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23991 Lindley Street Mission Viejo, CA 92691

5 Beds 1 Baths 2,542 sqft Built 1976

$799,900

List Price

$3,820

$3.6K - $4.1K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
October 29, 2020 RECENTLY ADDED
FACTS
  • Built In 1976
  • Price/Sqft : $314.67
  • 6 Days on Market
  • MLS # : OC20224306
  • Updated Date : 10/31/2020 at 11:39
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,542 sqft
  • Baths : 1 full
Listing Agent

Redfin

Listing Agent's Description

Lowest Priced 5 bedroom home in all of MV - Incredible Opportunity w/ this beautiful 2500+ sq. ft., pool home in the highly desirable city of Mission Viejo. From the moment you walk-in you’ll be pleasantly surprised w/ updates & upgrades through-out the home starting off w/rich laminate flooring thru-out, LED recessed lighting, vaulted ceilings in the Living Room, dual pane windows, whole house fan & central air conditioning. The open floor plan lends itself to have multiple areas for entertaining, including a formal eating area, bar seating & a family room off the kitchen. The kitchen has been upgraded to include granite counter-tops, built-in gas range, updated cabinetry, tiled back-splash & tons of storage space. Also, on the 1st floor is a generous sized bedroom, guest bathroom w/ tiled shower, laundry room & direct access to the 2-car garage. Upstairs you have the master suite w/ crown molding, ceiling fan, dual vanity bathroom sink, walk-in closet & beautifully tiled shower from floor-to-ceiling. 3 additional bedrooms & a hall bathroom w/ a shower over tub complete the upstairs amenities. But wait, there's more! A sparkling pool/spa combo in your private backyard along w/ a Bbq area & additional seating awaits all of your invited guests for your up-coming house warming. Conveniently located near shops, schools & freeway access makes this home that much more worth seeing. With so much to offer at an unbelievable price, you won't want to miss this home before its gone.

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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: 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
 

$719,910$879,890$799,900

PURCHASE PRICE

$3,438$4,202$3,820

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,820
EXPENSES Loan Payment -$2,951
Property Tax -$687
Property Insurance -$88
Property Management Fees -$187
CASH FLOW
-$94

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.

$799,900

PROJECTED PRICE

$3,820

PROJECTED RENT

0.48%

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$2.5M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k$25k$30k$35k

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$217,724

INVESTMENT

$217,724

Down Payment
$199,975
Rehab Estimate
$5,750
Closing Costs
$11,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,951

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $199,975
Loan Amount $599,925
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$56,566

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,820

    LIST RENT
  • $1.5

    LIST RENT PER SQFT
  • $3,966

    COMP ESTIMATED VALUE
  • $1.56

    COMP AVG. RENT PER SQFT
Comps Range
$3,500
1$3,5002$3,8203$4,0004$4,2005$4,500
$4,500
RENT COMPS ANALYSIS
  • 23991 Lindley Street Mission Viejo, CA 2
    • 5 beds 1 baths ∙ 2,542 Sqft ∙ Built 1976 5 beds 1 baths ∙ 2,542 Sqft ∙ Built 1976
    • Rent
    • Rent Per SQFT
    •  
    • $3,820
    • $1.50
    •  
  • 23881 Copenhagen Street Mission Viejo, CA 1
    • 4 beds 3 baths ∙ 2,415 Sqft ∙ Built 1976 4 beds 3 baths ∙ 2,415 Sqft ∙ Built 1976
    LEASED 06/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.45
    •  
  • 24892 Georgia Sue Laguna Hills, CA 3
    • 5 beds 3 baths ∙ 2,453 Sqft ∙ Built 1978 5 beds 3 baths ∙ 2,453 Sqft ∙ Built 1978
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $1.63
    •  
  • 24862 Stem Avenue Lake Forest, CA 4
    • 5 beds 2 baths ∙ 2,658 Sqft ∙ Built 1965 5 beds 2 baths ∙ 2,658 Sqft ∙ Built 1965
    LEASED 09/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $1.58
    •  
  • 25436 Adriana Street Mission Viejo, CA 5
    • 4 beds 2 baths ∙ 2,842 Sqft ∙ Built 1967 4 beds 2 baths ∙ 2,842 Sqft ∙ Built 1967
    LEASED 07/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $1.58
    •  
PROPERTY LISTING DETAILS
William Soto
Redfin
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20224306
Last Updated: 10/31/2020
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