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26631 Via Manolete Mission Viejo, CA 92691

3 Beds 2 Baths 1,603 sqft Built 1972

$750,000

List Price

$3,200

$3K - $3.5K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
January 29, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1972
  • Price/Sqft : $467.87
  • 3 Days on Market
  • MLS # : OC21019280
  • Updated Date : 01/29/2021 at 14:11
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,603 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Spacious, Open floorplan in this single story home. NO STAIRS. Centrally located in the highly sought after El Dorado neighborhood of Mission Viejo. Sitting on an over-sized lot, almost 9,000 sq. ft. Top of the line Saddleback School District. low tax rate and no Mello Roos. a new rood was installed 7 years or so ago. Skylights brighten up the central rooms. Granite kitchen counters, some mirrored closet doors, tiled and Laminate flooring make for easy care. Only HOA is Lake Mission Viejo at approximately $22.00 per month that includes: Swimming, boating, fishing and summer concerts.

SEE MORE

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: 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
 

$675,000$825,000$750,000

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 -$2,605
Property Tax -$646
Property Insurance -$66
HOA -$22
Property Management Fees -$157
CASH FLOW
-$296

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.

$750,000

PROJECTED PRICE

$3,200

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-$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$204,500

INVESTMENT

$204,500

Down Payment
$187,500
Rehab Estimate
$5,750
Closing Costs
$11,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,605

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $187,500
Loan Amount $562,500
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$25,444

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
  • $2

    LIST RENT PER SQFT
  • $3,218

    COMP ESTIMATED VALUE
  • $2.01

    COMP AVG. RENT PER SQFT
Comps Range
$3,200
1$3,2002$3,2003$3,2954$3,3005$3,400
$3,400
RENT COMPS ANALYSIS
  • 26631 Via Manolete Mission Viejo, CA 2
    • 3 beds 2 baths ∙ 1,603 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,603 Sqft ∙ Built 1972
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.00
    •  
  • 26726 Saddleback Drive Mission Viejo, CA 1
    • 4 beds 2 baths ∙ 1,537 Sqft ∙ Built 1967 4 beds 2 baths ∙ 1,537 Sqft ∙ Built 1967
    property image
    LEASED 02/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.08
    •  
  • 24731 Embajadores Lane Mission Viejo, CA 3
    • 4 beds 2 baths ∙ 1,691 Sqft ∙ Built 1968 4 beds 2 baths ∙ 1,691 Sqft ∙ Built 1968
    property image
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,295
    • $1.95
    •  
  • 23831 San Esteban Drive Mission Viejo, CA 4
    • 3 beds 2 baths ∙ 1,561 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,561 Sqft ∙ Built 1971
    property image
    LEASED 08/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.11
    •  
  • 24271 Chrisanta Drive Mission Viejo, CA 5
    • 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1967 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1967
    property image
    LEASED 10/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $1.89
    •  
PROPERTY LISTING DETAILS
Peggy Roegiers
Coldwell Banker Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21019280
Last Updated: 01/29/2021
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