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24 Paseo Luna San Clemente, CA 92673

3 Beds 3 Baths 1,668 sqft Built 2003

INVESTimate

$599,000

List Price

$3,140

$2,890 - $3,390

Rent Est.

$621,223  ( +3.71%)   1 YR EST. FORECAST

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 2003
  • Price/Sqft : $359.11
  • 3 Days on Market
  • MLS # : OC20172868
  • Updated Date : 08/24/2020 at 12:09
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,668 sqft
  • Baths : 2 full , 1 half
Listing Agent

Greentree Properties

Listing Agent's Description

Turn-Key beautifully upgraded 3 bedroom 2.5 bath condo in the highly desirable Alassio neighborhood of Talega. Spacious and bright, this open floor plan includes rich upgrades such as plush carpeting and tile flooring, granite counters, stainless steel appliances, custom paint, recessed lighting, fireplace in dining room, walk-in closet in master, dual vanity in master, upgraded ceiling fans, individual laundry room upstairs and an attached two car garage with inside access. The Alassio community is close to shops, restaurants, Talega golf course and award winning Vista Del Mar schools. Community Association pools throughout with a resort-like fee. Hiking trails, biking trails, beaches, tennis/sports court, water park for the kids, and a sand volleyball court! San Clemente Beaches within minutes drive!

SEE MORE

MARKET HIGHLIGHTS

  • 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 area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 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)
  • As part of Southern California area, Orange County market inherits all the benefits from the area.
  • 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)

PRICE & RENT TRENDS

Neighborhood: Talega

NeighborhoodNIR Market*CityMarket2010Year20002019300k400k500k600k700k800k900k1000kPrice in $272k1091k

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

Neighborhood: Talega

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q220002200240026002800300032003400360038004000420044004600Rent in $19814763

* 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
Vista Del Mar Elementary School Primary Regular 1,118 36 9
Vista Del Mar Middle School Middle Regular 614 25 9
San Clemente High School High Regular 3,036 107 9

Vista Del Mar Elementary School

  • Education Level: Primary
  • # of students: 1,118
  • # of teachers: 36
9
GreatSchools Rating

Vista Del Mar Middle School

  • Education Level: Middle
  • # of students: 614
  • # of teachers: 25
9
GreatSchools Rating

San Clemente High School

  • Education Level: High
  • # of students: 3,036
  • # of teachers: 107
9
GreatSchools Rating
 

$539,100$658,900$599,000

PURCHASE PRICE

$2,826$3,454$3,140

RENT

DOWN PAYMENT
FINANCING

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

PROJECTED ANNUAL CASH FLOW

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

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,140
EXPENSES Loan Payment -$2,210
Property Tax -$715
Property Insurance -$67
HOA -$215
Property Management Fees -$154
CASH FLOW
-$222

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.

$599,000

PROJECTED PRICE

$3,140

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 3.71%
Maintenance Year (1-5) 8.00%
Vacancy 5.81%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$164,485

INVESTMENT

$164,485

Down Payment
$149,750
Rehab Estimate
$5,750
Closing Costs
$8,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$2,210

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $149,750
Loan Amount $449,250
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$23,376

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,140

    LIST RENT
  • $1.88

    LIST RENT PER SQFT
  • $3,132

    COMP ESTIMATED VALUE
  • $1.88

    COMP AVG. RENT PER SQFT
Comps Range
$3,100
1$3,1002$3,1003$3,1404$3,2005$3,450
$3,450
RENT COMPS ANALYSIS
  • 24 Paseo Luna San Clemente, 3
    • 3 beds 3 baths ∙ 1,668 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,668 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $3,140
    • $1.88
    •  
  • 32 Paseo Luna San Clemente, 1
    • 3 beds 3 baths ∙ 1,631 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,631 Sqft ∙ Built 2003
    LEASED 10/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.90
    •  
  • 140 Paseo Vista San Clemente, 2
    • 3 beds 3 baths ∙ 1,748 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,748 Sqft ∙ Built 2003
    LEASED 03/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.77
    •  
  • 36 Paseo Del Rey San Clemente, 4
    • 3 beds 3 baths ∙ 1,668 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,668 Sqft ∙ Built 2003
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.92
    •  
  • 21 Calle Sol San Clemente, 5
    • 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 1987
    LEASED 02/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,450
    • $1.92
    •  
PROPERTY LISTING DETAILS
Kevin Hood
Greentree Properties
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20172868
Last Updated: 08/24/2020
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