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1703 Speyer Lane Redondo Beach, CA 90278

3 Beds 2 Baths 1,086 sqft Built 1958

$969,000

List Price

$3,500

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

December 18, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1958
  • Price/Sqft : $892.27
  • 3 Days on Market
  • MLS # : SB20258559
  • Updated Date : 12/18/2020 at 16:28
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,086 sqft
  • Baths : 1 full , 1 half
Listing Agent

Redfin Corporation

Listing Agent's Description

Move right into this cute impeccably remodeled home in the best part of the coveted Golden Hills neighborhood. Location is prime: 1 mile to the ocean at Hermosa Beach which features tons of restaurants and entertainment for everyone (surf and swim!) including close proximity to Manhattan Beach and Redondo Beach and many more restaurants, shopping, and grocery stores. Cute as a button with white picket and fenced front green lawn. Huge plus - no homes behind the backyard deck makes the outdoor yard deck nice and open to take in cool ocean breezes. The home includes 3 bedrooms (ALL upstairs with walk-in closets) and 1.5 baths. Recently repainted inside and out and extensive updates completed (new lighting and sink fixtures). Deck repaired and repainted, new interior floors installed within the past 2 years. Home has a newer mini-split central AC/heating (installed 2 years ago) throughout, gas-connected Weber grill on the deck. Kitchen includes refrigerator, stove, and a new dishwasher. Laundry room includes washer and dryer. Garage with ample shelving and storage was recently repainted and the garage door recently replaced. The sellers love so much about this home: blocks away from Hermosa Beach, close proximity to parks, dog parks, the ocean/pier, the Greenbelt trail, and surrounded only by single family houses with wonderful neighbors. Easy access to the airport, the 405 and 105 freeways. Schedule your private tour today and see for yourself how beautiful this home is!

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: North Redondo Beach

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000k1100kPrice in $199k1143k

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

Neighborhood: North Redondo Beach

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q218002000220024002600280030003200340036003800400042004400Rent in $17844464

* 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
Jefferson Elementary School Primary Regular 653 26 9
Jefferson Elementary School Middle Regular 653 26 9
Redondo Union High School High Regular 2,658 102 9

Jefferson Elementary School

  • Education Level: Primary
  • # of students: 653
  • # of teachers: 26
9
GreatSchools Rating

Jefferson Elementary School

  • Education Level: Middle
  • # of students: 653
  • # of teachers: 26
9
GreatSchools Rating

Redondo Union High School

  • Education Level: High
  • # of students: 2,658
  • # of teachers: 102
9
GreatSchools Rating
 

$872,100$1,065,900$969,000

PURCHASE PRICE

$3,150$3,850$3,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,500
EXPENSES Loan Payment -$3,575
Property Tax -$962
Property Insurance -$53
Property Management Fees -$172
CASH FLOW
-$1,262

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

$3,500

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

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
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M

PROJECTED ANNUAL CASH FLOW

11530-$20k-$15k-$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$3.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$262,535

INVESTMENT

$262,535

Down Payment
$242,250
Rehab Estimate
$5,750
Closing Costs
$14,535

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$3,575

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $242,250
Loan Amount $726,750
See What Happens When You Reinvest Cash Flow

0.5

YEARS SAVED

$1,992

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,500

    LIST RENT
  • $3.22

    LIST RENT PER SQFT
  • $3,486

    COMP ESTIMATED VALUE
  • $3.21

    COMP AVG. RENT PER SQFT
Comps Range
$3,050
1$3,0502$3,3003$3,5004$3,8005$4,100
$4,100
RENT COMPS ANALYSIS
  • 1703 Speyer Lane Redondo Beach, CA 3
    • 3 beds 2 baths ∙ 1,086 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,086 Sqft ∙ Built 1958
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $3.22
    •  
  • 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
    •  
  • 1720 Wollacott Street Redondo Beach, CA 4
    • 3 beds 2 baths ∙ 1,159 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,159 Sqft ∙ Built 1962
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $3.28
    •  
  • 635 Prospect Avenue Hermosa Beach, CA 5
    • 3 beds 2 baths ∙ 1,254 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,254 Sqft ∙ Built 1968
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,100
    • $3.27
    •  
PROPERTY LISTING DETAILS
Rick Wilkinson
Redfin Corporation
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SB20258559
Last Updated: 12/18/2020
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