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21611 Fernbrook #192 Mission Viejo, CA 92692

3 Beds 3 Baths 1,570 sqft Built 1987

$599,900

List Price

$2,940

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

November 02, 2020 RECENTLY ADDED
FACTS
  • Built In 1987
  • Price/Sqft : $382.10
  • 2 Days on Market
  • MLS # : OC20227153
  • Updated Date : 11/02/2020 at 11:55
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,570 sqft
  • Baths : 2 full , 1 half
Listing Agent

Bullock Russell Re Services

Listing Agent's Description

Mission Viejo fixer upper in Eastbrook neighborhood! 3bd/2.5ba, Close to schools, shopping and Lake Mission Viejo. Priced well below comps for quick sale.

SEE MORE

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: Eastbrook

NeighborhoodNIR Market*CityMarket2010Year20002019250k300k350k400k450k500k550k600k650k700k750k800k850k900kPrice in $234k922k

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

Neighborhood: Eastbrook

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q21400160018002000220024002600280030003200340036003800Rent in $12553818

* 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
Melinda Heights Elementary School Primary Regular 1,077 38 8
Melinda Heights Elementary School Middle Regular 1,077 38 8
Trabuco Hills High School High Regular 2,960 112 9

Melinda Heights Elementary School

  • Education Level: Primary
  • # of students: 1,077
  • # of teachers: 38
8
GreatSchools Rating

Melinda Heights Elementary School

  • Education Level: Middle
  • # of students: 1,077
  • # of teachers: 38
8
GreatSchools Rating

Trabuco Hills High School

  • Education Level: High
  • # of students: 2,960
  • # of teachers: 112
9
GreatSchools Rating
 

$539,910$659,890$599,900

PURCHASE PRICE

$2,646$3,234$2,940

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,940
EXPENSES Loan Payment -$2,213
Property Tax -$516
Property Insurance -$65
HOA -$175
Property Management Fees -$144
CASH FLOW
-$173

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.

$599,900

PROJECTED PRICE

$2,940

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 6.1%
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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$164,724

INVESTMENT

$164,724

Down Payment
$149,975
Rehab Estimate
$5,750
Closing Costs
$8,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$2,213

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $149,975
Loan Amount $449,925
See What Happens When You Reinvest Cash Flow

4.33

YEARS SAVED

$29,916

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,940

    LIST RENT
  • $1.87

    LIST RENT PER SQFT
  • $3,089

    COMP ESTIMATED VALUE
  • $1.97

    COMP AVG. RENT PER SQFT
Comps Range
$2,900
1$2,9002$2,9403$3,0004$3,0505$3,100
$3,100
RENT COMPS ANALYSIS
  • 21611 Fernbrook Mission Viejo, CA 2
    • 3 beds 3 baths ∙ 1,570 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,570 Sqft ∙ Built 1987
    • Rent
    • Rent Per SQFT
    •  
    • $2,940
    • $1.87
    •  
  • 27932 Carrington Mission Viejo, CA 1
    • 3 beds 3 baths ∙ 1,543 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,543 Sqft ∙ Built 1987
    LEASED 12/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.88
    •  
  • 21954 Bahamas Mission Viejo, CA 3
    • 3 beds 2 baths ∙ 1,477 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,477 Sqft ∙ Built 1986
    LEASED 07/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $2.03
    •  
  • 21711 Flamenco Mission Viejo, CA 4
    • 3 beds 2 baths ∙ 1,561 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,561 Sqft ∙ Built 1979
    LEASED 12/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,050
    • $1.95
    •  
  • 27937 Carrington Mission Viejo, CA 5
    • 3 beds 2 baths ∙ 1,543 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,543 Sqft ∙ Built 1987
    LEASED 10/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $2.01
    •  
PROPERTY LISTING DETAILS
Doug Krone
Bullock Russell Re Services
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20227153
Last Updated: 11/02/2020
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