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1140 E Howard Street Pasadena, CA 91104

3 Beds 1 Baths 1,535 sqft Built 1924

$699,000

List Price

$3,420

$3.2K - $3.7K

Rent Est.

PROPERTY INFO

November 28, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1924
  • Price/Sqft : $455.37
  • 2 Days on Market
  • MLS # : P1-2458
  • Updated Date : 11/28/2020 at 18:15
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,535 sqft
  • Baths : 1 full
Listing Agent

Compass

Listing Agent's Description

Cash Offers Only. Located in Pasadena's Historic Highlands Landmark District, this charming English Cottage has been in the same family for over 50 years. Classic features include living room, dining room, kitchen and one bedroom downstairs, and two bedrooms and a full bath upstairs. This property is a trust sale in need of considerable repairs, and is being sold in 'As-Is' condition. This property will not qualify for conventional financing. Come see the potential, but hurry, as this home won't be on the market for long.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Historic Highlands

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900kPrice in $199k978k

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

Neighborhood: Historic Highlands

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21800200022002400260028003000320034003600Rent in $17843697

* 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
Longfellow Elementary School Primary Regular 512 20 5
Charles W. Eliot Arts Magnet Academy Middle Regular 504 27 2
Pasadena High School High Regular 1,903 84 6

Longfellow Elementary School

  • Education Level: Primary
  • # of students: 512
  • # of teachers: 20
5
GreatSchools Rating

Charles W. Eliot Arts Magnet Academy

  • Education Level: Middle
  • # of students: 504
  • # of teachers: 27
2
GreatSchools Rating

Pasadena High School

  • Education Level: High
  • # of students: 1,903
  • # of teachers: 84
6
GreatSchools Rating
 

$629,100$768,900$699,000

PURCHASE PRICE

$3,078$3,762$3,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,420
EXPENSES Loan Payment -$2,579
Property Tax -$679
Property Insurance -$64
Property Management Fees -$168
CASH FLOW
-$70

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.

$699,000

PROJECTED PRICE

$3,420

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 4.2%
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$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k$25k$30k$35k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$190,985

INVESTMENT

$190,985

Down Payment
$174,750
Rehab Estimate
$5,750
Closing Costs
$10,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$2,579

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $174,750
Loan Amount $524,250
See What Happens When You Reinvest Cash Flow

6.25

YEARS SAVED

$59,393

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,420

    LIST RENT
  • $2.23

    LIST RENT PER SQFT
  • $3,857

    COMP ESTIMATED VALUE
  • $2.51

    COMP AVG. RENT PER SQFT
Comps Range
$3,420
1$3,4202$3,6503$3,8004$3,9505$4,350
$4,350
RENT COMPS ANALYSIS
  • 1140 E Howard Street Pasadena, CA 1
    • 3 beds 1 baths ∙ 1,535 Sqft ∙ Built 1924 3 beds 1 baths ∙ 1,535 Sqft ∙ Built 1924
    • Rent
    • Rent Per SQFT
    •  
    • $3,420
    • $2.23
    •  
  • 742 N Mentor Avenue Pasadena, CA 2
    • 3 beds 2 baths ∙ 1,538 Sqft ∙ Built 1920 3 beds 2 baths ∙ 1,538 Sqft ∙ Built 1920
    LEASED 11/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,650
    • $2.37
    •  
  • 1155 N Michigan Avenue Pasadena, CA 3
    • 3 beds 2 baths ∙ 1,571 Sqft ∙ Built 1913 3 beds 2 baths ∙ 1,571 Sqft ∙ Built 1913
    LEASED 10/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.42
    •  
  • 1393 N Mentor Avenue Pasadena, CA 4
    • 3 beds 1 baths ∙ 1,440 Sqft ∙ Built 1924 3 beds 1 baths ∙ 1,440 Sqft ∙ Built 1924
    LEASED 09/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,950
    • $2.74
    •  
  • 1002 N Catalina Avenue Pasadena, CA 5
    • 3 beds 2 baths ∙ 1,725 Sqft ∙ Built 1914 3 beds 2 baths ∙ 1,725 Sqft ∙ Built 1914
    LEASED 01/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,350
    • $2.52
    •  
PROPERTY LISTING DETAILS
Roland Wilhelm
Compass
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: P1-2458
Last Updated: 11/28/2020
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