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1349 S Longwood Avenue Los Angeles, CA 90019

4 Beds 2 Baths 1,809 sqft Built 1924

$1,150,000

List Price

$4,160

$3.9K - $4.4K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 1924
  • Price/Sqft : $635.71
  • 4 Days on Market
  • MLS # : 20649466
  • Updated Date : 11/05/2020 at 09:19
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,809 sqft
  • Baths : 2 full
Listing Agent

Redfin

Listing Agent's Description

This spacious 4 bedroom, 2 bathroom home features lots of natural light, hardwood floors, modern open layout, recessed lighting, private courtyard and large private backyard with multiple citrus trees! Several modern upgrades including Nest thermostat, Toto toilets, Ring security system and contemporary details. The oversized backyard provides access to a finished garage which can be used for storage or WFH studio/office. There are two off-street parking spots with gated access. This property is zoned R2 with opportunity for an additional unit or ADU. Property is centrally located near a Target, Sprouts, Ralphs, Starbucks, Smart & Final and more. Home is already equipped with a full set of appliances to get you started! (refrigerator, gas stove, dish washer, washer and dryer, energy efficient water heater and central air HVAC system)

SEE MORE

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: Olympic Park

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000kPrice in $153k1021k

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

Neighborhood: Olympic Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2180020002200240026002800300032003400360038004000420044004600Rent in $17184613

* 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
Wilshire Crest Elementary School Primary Regular 221 11 2
John Burroughs Middle School Middle Regular 1,849 66 6
Los Angeles Senior High High Regular 1,422 76 3

Wilshire Crest Elementary School

  • Education Level: Primary
  • # of students: 221
  • # of teachers: 11
2
GreatSchools Rating

John Burroughs Middle School

  • Education Level: Middle
  • # of students: 1,849
  • # of teachers: 66
6
GreatSchools Rating

Los Angeles Senior High

  • Education Level: High
  • # of students: 1,422
  • # of teachers: 76
3
GreatSchools Rating
 

$1,035,000$1,265,000$1,150,000

PURCHASE PRICE

$3,744$4,576$4,160

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,160
EXPENSES Loan Payment -$4,243
Property Tax -$1,158
Property Insurance -$70
Property Management Fees -$204
CASH FLOW
-$1,515

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.

$1,150,000

PROJECTED PRICE

$4,160

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 11.5%
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$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M$4.0M

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$4.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$310,500

INVESTMENT

$310,500

Down Payment
$287,500
Rehab Estimate
$5,750
Closing Costs
$17,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$4,243

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $287,500
Loan Amount $862,500
See What Happens When You Reinvest Cash Flow

0.58

YEARS SAVED

$2,582

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,160

    LIST RENT
  • $2.3

    LIST RENT PER SQFT
  • $4,115

    COMP ESTIMATED VALUE
  • $2.28

    COMP AVG. RENT PER SQFT
Comps Range
$4,160
1$4,1602$4,1653$4,2504$4,4005$4,500
$4,500
RENT COMPS ANALYSIS
  • 1349 S Longwood Avenue Los Angeles, CA 1
    • 4 beds 2 baths ∙ 1,809 Sqft ∙ Built 1924 4 beds 2 baths ∙ 1,809 Sqft ∙ Built 1924
    • Rent
    • Rent Per SQFT
    •  
    • $4,160
    • $2.30
    •  
  • 1213 S Orange Drive Los Angeles, CA 2
    • 3 beds 3 baths ∙ 1,850 Sqft ∙ Built 1926 3 beds 3 baths ∙ 1,850 Sqft ∙ Built 1926
    LEASED 10/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,165
    • $2.25
    •  
  • 1323 S Burnside Avenue Los Angeles, CA 3
    • 3 beds 2 baths ∙ 1,838 Sqft ∙ Built 1936 3 beds 2 baths ∙ 1,838 Sqft ∙ Built 1936
    LEASED 07/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,250
    • $2.31
    •  
  • 1158 S Cochran Avenue Los Angeles, CA 4
    • 3 beds 3 baths ∙ 1,998 Sqft ∙ Built 1935 3 beds 3 baths ∙ 1,998 Sqft ∙ Built 1935
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,400
    • $2.20
    •  
  • 1053 S Mansfield Avenue Los Angeles, CA 5
    • 3 beds 2 baths ∙ 1,925 Sqft ∙ Built 1926 3 beds 2 baths ∙ 1,925 Sqft ∙ Built 1926
    LEASED 12/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $2.34
    •  
PROPERTY LISTING DETAILS
Laura Salgues
Redfin
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 20649466
Last Updated: 11/05/2020
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