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1646 Corson Street Pasadena, CA 91106

3 Beds 4 Baths 1,672 sqft Built 2014

$860,000

List Price

$3,510

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

January 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $514.35
  • 3 Days on Market
  • MLS # : AR21004358
  • Updated Date : 01/08/2021 at 09:22
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,672 sqft
  • Baths : 3 full , 1 half
Listing Agent

Exp Realty Of California Inc

Listing Agent's Description

Tenants have vacated and ready to show now! This detached 2014 Built home is sold individually or together with 1644 & 1648 Corson St. This beautiful craftsman-style home is the MIDDLE unit of three homes on the lot for sale in this gated complex. Features 3 bedrooms and 3.5 bathrooms. The 3 en-suite bedrooms each have its own bathrooms! Modern open floorplan with living room, dining room, and kitchen all tied in together. Top quality stainless steel appliances included are refrigerator, stove, microwave, dishwasher, and washer/dryer. Hardwood floors throughout, dual pane windows, central a/c, granite counters, recessed lighting, ceiling fans with remotes. Home is also pre-wired for cable and security systems and has efficient tankless water heater. Great location with easy access to freeway, Rosebowl, CalTech, Pasadena City College, JPL, restaurants, and more!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Jefferson Park

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $199k856k

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

Neighborhood: Jefferson Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21800200022002400260028003000320034003600Rent in $16813697

* 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
Hamilton Elementary School Primary Regular 601 23 7
Woodrow Wilson Middle School Middle Regular 570 27 4
Pasadena High School High Regular 1,903 84 6

Hamilton Elementary School

  • Education Level: Primary
  • # of students: 601
  • # of teachers: 23
7
GreatSchools Rating

Woodrow Wilson Middle School

  • Education Level: Middle
  • # of students: 570
  • # of teachers: 27
4
GreatSchools Rating

Pasadena High School

  • Education Level: High
  • # of students: 1,903
  • # of teachers: 84
6
GreatSchools Rating
 

$774,000$946,000$860,000

PURCHASE PRICE

$3,159$3,861$3,510

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,510
EXPENSES Loan Payment -$2,987
Property Tax -$836
Property Insurance -$67
HOA -$180
Property Management Fees -$172
CASH FLOW
-$732

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.

$860,000

PROJECTED PRICE

$3,510

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 7.0%
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$500k$1.0M$1.5M$2.0M$2.5M

PROJECTED ANNUAL CASH FLOW

11530-$15k-$10k-$5.0k$0.0$5.0k$10k$15k$20k

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$233,650

INVESTMENT

$233,650

Down Payment
$215,000
Rehab Estimate
$5,750
Closing Costs
$12,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,987

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $215,000
Loan Amount $645,000
See What Happens When You Reinvest Cash Flow

1.83

YEARS SAVED

$10,376

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,510

    LIST RENT
  • $2.1

    LIST RENT PER SQFT
  • $3,520

    COMP ESTIMATED VALUE
  • $2.11

    COMP AVG. RENT PER SQFT
Comps Range
$3,200
1$3,2002$3,5003$3,5104$3,7005$4,300
$4,300
RENT COMPS ANALYSIS
  • 1646 Corson Street Pasadena, CA 3
    • 3 beds 4 baths ∙ 1,672 Sqft ∙ Built 2014 3 beds 4 baths ∙ 1,672 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $3,510
    • $2.10
    •  
  • 53 N Michigan Avenue Pasadena, CA 1
    • 3 beds 3 baths ∙ 1,590 Sqft ∙ Built 2009 3 beds 3 baths ∙ 1,590 Sqft ∙ Built 2009
    LEASED 09/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.01
    •  
  • 1590 Locust St Pasadena, CA 2
    • 4 beds 3 baths ∙ 1,790 Sqft ∙ Built 2009 4 beds 3 baths ∙ 1,790 Sqft ∙ Built 2009
    LEASED 11/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.96
    •  
  • 131 N Sierra Bonita Avenue Pasadena, CA 4
    • 4 beds 3 baths ∙ 1,657 Sqft ∙ Built 1996 4 beds 3 baths ∙ 1,657 Sqft ∙ Built 1996
    LEASED 08/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,700
    • $2.23
    •  
  • 68 N Allen Avenue Pasadena, CA 5
    • 3 beds 3 baths ∙ 1,940 Sqft ∙ Built 2008 3 beds 3 baths ∙ 1,940 Sqft ∙ Built 2008
    LEASED 08/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,300
    • $2.22
    •  
PROPERTY LISTING DETAILS
Kerry Lam
Exp Realty Of California Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: AR21004358
Last Updated: 01/08/2021
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