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15022 Binney Street Hacienda Heights, CA 91745

3 Beds 2 Baths 1,394 sqft Built 1957

$588,888

List Price

$2,380

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1957
  • Price/Sqft : $422.44
  • 4 Days on Market
  • MLS # : TR20232164
  • Updated Date : 11/05/2020 at 22:17
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,394 sqft
  • Baths : 2 full
Listing Agent

Berkshire Hathaway Home Srvcs

Listing Agent's Description

This gorgeous 3 bedroom 2 bathroom single residential home boasts an spacious 1394 sq. ft plus an additional 350 sq. ft as a converted patio extension into two extra bonus rooms with storage and a 1.75 bath. ( Additional extension 350 SF without permits ) This home offers a beautiful living room with a brick fireplace. The large Master Suite includes amenities such as a shower and two closets—one being a spacious walk-in closet in the bathroom. The Master bathroom original had a bathtub which the owner remodeled to a walk-in closet. There are tons of cabinet space inside the property and the garage. Stepping out to the amazing backyard, you will see beautiful landscaping and a raised wood deck for entertainment. There is also an outdoor sink for your convenience. The property is conveniently located with easy access to the 60 freeway, proximity to great local restaurants, grocery stores, post office and is within walking distance to the Hacienda Heights Community Center and park area. **New roof and water heater installed in 2020**

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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: Hacienda Heights

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $199k856k

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

Neighborhood: Hacienda Heights

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q216001800200022002400260028003000320034003600Rent in $15593697

* 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
Los Robles Academy Primary Regular 328 14 5
Orange Grove Middle School Middle Regular 503 22 5
Los Altos High School High Regular 2,061 75 7

Los Robles Academy

  • Education Level: Primary
  • # of students: 328
  • # of teachers: 14
5
GreatSchools Rating

Orange Grove Middle School

  • Education Level: Middle
  • # of students: 503
  • # of teachers: 22
5
GreatSchools Rating

Los Altos High School

  • Education Level: High
  • # of students: 2,061
  • # of teachers: 75
7
GreatSchools Rating
 

$529,999$647,777$588,888

PURCHASE PRICE

$2,142$2,618$2,380

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,380
EXPENSES Loan Payment -$2,173
Property Tax -$616
Property Insurance -$61
Property Management Fees -$117
CASH FLOW
-$586

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.

$588,888

PROJECTED PRICE

$2,380

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 5.1%
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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$161,805

INVESTMENT

$161,805

Down Payment
$147,222
Rehab Estimate
$5,750
Closing Costs
$8,833

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,173

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $147,222
Loan Amount $441,666
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$6,372

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,380

    LIST RENT
  • $1.71

    LIST RENT PER SQFT
  • $2,537

    COMP ESTIMATED VALUE
  • $1.82

    COMP AVG. RENT PER SQFT
Comps Range
$2,380
1$2,3802$2,3803$2,4504$2,5005$2,800
$2,800
RENT COMPS ANALYSIS
  • 15022 Binney Street Hacienda Heights, CA 2
    • 3 beds 2 baths ∙ 1,394 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,394 Sqft ∙ Built 1957
    • Rent
    • Rent Per SQFT
    •  
    • $2,380
    • $1.71
    •  
  • 1126 S Nantes Avenue Hacienda Heights, CA 1
    • 3 beds 2 baths ∙ 1,230 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,230 Sqft ∙ Built 1958
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,380
    • $1.93
    •  
  • 15032 Denley Street Hacienda Heights, CA 3
    • 3 beds 2 baths ∙ 1,394 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,394 Sqft ∙ Built 1957
    LEASED 07/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.76
    •  
  • 15039 Binney Street Hacienda Heights, CA 4
    • 3 beds 2 baths ∙ 1,396 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,396 Sqft ∙ Built 1957
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.79
    •  
  • 1920 Olympus Avenue Hacienda Heights, CA 5
    • 4 beds 2 baths ∙ 1,554 Sqft ∙ Built 1956 4 beds 2 baths ∙ 1,554 Sqft ∙ Built 1956
    LEASED 02/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.80
    •  
PROPERTY LISTING DETAILS
Ellen Shao
Berkshire Hathaway Home Srvcs
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: TR20232164
Last Updated: 11/05/2020
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