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PROPERTY INFO
FACTS
- Single Family
- Built In 1947
- Price/Sqft : $510.41
- 3 Days on Market
- MLS # : PW21034887
- Updated Date : 02/20/2021 at 22:06
CONSTRUCTION
- Beds : 4
- Floor Size : 1,489 sqft
- Baths : 2 full
Listing Agent
First Team Real Estate
Listing Agent's Description
Welcome to 1012 E Luray St! Beautifully upgraded and meticulously cared for home in the highly desirable Ridgewood Heights neighborhood area of Bixby Knolls. This charming 4 bed, 2 bath home boasts pride in ownership. You’re immediately embraced by the warmth of this home upon entry with the wood burning fireplace & marble tile surround, dual paned bay windows & laminate flooring that is featured throughout. The kitchen exudes tons of light & charm with an original ironing board nook complete with ironing board. Features stainless steel appliances, quartz countertops, butler’s pantry & buffet, custom cabinetry & plenty of storage space! The beautifully designed master bedroom addition is complete with walk-in closet, crown molding and dual paned sliding doors leading out into the garden. The ensuite is complete with a soaking tub & separate shower. Updates on this home also include: HVAC, updated bathrooms, quartz countertops, dual paned windows, crown molding, recessed lighting, freshly painted interior and exterior & copper plumbing. Drought tolerant front yard landscaping and thoughtfully landscaped backyard garden with planter beds for vegetables & herbs & a variety of several fruit trees such as avocado & papaya that allow you to harvest and enjoy fruit all year long. Conveniently located close to schools, parks, shops and restaurants of uptown Bixby. Walking distance to Thursday’s Farmer’s Market, supermarkets and minutes from the 405, 710 & 91 Freeways.
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MARKET HIGHLIGHTS
- 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 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)
- 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 area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
- As part of Southern California area, Los Angeles market inherits all the benefits from the area.
- 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)
- Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)
PRICE & RENT TRENDS
Neighborhood: Ridgewood Heights
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Ridgewood Heights
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $2,880 |
| EXPENSES | Loan Payment | -$2,640 |
| Property Tax | -$802 | |
| Property Insurance | -$63 | |
| Property Management Fees | -$141 | |
|
CASH FLOW
-$765
|
||
This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 13% of earned rent to cover both maintenance and periods of vacancy.
$760,000
PROJECTED PRICE
$2,880
PROJECTED RENT
0.38%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 4.48% |
| Appreciation Year (1-5) | 7.4% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 4.69% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$207,150
LOAN DETAILS
$2,640
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $190,000 |
| Loan Amount | $570,000 |
1.33
YEARS SAVED
$5,136
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,880
LIST RENT -
$1.93
LIST RENT PER SQFT
-
$2,814
COMP ESTIMATED VALUE -
$1.89
COMP AVG. RENT PER SQFT
Comps Range
-
1012 E Luray Street Long Beach, CA 4
- 4 beds 2 baths ∙ 1,489 Sqft ∙ Built 1947 4 beds 2 baths ∙ 1,489 Sqft ∙ Built 1947
![property image]()
- Rent
- Rent Per SQFT
- $2,880
- $1.93
-
5602 California Avenue Long Beach, CA 1
- 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1938 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1938
![property image]()
LEASED 06/13/20- Rent
- Rent Per SQFT
- $2,650
- $1.66
-
138 E Louise Street Long Beach, CA 2
- 3 beds 2 baths ∙ 1,483 Sqft ∙ Built 1937 3 beds 2 baths ∙ 1,483 Sqft ∙ Built 1937
![property image]()
LEASED 03/27/20- Rent
- Rent Per SQFT
- $2,800
- $1.89
-
3946 N Marshall Way Long Beach, CA 3
- 3 beds 1 baths ∙ 1,395 Sqft ∙ Built 1941 3 beds 1 baths ∙ 1,395 Sqft ∙ Built 1941
![property image]()
LEASED 11/14/19- Rent
- Rent Per SQFT
- $2,850
- $2.04
-
4743 Boyar Avenue Long Beach, CA 5
- 3 beds 2 baths ∙ 1,496 Sqft ∙ Built 1942 3 beds 2 baths ∙ 1,496 Sqft ∙ Built 1942
![property image]()
LEASED 10/08/19- Rent
- Rent Per SQFT
- $2,950
- $1.97
PROPERTY LISTING DETAILS
First Team Real Estate
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: PW21034887
Last Updated: 02/20/2021
