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24195 La Pala Lane Mission Viejo, CA 92691

3 Beds 3 Baths 1,875 sqft Built 1969

$849,900

List Price

$3,400

$3.2K - $3.7K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1969
  • Price/Sqft : $453.28
  • 3 Days on Market
  • MLS # : OC21008808
  • Updated Date : 01/16/2021 at 11:08
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,875 sqft
  • Baths : 3 full
Listing Agent

Pacific Sotheby's Int'l Realty

Listing Agent's Description

OPPORTUNITIES ARE ENDLESS ON THIS OVERSIZED LOT OFFERING CITY LIGHTS, HILLS AND TREES VIEWS! Nestled in a highly sought-after Mission Viejo community is this wonderful property, ready for your own special touches to make it your DREAM HOME! Sprawled across an over 10,000 square foot lot, this three bedroom, three bath property features spacious living and dining rooms, a separate family room, beamed ceilings and gorgeous, oversized atrium windows and slider doors throughout, bringing the outdoors in. The welcoming backyard is an entertainer’s dream bringing safety and privacy, large deck, multiple patio areas, grassy area, sparkling pool and mature orange trees. Enjoy a Lake Mission Viejo membership for a nominal monthly fee which offers access to boating, fishing, kayaking, concert events and more! Mission Viejo is home to Saddleback Unified School District and this home is close to restaurants, entertainment, parks, shopping and close to transportation.

SEE MORE

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
De Portola Elementary School Primary Magnet 571 19 10
De Portola Elementary School Middle Magnet 571 19 10
Mission Viejo High School High Magnet 2,438 92 8

De Portola Elementary School

  • Education Level: Primary
  • # of students: 571
  • # of teachers: 19
10
GreatSchools Rating

De Portola Elementary School

  • Education Level: Middle
  • # of students: 571
  • # of teachers: 19
10
GreatSchools Rating

Mission Viejo High School

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

$764,910$934,890$849,900

PURCHASE PRICE

$3,060$3,740$3,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,400
EXPENSES Loan Payment -$2,952
Property Tax -$730
Property Insurance -$72
Property Management Fees -$167
CASH FLOW
-$521

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.

$849,900

PROJECTED PRICE

$3,400

PROJECTED RENT

0.40%

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

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$230,974

INVESTMENT

$230,974

Down Payment
$212,475
Rehab Estimate
$5,750
Closing Costs
$12,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,952

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $212,475
Loan Amount $637,425
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$17,136

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,400

    LIST RENT
  • $1.81

    LIST RENT PER SQFT
  • $3,497

    COMP ESTIMATED VALUE
  • $1.87

    COMP AVG. RENT PER SQFT
Comps Range
$3,250
1$3,2502$3,3003$3,4004$3,5005$3,800
$3,800
RENT COMPS ANALYSIS
  • 24195 La Pala Lane Mission Viejo, CA 3
    • 3 beds 3 baths ∙ 1,875 Sqft ∙ Built 1969 3 beds 3 baths ∙ 1,875 Sqft ∙ Built 1969
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $1.81
    •  
  • 23826 Lagarto Mission Viejo, CA 1
    • 3 beds 2 baths ∙ 1,812 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,812 Sqft ∙ Built 1975
    property image
    LEASED 05/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $1.79
    •  
  • 27311 Via Rioja Mission Viejo, CA 2
    • 3 beds 2 baths ∙ 1,812 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,812 Sqft ∙ Built 1974
    property image
    LEASED 08/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $1.82
    •  
  • 27381 Via Amistoso Mission Viejo, CA 4
    • 3 beds 2 baths ∙ 1,836 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,836 Sqft ∙ Built 1974
    property image
    LEASED 11/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.91
    •  
  • 24722 Venablo Drive Mission Viejo, CA 5
    • 3 beds 3 baths ∙ 1,954 Sqft ∙ Built 1969 3 beds 3 baths ∙ 1,954 Sqft ∙ Built 1969
    property image
    LEASED 08/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $1.94
    •  
PROPERTY LISTING DETAILS
Danielle Wilson
Pacific Sotheby's Int'l Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21008808
Last Updated: 01/16/2021
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