, CA 3
    • 4 beds 3 baths ∙ 2,653 Sqft ∙ Built 1993 4 beds 3 baths ∙ 2,653 Sqft ∙ Built 1993
    LEASED 10/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,250
    • $1.60
    •  
  • 27285 Viana Mission Viejo, CA 5
    • 5 beds 3 baths ∙ 2,674 Sqft ∙ Built 1980 5 beds 3 baths ∙ 2,674 Sqft ∙ Built 1980
    LEASED 05/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,290
    • $1.60
    •  
PROPERTY LISTING DETAILS
Sheri Isaacs
Keller Williams Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21044872
Last Updated: 03/05/2021
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