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1275 N Craig Avenue Pasadena, CA 91104

3 Beds 2 Baths 1,448 sqft Built 1927

$850,000

List Price

$3,260

$3K - $3.5K

Rent Est.

PROPERTY INFO

January 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1927
  • Price/Sqft : $587.02
  • 3 Days on Market
  • MLS # : P1-3025
  • Updated Date : 01/23/2021 at 11:29
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,448 sqft
  • Baths : 1 full , 1 half
Listing Agent

Pete Whan And Associates, Inc.

Listing Agent's Description

A classic single level California Spanish with great potential; a rare find in Brigden Ranch. This home preserves itself with many original details. The formal entry takes you into this charming home with gleaming hardwood floors, arched doorways, wood windows and french doors boasting natural light throughout. The living room has the original plaster style fireplace with a Spanish tile hearth and french doors that open to the rear patio overlooking the sparkling pool framed with views of the San Gabriel Mountains. The formal dining room captures the beautiful mountain views with French doors that open to the rear patio & pool area creating the opportunity to entertain the California Alfresco style. There is a classic breakfast room, 3 bedrooms, 1 full bathroom, and 1/2 bath from the kitchen and separate laundry with rear door to yard and pool area, including a CA basement. Great layout to restore to a charming place to call home! Located proximity to East Washington Village, hiking trails, neighborhood parks, golf ranges, clubs, schools, outdoor Farmers Market, 210 freeway, and much more...location, location, location.

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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: East Washington Village

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $199k890k

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

Neighborhood: East Washington Village

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
Webster Elementary School Primary Regular 474 18 6
Charles W. Eliot Arts Magnet Academy Middle Regular 504 27 2
Pasadena High School High Regular 1,903 84 6

Webster Elementary School

  • Education Level: Primary
  • # of students: 474
  • # of teachers: 18
6
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
 

$765,000$935,000$850,000

PURCHASE PRICE

$2,934$3,586$3,260

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,260
EXPENSES Loan Payment -$2,952
Property Tax -$877
Property Insurance -$62
Property Management Fees -$160
CASH FLOW
-$791

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.

$850,000

PROJECTED PRICE

$3,260

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 4.7%
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-$15k-$10k-$5.0k$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$231,000

INVESTMENT

$231,000

Down Payment
$212,500
Rehab Estimate
$5,750
Closing Costs
$12,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,952

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $212,500
Loan Amount $637,500
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$7,904

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,260

    LIST RENT
  • $2.25

    LIST RENT PER SQFT
  • $3,580

    COMP ESTIMATED VALUE
  • $2.47

    COMP AVG. RENT PER SQFT
Comps Range
$3,260
1$3,2602$3,7953$3,8004$3,9505$3,950
$3,950
RENT COMPS ANALYSIS
  • 1275 N Craig Avenue Pasadena, CA 1
    • 3 beds 2 baths ∙ 1,448 Sqft ∙ Built 1927 3 beds 2 baths ∙ 1,448 Sqft ∙ Built 1927
    • Rent
    • Rent Per SQFT
    •  
    • $3,260
    • $2.25
    •  
  • 2430 Monte Vista Street Pasadena, CA 2
    • 3 beds 2 baths ∙ 1,553 Sqft ∙ Built 1946 3 beds 2 baths ∙ 1,553 Sqft ∙ Built 1946
    LEASED 06/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,795
    • $2.44
    •  
  • 1405 N Grand Oaks Avenue Pasadena, CA 3
    • 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1939 3 beds 3 baths ∙ 1,500 Sqft ∙ Built 1939
    LEASED 01/08/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.53
    •  
  • 1007 Rose Avenue Pasadena, CA 4
    • 3 beds 2 baths ∙ 1,512 Sqft ∙ Built 1916 3 beds 2 baths ∙ 1,512 Sqft ∙ Built 1916
    LEASED 02/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,950
    • $2.61
    •  
  • 1997 Casa Grande Street Pasadena, CA 5
    • 3 beds 2 baths ∙ 1,711 Sqft ∙ Built 1926 3 beds 2 baths ∙ 1,711 Sqft ∙ Built 1926
    LEASED 10/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,950
    • $2.31
    •  
PROPERTY LISTING DETAILS
Pete Whan
Pete Whan And Associates, Inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: P1-3025
Last Updated: 01/23/2021
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