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11331 Elliott Avenue #7 El Monte, CA 91732

3 Beds 3 Baths 1,592 sqft Built 1981

$429,000

List Price

$2,370

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 05, 2020 RECENTLY ADDED
FACTS
  • Built In 1981
  • Price/Sqft : $269.47
  • 5 Days on Market
  • MLS # : WS20226310
  • Updated Date : 11/04/2020 at 20:51
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,592 sqft
  • Baths : 3 full
Listing Agent

Re/max Vertex

Listing Agent's Description

Come on in and visit this stunting gated community condominium located in the marvelous city of El Monte with LOW HOA DUE. This well maintained home comes with plenty of natural lights, 1,592 sqft living area, 3 bedrooms, 3 baths, and a bonus room downstairs can be used as a den, office, or etc. Each room is provided with large closet space and large room size. All windows have been upgraded to dual pane windows, new ac, heating system, copper plumbing, and garage motor unit. Kitchen also comes with beautiful marble countertop, large cabinets, stainless steel sink, well maintained stove and large refrigerator. This home has laminate floors throughout the house and tiles floor in kitchen and all bathrooms. It also includes a two car garage with direct house access. Easy access to retail shops, grocery stores, and freeway 10 access. Perfect home for start up family, retirees, and investors. If you are looking for a spacious home in a peaceful neighborhood then this is your chance. Do not lose this opportunity to live in a fabulous and comfortable home.

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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)
  • 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]
  • 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: Mountain View

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $153k622k

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

Neighborhood: Mountain View

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q216001700180019002000210022002300240025002600270028002900Rent in $15452941

* 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
Cogswell Elementary School Primary Regular 465 19 5
Cogswell Elementary School Middle Regular 465 19 5
El Monte High School High Regular 1,869 79 4

Cogswell Elementary School

  • Education Level: Primary
  • # of students: 465
  • # of teachers: 19
5
GreatSchools Rating

Cogswell Elementary School

  • Education Level: Middle
  • # of students: 465
  • # of teachers: 19
5
GreatSchools Rating

El Monte High School

  • Education Level: High
  • # of students: 1,869
  • # of teachers: 79
4
GreatSchools Rating
 

$386,100$471,900$429,000

PURCHASE PRICE

$2,133$2,607$2,370

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,370
EXPENSES Loan Payment -$1,583
Property Tax -$509
Property Insurance -$66
HOA -$140
Property Management Fees -$116
CASH FLOW
-$43

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$429,000

PROJECTED PRICE

$2,370

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 9.7%
Maintenance Year (1-5) 8.00%
Vacancy 4.14%
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

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$119,435

INVESTMENT

$119,435

Down Payment
$107,250
Rehab Estimate
$5,750
Closing Costs
$6,435

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,583

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $107,250
Loan Amount $321,750
See What Happens When You Reinvest Cash Flow

5.83

YEARS SAVED

$33,686

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,370

    LIST RENT
  • $1.49

    LIST RENT PER SQFT
  • $2,404

    COMP ESTIMATED VALUE
  • $1.51

    COMP AVG. RENT PER SQFT
Comps Range
$2,150
1$2,1502$2,3703$2,5504$2,6005$2,700
$2,700
RENT COMPS ANALYSIS
  • 11331 Elliott Avenue El Monte, CA 2
    • 3 beds 3 baths ∙ 1,592 Sqft ∙ Built 1981 3 beds 3 baths ∙ 1,592 Sqft ∙ Built 1981
    • Rent
    • Rent Per SQFT
    •  
    • $2,370
    • $1.49
    •  
  • 3520 Penn Mar Avenue El Monte, CA 1
    • 3 beds 3 baths ∙ 1,466 Sqft ∙ Built 1989 3 beds 3 baths ∙ 1,466 Sqft ∙ Built 1989
    LEASED 06/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.47
    •  
  • 2910 Maxson Road El Monte, CA 3
    • 4 beds 3 baths ∙ 1,851 Sqft ∙ Built 1989 4 beds 3 baths ∙ 1,851 Sqft ∙ Built 1989
    LEASED 07/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.38
    •  
  • 3480 Whistler Avenue El Monte, CA 4
    • 4 beds 3 baths ∙ 1,672 Sqft ∙ Built 1993 4 beds 3 baths ∙ 1,672 Sqft ∙ Built 1993
    LEASED 05/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.56
    •  
  • 12511 Montrose Street El Monte, CA 5
    • 3 beds 3 baths ∙ 1,656 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,656 Sqft ∙ Built 1988
    LEASED 02/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.63
    •  
PROPERTY LISTING DETAILS
Edward Chen
Re/max Vertex
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: WS20226310
Last Updated: 11/04/2020
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