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1043 Stearns Drive Los Angeles, CA 90035

3 Beds 2 Baths 1,744 sqft Built 1925

$1,495,000

List Price

$5,280

$5K - $5.5K

Rent Est.

PROPERTY INFO

December 25, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1925
  • Price/Sqft : $857.22
  • 4 Days on Market
  • MLS # : 20673334
  • Updated Date : 12/24/2020 at 16:19
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,744 sqft
  • Baths : 2 full
Listing Agent

Hilton & Hyland

Listing Agent's Description

Located on a quiet street in the heart of Carthay Square, sits this charming English Tudor home with generous grassy frontage, high ceilings, warm interiors, and backyard with a pool. Enter the house through arched doorway, and walk into spacious living room with high, beamed ceilings, fireplace, hardwood floors, and art-deco windows. Adjacent dining room is flooded with natural light, and enjoys direct access to the kitchen. Master bedroom enjoys plush carpeting and walk-in closet. Guest bedrooms are sizable; back bedroom features French doors, which open up to backyard, cabana and sparkling private pool. This property is equipped with long driveway, and is the best priced home in the area. Located in close proximity to Pico shops & restaurants.

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MARKET HIGHLIGHTS

  • 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)
  • 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)
  • 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]

PRICE & RENT TRENDS

Neighborhood: South Carthay

NeighborhoodNIR Market*CityMarket2010Year20002019200k400k600k800k1000k1200k1400k1600kPrice in $199k1686k

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

Neighborhood: South Carthay

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2200025003000350040004500500055006000Rent in $17846183

* 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
Carthay Elementary Of Environmental Studies Magnet Primary Regular 331 13 4
Emerson Community Charter School Middle Regular 533 23 5
Fairfax Senior High School High Regular 2,101 83 6

Carthay Elementary Of Environmental Studies Magnet

  • Education Level: Primary
  • # of students: 331
  • # of teachers: 13
4
GreatSchools Rating

Emerson Community Charter School

  • Education Level: Middle
  • # of students: 533
  • # of teachers: 23
5
GreatSchools Rating

Fairfax Senior High School

  • Education Level: High
  • # of students: 2,101
  • # of teachers: 83
6
GreatSchools Rating
 

$1,345,500$1,644,500$1,495,000

PURCHASE PRICE

$4,752$5,808$5,280

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $5,280
EXPENSES Loan Payment -$5,516
Property Tax -$1,506
Property Insurance -$69
Property Management Fees -$259
CASH FLOW
-$2,069

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.

$1,495,000

PROJECTED PRICE

$5,280

PROJECTED RENT

0.35%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 10.0%
Maintenance Year (1-5) 8.00%
Vacancy 5.05%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$1.0M$2.0M$3.0M$4.0M$5.0M

PROJECTED ANNUAL CASH FLOW

11530-$30k-$20k-$10k$0.0$10k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$1.0M$2.0M$3.0M$4.0M$5.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$401,925

INVESTMENT

$401,925

Down Payment
$373,750
Rehab Estimate
$5,750
Closing Costs
$22,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$5,516

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $373,750
Loan Amount $1,121,250
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$1,695

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $5,280

    LIST RENT
  • $3.03

    LIST RENT PER SQFT
  • $4,547

    COMP ESTIMATED VALUE
  • $2.61

    COMP AVG. RENT PER SQFT
Comps Range
$3,750
1$3,7502$4,2503$4,7504$4,9505$5,280
$5,280
RENT COMPS ANALYSIS
  • 1043 Stearns Drive Los Angeles, CA 5
    • 3 beds 2 baths ∙ 1,744 Sqft ∙ Built 1925 3 beds 2 baths ∙ 1,744 Sqft ∙ Built 1925
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $5,280
    • $3.03
    •  
  • 1068 S Wooster Street Los Angeles, CA 1
    • 4 beds 2 baths ∙ 1,600 Sqft ∙ Built 1929 4 beds 2 baths ∙ 1,600 Sqft ∙ Built 1929
    property image
    LEASED 12/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,750
    • $2.34
    •  
  • 1323 S Burnside Avenue Los Angeles, CA 2
    • 3 beds 2 baths ∙ 1,838 Sqft ∙ Built 1936 3 beds 2 baths ∙ 1,838 Sqft ∙ Built 1936
    property image
    LEASED 07/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,250
    • $2.31
    •  
  • 1763 Stearns Drive Los Angeles, CA 3
    • 3 beds 2 baths ∙ 1,604 Sqft ∙ Built 1938 3 beds 2 baths ∙ 1,604 Sqft ∙ Built 1938
    property image
    LEASED 09/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,750
    • $2.96
    •  
  • 1613 Hi Point Street Los Angeles, CA 4
    • 3 beds 1 baths ∙ 1,756 Sqft ∙ Built 1928 3 beds 1 baths ∙ 1,756 Sqft ∙ Built 1928
    property image
    LEASED 08/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,950
    • $2.82
    •  
PROPERTY LISTING DETAILS
Jonathan Nash
Hilton & Hyland
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 20673334
Last Updated: 12/24/2020
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