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1350 Carlton Drive Glendale, CA 91205

3 Beds 2 Baths 1,150 sqft Built 1913

$699,000

List Price

$2,370

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1913
  • Price/Sqft : $607.83
  • 10 Days on Market
  • MLS # : 320004186
  • Updated Date : 12/02/2020 at 10:42
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,150 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Hallmark Realt

Listing Agent's Description

A rare opportunity to own a single family residence in prime Glendale location at this price! With your creativity and finish preferences/tastes, you can transform this fixer 2 bedroom and 2 bathroom into your finest abode. Property features an open floor plan with fireplace in the living room, crown moulding almost throughout the house, granite kitchen counter with an island, an extra room that can easily be converted into an office or den, a family room space that opens up to a covered patio. Additional features include a long driveway that can accommodate at least 3 cars, a detached 1-car garage, and a decent size backyard.

SEE MORE

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: Citrus Grove

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $166k865k

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

Neighborhood: Citrus Grove

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2160018002000220024002600280030003200340036003800Rent in $14783874

* 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
John Marshall Elementary School Primary Regular 536 21 6
Woodrow Wilson Middle School Middle Regular 1,183 46 8
Glendale Senior High School High Regular 2,582 101 6

John Marshall Elementary School

  • Education Level: Primary
  • # of students: 536
  • # of teachers: 21
6
GreatSchools Rating

Woodrow Wilson Middle School

  • Education Level: Middle
  • # of students: 1,183
  • # of teachers: 46
8
GreatSchools Rating

Glendale Senior High School

  • Education Level: High
  • # of students: 2,582
  • # of teachers: 101
6
GreatSchools Rating
 

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

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 -$2,579
Property Tax -$672
Property Insurance -$55
Property Management Fees -$116
CASH FLOW
-$1,052

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

$2,370

PROJECTED RENT

0.34%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.48%
Appreciation Year (1-5) 9.3%
Maintenance Year (1-5) 8.00%
Vacancy 4.69%
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

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$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 70% 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

0.25

YEARS SAVED

$238

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
  • $2.06

    LIST RENT PER SQFT
  • $2,576

    COMP ESTIMATED VALUE
  • $2.24

    COMP AVG. RENT PER SQFT
Comps Range
$2,370
1$2,3702$2,9503$3,200
$3,200
RENT COMPS ANALYSIS
  • 1350 Carlton Drive Glendale, CA 1
    • 3 beds 2 baths ∙ 1,150 Sqft ∙ Built 1913 3 beds 2 baths ∙ 1,150 Sqft ∙ Built 1913
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,370
    • $2.06
    •  
  • 416 Fischer Street Glendale, CA 2
    • 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1923 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1923
    property image
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $2.19
    •  
  • 1132 E Orange Grove Avenue Glendale, CA 3
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1922 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1922
    property image
    LEASED 08/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.29
    •  
PROPERTY LISTING DETAILS
Kevin Dijamco
Coldwell Banker Hallmark Realt
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 320004186
Last Updated: 12/02/2020
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