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26841 Morena Drive Mission Viejo, CA 92691

4 Beds 1 Baths 1,898 sqft Built 1969

$800,000

List Price

$3,190

$2.9K - $3.4K

Rent Est.

PROPERTY INFO

November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1969
  • Price/Sqft : $421.50
  • 4 Days on Market
  • MLS # : OC20237565
  • Updated Date : 11/12/2020 at 20:59
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,898 sqft
  • Baths : 1 full
Listing Agent

Coast To Canyon Real Estate

Listing Agent's Description

The moment you step through the door into the airy foyer, your senses tell you that this spacious single story home is, light, bright, & well maintained. Gorgeous hardwood floors throughout & gracious flow have you imagining how easy it will be to entertain in this pristine home. The kitchen boasts granite counters, tons of storage, & stainless steel appliances. It opens onto the family room, & a perfectly situated nook is the perfect spot for a convenient coffee bar. The picture window in the kitchen, & the patio doors in the family room draw your eyes to the lush & shaded patio outside, perfect for entertaining or dining al-fresco. Raised flower beds surrounded by seating walls make entertaining a crowd easy. This well-designed home has a glass privacy door separating the living areas from the four bedrooms. This on-trend design feature provides a retreat from the hive of activity a family room enjoys, & serene spaces for sleep, study & work from home options. Defined spaces are what today's buyers crave. Multiple bedrooms provide options for parents or returning children as the generations mingle, or for young professionals who want a space for work & relaxation. The location is close to recreational activities, shopping, dining, & the popular Lake Mission Viejo. Its reputation as a safe & peaceful community, with well-maintained parks, trails, & community activities promotes a lively outdoor lifestyle & who wouldn't want that!

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
Viejo Elementary School Primary Regular 397 15 4
Newhart Middle School Middle Regular 1,276 51 7
Capistrano Valley High School High Regular 2,384 86 9

Viejo Elementary School

  • Education Level: Primary
  • # of students: 397
  • # of teachers: 15
4
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
 

$720,000$880,000$800,000

PURCHASE PRICE

$2,871$3,509$3,190

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,190
EXPENSES Loan Payment -$2,952
Property Tax -$678
Property Insurance -$73
HOA -$21
Property Management Fees -$156
CASH FLOW
-$690

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.

$800,000

PROJECTED PRICE

$3,190

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

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$217,750

INVESTMENT

$217,750

Down Payment
$200,000
Rehab Estimate
$5,750
Closing Costs
$12,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,952

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $200,000
Loan Amount $600,000
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$10,334

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,190

    LIST RENT
  • $1.68

    LIST RENT PER SQFT
  • $3,303

    COMP ESTIMATED VALUE
  • $1.74

    COMP AVG. RENT PER SQFT
Comps Range
$2,950
1$2,9502$3,0003$3,1504$3,1905$3,500
$3,500
RENT COMPS ANALYSIS
  • 26841 Morena Drive Mission Viejo, CA 4
    • 4 beds 1 baths ∙ 1,898 Sqft ∙ Built 1969 4 beds 1 baths ∙ 1,898 Sqft ∙ Built 1969
    • Rent
    • Rent Per SQFT
    •  
    • $3,190
    • $1.68
    •  
  • 26582 Lucinda Mission Viejo, CA 1
    • 3 beds 3 baths ∙ 1,825 Sqft ∙ Built 1976 3 beds 3 baths ∙ 1,825 Sqft ∙ Built 1976
    LEASED 07/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.62
    •  
  • 26586 Mambrino Mission Viejo, CA 2
    • 3 beds 3 baths ∙ 1,863 Sqft ∙ Built 1976 3 beds 3 baths ∙ 1,863 Sqft ∙ Built 1976
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.61
    •  
  • 27251 Delemos Mission Viejo, CA 3
    • 3 beds 2 baths ∙ 1,764 Sqft ∙ Built 1983 3 beds 2 baths ∙ 1,764 Sqft ∙ Built 1983
    LEASED 01/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,150
    • $1.79
    •  
  • 26631 El Mar Drive Mission Viejo, CA 5
    • 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1969 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1969
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.94
    •  
PROPERTY LISTING DETAILS
Rita Tayenaka
Coast To Canyon Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC20237565
Last Updated: 11/12/2020
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