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1520 Norman Place Los Angeles, CA 90063

3 Beds 2 Baths 1,190 sqft Built 1937

$689,000

List Price

$2,800

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1937
  • Price/Sqft : $578.99
  • 3 Days on Market
  • MLS # : 21707732
  • Updated Date : 03/19/2021 at 18:46
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,190 sqft
  • Baths : 2 full
Listing Agent

Berkshire Hathaway Homeservices California

Listing Agent's Description

This beautiful Spanish house is a must see and a rare gem. Don't let the proximity to the freeway take away your opportunity to experience the possibilities and comfort of this home. With high ceilings, intricate archways and molding it also has a contemporary floor-plan. A perfect representation of modern urban living, minutes from the downtown Los Angeles epicenter, yet in a neighborhood with a small town feel and several family owned businesses that characterize City Terrace. Coffee shops and bakeries make it the perfect place to walk to get Saturday morning coffee. It won't be long before you run into a friendly neighbor who will tell you all about what makes this part of Los Angeles so unique and how easily you can commute in all directions from here. Leave your preconceptions at the door and be part of the incredible revival that is sweeping this side of town by owning this quaint yet roomy one story home with a large backyard, deck, professional landscaping and plenty of parking. After you see it, you'll know what I mean. (Probate sale, no court confirmation required.)

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MARKET HIGHLIGHTS

  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (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)
  • 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)
  • 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)
  • 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]
  • 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: East Los Angeles

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650k700kPrice in $139k725k

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

Neighborhood: East Los Angeles

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2160018002000220024002600280030003200Rent in $14773316

* 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
City Terrace Elementary School Primary Regular 432 19 5
El Sereno Middle School Middle Regular 1,276 65 4
Abraham Lincoln Senior High School High Regular 1,219 54 5

City Terrace Elementary School

  • Education Level: Primary
  • # of students: 432
  • # of teachers: 19
5
GreatSchools Rating

El Sereno Middle School

  • Education Level: Middle
  • # of students: 1,276
  • # of teachers: 65
4
GreatSchools Rating

Abraham Lincoln Senior High School

  • Education Level: High
  • # of students: 1,219
  • # of teachers: 54
5
GreatSchools Rating
 

$620,100$757,900$689,000

PURCHASE PRICE

$2,520$3,080$2,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,800
EXPENSES Loan Payment -$2,393
Property Tax -$798
Property Insurance -$56
Property Management Fees -$137
CASH FLOW
-$584

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.

$689,000

PROJECTED PRICE

$2,800

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 10.9%
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

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$500k$1.0M$1.5M$2.0M$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$188,335

INVESTMENT

$188,335

Down Payment
$172,250
Rehab Estimate
$5,750
Closing Costs
$10,335

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,393

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $172,250
Loan Amount $516,750
See What Happens When You Reinvest Cash Flow

1.92

YEARS SAVED

$8,359

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,800

    LIST RENT
  • $2.35

    LIST RENT PER SQFT
  • $3,082

    COMP ESTIMATED VALUE
  • $2.59

    COMP AVG. RENT PER SQFT
Comps Range
$2,700
1$2,7002$2,8003$2,8504$2,9955$3,500
$3,500
RENT COMPS ANALYSIS
  • 1520 Norman Place Los Angeles, CA 2
    • 3 beds 2 baths ∙ 1,190 Sqft ∙ Built 1937 3 beds 2 baths ∙ 1,190 Sqft ∙ Built 1937
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $2.35
    •  
  • 1137 Miller Avenue City Terrace, CA 1
    • 3 beds 1 baths ∙ 1,000 Sqft ∙ Built 1939 3 beds 1 baths ∙ 1,000 Sqft ∙ Built 1939
    LEASED 02/23/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $2.70
    •  
  • 1200 N Hazard Avenue City Terrace, CA 3
    • 3 beds 3 baths ∙ 1,120 Sqft ∙ Built 1927 3 beds 3 baths ∙ 1,120 Sqft ∙ Built 1927
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $2.54
    •  
  • 3334 City Terrace Drive Los Angeles, CA 4
    • 4 beds 3 baths ∙ 1,300 Sqft ∙ Built 1940 4 beds 3 baths ∙ 1,300 Sqft ∙ Built 1940
    LEASED 09/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $2.30
    •  
  • 1982 Lansdowne Avenue Los Angeles, CA 5
    • 3 beds 1 baths ∙ 1,240 Sqft ∙ Built 1955 3 beds 1 baths ∙ 1,240 Sqft ∙ Built 1955
    LEASED 02/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.82
    •  
PROPERTY LISTING DETAILS
Matias Baker Masucci
Berkshire Hathaway Homeservices California
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 21707732
Last Updated: 03/19/2021
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