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1217 N Myers Street Burbank, CA 91506

4 Beds 1 Baths 2,282 sqft Built 1927

$1,099,999

List Price

$4,240

$4K - $4.5K

Rent Est.

PROPERTY INFO

November 20, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1927
  • Price/Sqft : $482.03
  • 3 Days on Market
  • MLS # : BB20243873
  • Updated Date : 11/20/2020 at 15:39
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,282 sqft
  • Baths : 1 full
Listing Agent

Media West Realty,inc.

Listing Agent's Description

This romantic four bedroom, two bathroom Tudor is on a beautiful tree-lined street in the heart of Burbank. True to form, this lovely Tudor has several distinguishable features: a front porch as well as a porte cochere, a steeply pitched roof, high ceilings and dual pane windows that provide an abundance of natural light throughout the house. The bedrooms have plenty of space for storage, study, or in-home office. Both bathrooms are updated and all of the house is bright and clean with impeccable, hardwood like floors. The spacious and open custom 600 sq. ft (approx.) living room/kitchen combo is an entertainers dream. It features a huge granite island, quality oak cabinets that provide tons of storage, high-end stainless steel appliances that include a vented indoor BBQ, and easy to clean beautiful tile floors. The huge master suite has an abundance of closet space and classic french doors that along with the family room open to an attached, large redwood covered patio which overlooks the pool in a fully fenced backyard. This private, unique set up makes it the perfect mix for yourselves or gatherings. The two car detached garage with alley entrance (sufficient for RV parking) has plenty of room for a possible ADU. Don’t miss this unique home – schedule a private tour today!

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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: Northwest District

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $199k856k

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

Neighborhood: Northwest District

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21800200022002400260028003000320034003600Rent in $16833697

* 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
Thomas Edison Elementary School Primary Regular 542 19 8
Luther Burbank Middle School Middle Regular 1,102 45 6
John Burroughs High School High Regular 2,649 108 8

Thomas Edison Elementary School

  • Education Level: Primary
  • # of students: 542
  • # of teachers: 19
8
GreatSchools Rating

Luther Burbank Middle School

  • Education Level: Middle
  • # of students: 1,102
  • # of teachers: 45
6
GreatSchools Rating

John Burroughs High School

  • Education Level: High
  • # of students: 2,649
  • # of teachers: 108
8
GreatSchools Rating
 

$989,999$1,209,999$1,099,999

PURCHASE PRICE

$3,816$4,664$4,240

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,240
EXPENSES Loan Payment -$4,059
Property Tax -$1,026
Property Insurance -$82
Property Management Fees -$208
CASH FLOW
-$1,134

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.

$1,099,999

PROJECTED PRICE

$4,240

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 8.2%
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$2.5M$3.0M$3.5M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$297,250

INVESTMENT

$297,250

Down Payment
$275,000
Rehab Estimate
$5,750
Closing Costs
$16,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$4,059

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $275,000
Loan Amount $824,999
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$11,270

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,240

    LIST RENT
  • $1.86

    LIST RENT PER SQFT
  • $4,290

    COMP ESTIMATED VALUE
  • $1.88

    COMP AVG. RENT PER SQFT
Comps Range
$3,750
1$3,7502$4,240
$4,240
RENT COMPS ANALYSIS
  • 1217 N Myers Street Burbank, CA 2
    • 4 beds 1 baths ∙ 2,282 Sqft ∙ Built 1927 4 beds 1 baths ∙ 2,282 Sqft ∙ Built 1927
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $4,240
    • $1.86
    •  
  • 905 N Lamer Street Burbank, CA 1
    • 3 beds 1 baths ∙ 2,000 Sqft ∙ Built 1939 3 beds 1 baths ∙ 2,000 Sqft ∙ Built 1939
    property image
    LEASED 10/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,750
    • $1.88
    •  
PROPERTY LISTING DETAILS
Cameron Hunter
Media West Realty,inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: BB20243873
Last Updated: 11/20/2020
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