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29062 Canyon Rim Drive #217 Lake Forest, CA 92679

3 Beds 3 Baths 1,297 sqft Built 1988

$630,000

List Price

$3,170

$2.9K - $3.4K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
March 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $485.74
  • 8 Days on Market
  • MLS # : OC21047231
  • Updated Date : 03/12/2021 at 13:21
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,297 sqft
  • Baths : 2 full , 1 half
Listing Agent

@vantage Real Estate

Listing Agent's Description

Great 3 bedroom town-home in Portola Hills with fabulous unobstructed views of the canyons and mountains. No Mello-Roos, close to trails for walking and biking. Close to community amenities such as Pool, Spa, and Clubhouse. High ceilings, 2.5 bathrooms, great layout for a family. Just minutes from the 241 Toll Road, stores, restaurants 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: Portola Hills

NeighborhoodNIR Market*CityMarket2010Year20002019300k350k400k450k500k550k600k650k700k750k800k850k900k950kPrice in $272k952k

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

Neighborhood: Portola Hills

NeighborhoodNIR Market*CityMarket2010Year2000 Q22019 Q220002200240026002800300032003400360038004000Rent in $19684166

* 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
Serrano Intermediate School Middle Regular 1,233 43 7
El Toro High School High Magnet 2,548 98 8
Serrano Intermediate School Middle Unknown NA

Serrano Intermediate School

  • Education Level: Middle
  • # of students: 1,233
  • # of teachers: 43
7
GreatSchools Rating

El Toro High School

  • Education Level: High
  • # of students: 2,548
  • # of teachers: 98
8
GreatSchools Rating

Serrano Intermediate School

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

$567,000$693,000$630,000

PURCHASE PRICE

$2,853$3,487$3,170

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,170
EXPENSES Loan Payment -$2,188
Property Tax -$535
Property Insurance -$58
HOA -$420
Property Management Fees -$155
CASH FLOW
-$187

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.

$630,000

PROJECTED PRICE

$3,170

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.08%
Appreciation Year (1-5) 4.9%
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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$172,700

INVESTMENT

$172,700

Down Payment
$157,500
Rehab Estimate
$5,750
Closing Costs
$9,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,188

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $157,500
Loan Amount $472,500
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$22,316

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,170

    LIST RENT
  • $2.44

    LIST RENT PER SQFT
  • $2,532

    COMP ESTIMATED VALUE
  • $1.95

    COMP AVG. RENT PER SQFT
Comps Range
$2,550
1$2,5502$2,9003$3,1504$3,1705$3,200
$3,200
RENT COMPS ANALYSIS
  • 29062 Canyon Rim Drive Lake Forest, CA 4
    • 3 beds 3 baths ∙ 1,297 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,297 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $3,170
    • $2.44
    •  
  • 19665 Orviento Drive Lake Forest, CA 1
    • 3 beds 3 baths ∙ 1,305 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,305 Sqft ∙ Built 1997
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.95
    •  
  • 8 Destino Way Mission Viejo, CA 2
    • 3 beds 3 baths ∙ 1,497 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,497 Sqft ∙ Built 2001
    LEASED 09/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.94
    •  
  • 28845 Woodspring Circle Lake Forest, CA 3
    • 3 beds 3 baths ∙ 1,620 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,620 Sqft ∙ Built 1988
    LEASED 07/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,150
    • $1.94
    •  
  • 19041 Wildwood Circle Lake Forest, CA 5
    • 3 beds 3 baths ∙ 1,620 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,620 Sqft ∙ Built 1987
    LEASED 01/12/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.98
    •  
PROPERTY LISTING DETAILS
Russell Taylor
@vantage Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21047231
Last Updated: 03/12/2021
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