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24590 Alcoba Drive Mission Viejo, CA 92691

3 Beds 2 Baths 1,659 sqft Built 1967

$899,900

List Price

$3,200

$3K - $3.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 17, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1967
  • Price/Sqft : $542.44
  • 6 Days on Market
  • MLS # : OC21054043
  • Updated Date : 03/17/2021 at 10:20
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,659 sqft
  • Baths : 2 full
Listing Agent

Bullock Russell Re Services

Listing Agent's Description

STUNNING REMODELED HOME NESTLED ON A CUL-DE-SAC STREET WITH A PRIVATE AND SPACIOUS BACKYARD! THIS HOME HAS IT ALL! THE OPEN AND SPACIOUS FLOORPLAN FEATURES AN EXPANDED AND REMODELED KITCHEN COMPLETE WITH QUARTZ COUNTERTOPS, LARGE CENTER ISLAND, CUSTOM CABINETRY AND STAINLESS APPLIANCES***HUGE FORMAL DINING ROOM***LIVING ROOM WITH VAULTED CEILINGS, RECESSED LIGHTING, SKYLIGHT AND CUSTOM STONE FIREPLACE***AMAZING HUGE FAMILY ROOM ADDITION FEATURING VAULTED WOOD BEAM CEILINGS AND A MULTITUDE OF DUAL PANE WINDOWS AND SLIDERS THAT LOOK OUT TO THE BEAUTIFUL, PRIVATE BACKYARD***GORGEOUS, TASTEFULLY REMODELED BATHROOMS***THIS BEAUTIFUL HOME EXUDES PRIDE OF OWNERSHIP! Additional features include: energy efficient dual pane windows and sliders, recessed lighting throughout, completely drywall finished garage, custom stacked stone hardscape, custom paved patio and large grassy yard! No Mello-Roos and low HOA dues include beautiful Lake Mission Viejo Privileges. Walking distance to award winning schools and shops, with quick and easy freeway access. Come discover everything this incredible home has to offer!

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
La Paz Intermediate School Middle Regular 862 31 8
Mission Viejo High School High Magnet 2,438 92 8
La Paz Intermediate School Middle Unknown NA

La Paz Intermediate School

  • Education Level: Middle
  • # of students: 862
  • # of teachers: 31
8
GreatSchools Rating

Mission Viejo High School

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

La Paz Intermediate School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$809,910$989,890$899,900

PURCHASE PRICE

$2,880$3,520$3,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,200
EXPENSES Loan Payment -$3,126
Property Tax -$775
Property Insurance -$67
HOA -$22
Property Management Fees -$157
CASH FLOW
-$947

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.

$899,900

PROJECTED PRICE

$3,200

PROJECTED RENT

0.36%

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-$15k-$10k-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$244,224

INVESTMENT

$244,224

Down Payment
$224,975
Rehab Estimate
$5,750
Closing Costs
$13,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$3,126

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $224,975
Loan Amount $674,925
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$2,718

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,200

    LIST RENT
  • $1.93

    LIST RENT PER SQFT
  • $3,210

    COMP ESTIMATED VALUE
  • $1.94

    COMP AVG. RENT PER SQFT
Comps Range
$3,200
1$3,2002$3,2503$3,3004$3,4005$3,400
$3,400
RENT COMPS ANALYSIS
  • 24590 Alcoba Drive Mission Viejo, CA 1
    • 3 beds 2 baths ∙ 1,659 Sqft ∙ Built 1967 3 beds 2 baths ∙ 1,659 Sqft ∙ Built 1967
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.93
    •  
  • 26731 Valpariso Drive Mission Viejo, CA 2
    • 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1971
    LEASED 01/25/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $1.81
    •  
  • 23831 San Esteban Drive Mission Viejo, CA 3
    • 3 beds 2 baths ∙ 1,561 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,561 Sqft ∙ Built 1971
    LEASED 08/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.11
    •  
  • 24271 Chrisanta Drive Mission Viejo, CA 4
    • 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1967 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1967
    LEASED 10/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $1.89
    •  
  • 24155 Juaneno Drive Mission Viejo, CA 5
    • 4 beds 2 baths ∙ 1,763 Sqft ∙ Built 1969 4 beds 2 baths ∙ 1,763 Sqft ∙ Built 1969
    LEASED 03/16/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $1.93
    •  
PROPERTY LISTING DETAILS
Ron Birkinshaw
Bullock Russell Re Services
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21054043
Last Updated: 03/17/2021
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