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PROPERTY INFO
FACTS
- Single Family
- Built In 1957
- Price/Sqft : $1,048.70
- 3 Days on Market
- MLS # : SB20244752
- Updated Date : 11/27/2020 at 08:39
CONSTRUCTION
- Beds : 3
- Floor Size : 924 sqft
- Baths : 1 full
Listing Agent
Compass
Listing Agent's Description
Welcome to this bright and lovely 3 bedroom, 1 bath, single family home on Haynes in Redondo Beach! Located in the highly coveted Golden Hills area and close to Jefferson Elementary school, there is a dog park and playgrounds near-by. Entering through the front door, you are welcomed by an area perfect for entertaining, a freshly painted interior and ready for new owners. The kitchen has a large pantry and front facing window. The full bathroom has plenty of natural light, a full size tub and new vanity and sink. Gone is the wall heater replaced by an newer heating and air conditioning system. No more hot sticky nights! By adding a tankless water heater outside and removing the water heater in the kitchen, a wonderful kitchen pantry was built. The backyard space is great for entertaining, complete with pergola and space for connecting with the family. The 1 car garage has additional loft storage space and an updated garage door. Award-winning schools, close access to shopping and Hermosa Beach, this is the perfect place to call home.
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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: North Redondo Beach
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: North Redondo Beach
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $3,310 |
| EXPENSES | Loan Payment | -$3,575 |
| Property Tax | -$962 | |
| Property Insurance | -$49 | |
| Property Management Fees | -$162 | |
|
CASH FLOW
-$1,438
|
||
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.
$969,000
PROJECTED PRICE
$3,310
PROJECTED RENT
0.34%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 4.56% |
| Appreciation Year (1-5) | 7.7% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 5.05% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$262,535
LOAN DETAILS
$3,575
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $242,250 |
| Loan Amount | $726,750 |
0.25
YEARS SAVED
$417
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$3,310
LIST RENT -
$3.58
LIST RENT PER SQFT
-
$2,901
COMP ESTIMATED VALUE -
$3.14
COMP AVG. RENT PER SQFT
Comps Range
-
1639 Haynes Redondo Beach, CA 3
- 3 beds 1 baths ∙ 924 Sqft ∙ Built 1957 3 beds 1 baths ∙ 924 Sqft ∙ Built 1957
- Rent
- Rent Per SQFT
- $3,310
- $3.58
-
1735 Axenty Way Redondo Beach, CA 1
- 3 beds 2 baths ∙ 1,026 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,026 Sqft ∙ Built 1962
LEASED 05/21/20- Rent
- Rent Per SQFT
- $3,050
- $2.97
-
1710 Speyer Lane Redondo Beach, CA 2
- 3 beds 1 baths ∙ 994 Sqft ∙ Built 1952 3 beds 1 baths ∙ 994 Sqft ∙ Built 1952
LEASED 01/09/20- Rent
- Rent Per SQFT
- $3,300
- $3.32
-
500 N Paulina Avenue Redondo Beach, CA 4
- 3 beds 1 baths ∙ 1,051 Sqft ∙ Built 1952 3 beds 1 baths ∙ 1,051 Sqft ∙ Built 1952
LEASED 02/08/20- Rent
- Rent Per SQFT
- $3,400
- $3.24
-
1257 9th Street Hermosa Beach, CA 5
- 3 beds 2 baths ∙ 1,188 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,188 Sqft ∙ Built 1959
LEASED 12/02/19- Rent
- Rent Per SQFT
- $3,600
- $3.03
PROPERTY LISTING DETAILS
Compass
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: SB20244752
Last Updated: 11/27/2020
