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24391 Diamante Mission Viejo, CA 92692

4 Beds 3 Baths 2,416 sqft Built 1978

$849,000

List Price

$3,550

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

January 29, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1978
  • Price/Sqft : $351.41
  • 4 Days on Market
  • MLS # : OC21018984
  • Updated Date : 01/29/2021 at 14:04
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,416 sqft
  • Baths : 3 full
Listing Agent

Century 21 Award

Listing Agent's Description

Charming 4 bedroom residence located in the desirable and family friendly Cordova Vista neighborhood. This well maintained, remodeled home is one of the largest in it’s tract and has a spacious, permitted Family Room addition. The floorplan offers a cozy Living Room, sizable Kitchen that has been opened up to expand its cabinet and counter space, grand Family Room, and one bedroom and one full bathroom downstairs. The second story has a Master bedroom and bathroom and two secondary bedrooms (one that is large enough to split into two rooms to make a total of 5 bedrooms). The backyard features beautiful hardscape and the perfect place to entertain guests or unwind after a long day with a covered patio and sitting area, built in fireplace, BBQ area, and spa. The whole house was repiped less than one year ago. Only a few minutes walk to recently renovated Pavion Park and Reilly Elementary School. The community offers trails, parks, and the HOA takes care of all common landscape areas. Close proximity to the Mission Viejo Lake, shopping, and Blue Ribbon Schools. This is the family house you have been waiting for! Don’t miss out!

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MARKET HIGHLIGHTS

  • 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.
  • 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)

PRICE & RENT TRENDS

Neighborhood: Oso Valley Greenbelt

NeighborhoodNIR Market*CityMarket2010Year20002019300k350k400k450k500k550k600k650k700k750k800k850k900kPrice in $272k922k

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

Neighborhood: Oso Valley Greenbelt

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q218002000220024002600280030003200340036003800Rent in $17153818

* 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
Philip Reilly Elementary School Primary Unknown 547 23 8
Newhart Middle School Middle Regular 1,276 51 7
Capistrano Valley High School High Regular 2,384 86 9

Philip Reilly Elementary School

  • Education Level: Primary
  • # of students: 547
  • # of teachers: 23
8
GreatSchools Rating

Newhart Middle School

  • Education Level: Middle
  • # of students: 1,276
  • # of teachers: 51
7
GreatSchools Rating

Capistrano Valley High School

  • Education Level: High
  • # of students: 2,384
  • # of teachers: 86
9
GreatSchools Rating
 

$764,100$933,900$849,000

PURCHASE PRICE

$3,195$3,905$3,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,550
EXPENSES Loan Payment -$2,949
Property Tax -$719
Property Insurance -$85
HOA -$37
Property Management Fees -$174
CASH FLOW
-$414

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.

$849,000

PROJECTED PRICE

$3,550

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 4.1%
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$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$230,735

INVESTMENT

$230,735

Down Payment
$212,250
Rehab Estimate
$5,750
Closing Costs
$12,735

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,949

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $212,250
Loan Amount $636,750
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$23,367

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,550

    LIST RENT
  • $1.47

    LIST RENT PER SQFT
  • $3,787

    COMP ESTIMATED VALUE
  • $1.57

    COMP AVG. RENT PER SQFT
Comps Range
$3,550
1$3,5502$3,5503$3,6504$3,7005$3,900
$3,900
RENT COMPS ANALYSIS
  • 24391 Diamante Mission Viejo, CA 2
    • 4 beds 3 baths ∙ 2,416 Sqft ∙ Built 1978 4 beds 3 baths ∙ 2,416 Sqft ∙ Built 1978
    • Rent
    • Rent Per SQFT
    •  
    • $3,550
    • $1.47
    •  
  • 23692 Via Astorga Mission Viejo, CA 1
    • 5 beds 3 baths ∙ 2,500 Sqft ∙ Built 1973 5 beds 3 baths ∙ 2,500 Sqft ∙ Built 1973
    LEASED 03/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,550
    • $1.42
    •  
  • 25111 Meadowbrook Mission Viejo, CA 3
    • 4 beds 3 baths ∙ 2,264 Sqft ∙ Built 1986 4 beds 3 baths ∙ 2,264 Sqft ∙ Built 1986
    LEASED 01/27/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,650
    • $1.61
    •  
  • 25051 Amberwood Mission Viejo, CA 4
    • 4 beds 3 baths ∙ 2,264 Sqft ∙ Built 1987 4 beds 3 baths ∙ 2,264 Sqft ∙ Built 1987
    LEASED 09/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,700
    • $1.63
    •  
  • 28111 Somerset Mission Viejo, CA 5
    • 5 beds 3 baths ∙ 2,427 Sqft ∙ Built 1986 5 beds 3 baths ∙ 2,427 Sqft ∙ Built 1986
    LEASED 01/27/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,900
    • $1.61
    •  
PROPERTY LISTING DETAILS
Gary Ward
Century 21 Award
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21018984
Last Updated: 01/29/2021
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