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23586 Rangoon Street Mission Viejo, CA 92691

4 Beds 2 Baths 1,675 sqft Built 1977

$825,000

List Price

$3,220

$3K - $3.5K

Rent Est.

PROPERTY INFO

December 18, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1977
  • Price/Sqft : $492.54
  • 4 Days on Market
  • MLS # : OC20257741
  • Updated Date : 12/19/2020 at 18:29
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,675 sqft
  • Baths : 2 full
Listing Agent

Re/max Property Connection

Listing Agent's Description

Fabulous single story residence with a private backyard oasis that consists of pebble tec pool & spa, covered patio, built in barbeque island with a refrigerator and sink; and mature avocado, pear, pomegranate, and apple trees. The façade is accented by brick, flower beds, mature trees, and the Spanish tile roof outline. This property features a quaint front courtyard, living room with brick fireplace, formal dining room, and large kitchen with a breakfast nook that is open to the family room, all with cathedral ceilings; pantry, inside laundry, linen closets, and a large dog run side yard. The spacious master bedroom has a walk-in closet, French doors leading to an enclosed workout room, and the master bathroom has an oversized tub. Upgrades include new double pane windows, recessed lighting, travertine and vinyl flooring, granite countertops, and ceiling fans. This property is close to shopping and the 5 freeway, located next to a middle school. No HOA fees or Mello-Roos taxes.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Mission Viejo

NeighborhoodNIR Market*CityMarket2010Year20002019300k350k400k450k500k550k600k650k700k750k800k850k900kPrice in $272k922k

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

Neighborhood: Mission Viejo

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q22000220024002600280030003200340036003800Rent in $18713818

* 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
Del Cerro Elementary School Primary Magnet 514 17 6
Del Cerro Elementary School Middle Magnet 514 17 6
Mission Viejo High School High Magnet 2,438 92 8

Del Cerro Elementary School

  • Education Level: Primary
  • # of students: 514
  • # of teachers: 17
6
GreatSchools Rating

Del Cerro Elementary School

  • Education Level: Middle
  • # of students: 514
  • # of teachers: 17
6
GreatSchools Rating

Mission Viejo High School

  • Education Level: High
  • # of students: 2,438
  • # of teachers: 92
8
GreatSchools Rating
 

$742,500$907,500$825,000

PURCHASE PRICE

$2,898$3,542$3,220

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,220
EXPENSES Loan Payment -$3,044
Property Tax -$709
Property Insurance -$68
Property Management Fees -$158
CASH FLOW
-$758

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.

$825,000

PROJECTED PRICE

$3,220

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 4.8%
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

PROJECTED ANNUAL CASH FLOW

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

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$224,375

INVESTMENT

$224,375

Down Payment
$206,250
Rehab Estimate
$5,750
Closing Costs
$12,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$3,044

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $206,250
Loan Amount $618,750
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$8,550

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,220

    LIST RENT
  • $1.92

    LIST RENT PER SQFT
  • $3,203

    COMP ESTIMATED VALUE
  • $1.91

    COMP AVG. RENT PER SQFT
Comps Range
$3,100
1$3,1002$3,1953$3,2204$3,4005$3,600
$3,600
RENT COMPS ANALYSIS
  • 23586 Rangoon Street Mission Viejo, CA 3
    • 4 beds 2 baths ∙ 1,675 Sqft ∙ Built 1977 4 beds 2 baths ∙ 1,675 Sqft ∙ Built 1977
    • Rent
    • Rent Per SQFT
    •  
    • $3,220
    • $1.92
    •  
  • 22936 Broadleaf Lake Forest, CA 1
    • 3 beds 3 baths ∙ 1,717 Sqft ∙ Built 1981 3 beds 3 baths ∙ 1,717 Sqft ∙ Built 1981
    LEASED 12/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.81
    •  
  • 25692 Fernbank Lake Forest, CA 2
    • 3 beds 3 baths ∙ 1,717 Sqft ∙ Built 1980 3 beds 3 baths ∙ 1,717 Sqft ∙ Built 1980
    LEASED 06/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,195
    • $1.86
    •  
  • 25451 2nd Street Lake Forest, CA 4
    • 3 beds 3 baths ∙ 1,717 Sqft ∙ Built 1979 3 beds 3 baths ∙ 1,717 Sqft ∙ Built 1979
    LEASED 01/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $1.98
    •  
  • 23332 La Vaca St Lake Forest, CA 5
    • 5 beds 2 baths ∙ 1,800 Sqft ∙ Built 1964 5 beds 2 baths ∙ 1,800 Sqft ∙ Built 1964
    LEASED 10/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $2.00
    •  
PROPERTY LISTING DETAILS
Hugo Barron
Re/max Property Connection
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20257741
Last Updated: 12/19/2020
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