The "Walnut Heights" area of Irvine services the College Park Elementary School area, it's enclosed mainly by Jamboree, the 5 Freeway and Irvine Center Drive, although any real estate agent can pinpoint homes that are in the specified area for you. You can search the boundaries here just in case you're curious:
It tends be a little difficult to find rentals in that price range in your target area, but rentals constantly come and go. The end of summer is a time homeowners tend to look into leasing as the school season is starting. What I would suggest is work with an agent to get automatic notifications when homes come for lease in your target area so hopefully you can be the first to know. In addition, like the mortgage broker wrote below it's always good to price out your rent v buy options. Hope that helps!