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24951 El Cortijo Lane Mission Viejo, CA 92691

4 Beds 2 Baths 1,969 sqft Built 1969

$819,900

List Price

$3,560

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1969
  • Price/Sqft : $416.40
  • 3 Days on Market
  • MLS # : OC20251470
  • Updated Date : 12/04/2020 at 10:32
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,969 sqft
  • Baths : 2 full
Listing Agent

Lantern Bay Realty

Listing Agent's Description

Welcome to your personal sanctuary! Wonderful La Paz, corner lot home in central Mission Viejo. 4 bedrooms, 2 bath, large 10,500 sqft lot with potential RV access. Enter into an Open and airy living room & dining room with high vaulted ceiling‘s and dual skylights. The large, custom remodeled chef’s kitchen has great storage and granite counter tops. The kitchen opens up to the great room. lots of extra counter space, breakfast bar and a walk in pantry. The yard areas are huge... lots of space to enjoy. Close to top rated schools, shopping, Lake Mission Viejo and several of the Mission Viejo Parks, swim & workout facilities etc...

SEE MORE

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
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
 

$737,910$901,890$819,900

PURCHASE PRICE

$3,204$3,916$3,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,560
EXPENSES Loan Payment -$3,025
Property Tax -$704
Property Insurance -$75
HOA -$21
Property Management Fees -$174
CASH FLOW
-$439

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.

$819,900

PROJECTED PRICE

$3,560

PROJECTED RENT

0.43%

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$30k

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$223,024

INVESTMENT

$223,024

Down Payment
$204,975
Rehab Estimate
$5,750
Closing Costs
$12,299

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,025

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $204,975
Loan Amount $614,925
See What Happens When You Reinvest Cash Flow

3.33

YEARS SAVED

$27,015

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,560

    LIST RENT
  • $1.81

    LIST RENT PER SQFT
  • $3,780

    COMP ESTIMATED VALUE
  • $1.92

    COMP AVG. RENT PER SQFT
Comps Range
$3,300
1$3,3002$3,5603$3,6004$3,7955$3,800
$3,800
RENT COMPS ANALYSIS
  • 24951 El Cortijo Lane Mission Viejo, CA 2
    • 4 beds 2 baths ∙ 1,969 Sqft ∙ Built 1969 4 beds 2 baths ∙ 1,969 Sqft ∙ Built 1969
    • Rent
    • Rent Per SQFT
    •  
    • $3,560
    • $1.81
    •  
  • 27311 Via Rioja Mission Viejo, CA 1
    • 3 beds 2 baths ∙ 1,812 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,812 Sqft ∙ Built 1974
    LEASED 08/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $1.82
    •  
  • 25011 Sebastian Lane Mission Viejo, CA 3
    • 4 beds 3 baths ∙ 1,875 Sqft ∙ Built 1968 4 beds 3 baths ∙ 1,875 Sqft ∙ Built 1968
    LEASED 01/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $1.92
    •  
  • 24615 Mosquero Lane Mission Viejo, CA 4
    • 4 beds 2 baths ∙ 1,900 Sqft ∙ Built 1967 4 beds 2 baths ∙ 1,900 Sqft ∙ Built 1967
    LEASED 08/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,795
    • $2.00
    •  
  • 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
    LEASED 08/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $1.94
    •  
PROPERTY LISTING DETAILS
Michael Lovullo
Lantern Bay Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20251470
Last Updated: 12/04/2020
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