Address: 22863 Via Cereza, Unit 3B, Mission Viejo, CA
Bedrooms: 3
Bathrooms: 1.75
Size: 1,173 sq. ft.
Here is a potentially good condo investment. It won't turn heads from an aesthetics standpoint but it appears to be able to fulfill its basic duty as a rental property. The unit does not appear to require too much work before renting out to a tenant. Mission Viejo is located in south Orange County and has highly rated public schools and low crime. There is plenty of open space and parks scattered around the city, making this a family-friendly option for both renters and owners.
Bedrooms: 3
Bathrooms: 1.75
Size: 1,173 sq. ft.
Here is a potentially good condo investment. It won't turn heads from an aesthetics standpoint but it appears to be able to fulfill its basic duty as a rental property. The unit does not appear to require too much work before renting out to a tenant. Mission Viejo is located in south Orange County and has highly rated public schools and low crime. There is plenty of open space and parks scattered around the city, making this a family-friendly option for both renters and owners.
Listing price: $175,000
Down payment (20%): $35,000
Expected monthly rental income (based on Zillow.com rent estimate): $1,820
Monthly mortgage (30 year fixed @ 3.875%): $658
Monthly maintenance and repair budget: $100
Monthly vacancy budget: $100
Monthly HOA dues: $340
Monthly property tax: $153.13
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Monthly profit: $468.88
Annual return on down payment investment: 16%
Note that the annual return on the down payment investment does not account for any gain in equity. Adding up the equity makes this an even more attractive purchase from a financial standpoint. Most investors would be happy to find a stock portfolio that can yield 16% annually.
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