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1840 Fern Lane Lane Glendale, CA 91208

3 Beds 2 Baths 2,292 sqft Built 1957

$1,385,000

List Price

$4,430

$4.2K - $4.7K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1957
  • Price/Sqft : $604.28
  • 4 Days on Market
  • MLS # : 320004566
  • Updated Date : 01/16/2021 at 15:55
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,292 sqft
  • Baths : 1 full , 1 half
Listing Agent

Exp Realty Of California Inc

Listing Agent's Description

Built in 1957, move right in and enjoy this beautifully remodeled single story traditional home with an entertainer's outdoor oasis. Every room in the home boasts tasteful renovation including entire kitchen, three bathrooms, new flooring, recessed lighting and painting. The home feels larger with a terrific open floor plan between formal living & dining rooms in the front of the home and the flow of the kitchen into the family room opening to the backyard. The kitchen features warm wood counters, SS appliances, center island, outstanding cabinetry & overlooks the party size pool. The family room has a stunning black wood custom built-in entertainment cabinet for a large TV, built-in bar w.frig, room for dining table and fireplace. The primary bedroom includes an en-suite bathroom, three closets and a sitting room with French doors to the rear yard. Two bedrooms are across the hall and share a 3/4 remodeled bathroom with artful tile. Full size laundry units are located in the hall with small additional separate refrigerator and freezer. The large flat backyard encompasses three outdoor entertainment areas with saltillo tiles. There is a huge pool with diving board, flat grassy play area and an alfresco living room. A tiered foundation and pond are tw

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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: Verdugo Woodlands

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000kPrice in $199k1007k

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

Neighborhood: Verdugo Woodlands

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21800200022002400260028003000320034003600380040004200Rent in $17844227

* 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
Verdugo Woodlands Elementary School Primary Regular 818 32 7
Woodrow Wilson Middle School Middle Regular 1,183 46 8
Glendale Senior High School High Regular 2,582 101 6

Verdugo Woodlands Elementary School

  • Education Level: Primary
  • # of students: 818
  • # of teachers: 32
7
GreatSchools Rating

Woodrow Wilson Middle School

  • Education Level: Middle
  • # of students: 1,183
  • # of teachers: 46
8
GreatSchools Rating

Glendale Senior High School

  • Education Level: High
  • # of students: 2,582
  • # of teachers: 101
6
GreatSchools Rating
 

$1,246,500$1,523,500$1,385,000

PURCHASE PRICE

$3,987$4,873$4,430

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,430
EXPENSES Loan Payment -$4,811
Property Tax -$1,332
Property Insurance -$82
Property Management Fees -$217
CASH FLOW
-$2,012

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.

$1,385,000

PROJECTED PRICE

$4,430

PROJECTED RENT

0.32%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 8.5%
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$3.5M$4.0M$4.5M

PROJECTED ANNUAL CASH FLOW

11530-$30k-$20k-$10k$0.0$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M$4.0M$4.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$372,775

INVESTMENT

$372,775

Down Payment
$346,250
Rehab Estimate
$5,750
Closing Costs
$20,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$4,811

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $346,250
Loan Amount $1,038,750
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$262

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,430

    LIST RENT
  • $1.93

    LIST RENT PER SQFT
  • $4,487

    COMP ESTIMATED VALUE
  • $1.96

    COMP AVG. RENT PER SQFT
Comps Range
$4,000
1$4,0002$4,0003$4,4304$4,5005$4,750
$4,750
RENT COMPS ANALYSIS
  • 1840 Fern Lane Lane Glendale, CA 3
    • 3 beds 2 baths ∙ 2,292 Sqft ∙ Built 1957 3 beds 2 baths ∙ 2,292 Sqft ∙ Built 1957
    • Rent
    • Rent Per SQFT
    •  
    • $4,430
    • $1.93
    •  
  • 2321 Bonita Drive Glendale, CA 1
    • 4 beds 3 baths ∙ 2,443 Sqft ∙ Built 1938 4 beds 3 baths ∙ 2,443 Sqft ∙ Built 1938
    LEASED 09/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $1.64
    •  
  • 2781 Mira Vista Drive Glendale, CA 2
    • 3 beds 3 baths ∙ 1,958 Sqft ∙ Built 1976 3 beds 3 baths ∙ 1,958 Sqft ∙ Built 1976
    LEASED 07/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.04
    •  
  • 2414 Delisle Court Glendale, CA 4
    • 4 beds 3 baths ∙ 2,264 Sqft ∙ Built 1963 4 beds 3 baths ∙ 2,264 Sqft ∙ Built 1963
    LEASED 08/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $1.99
    •  
  • 1980 Crestshire Drive Glendale, CA 5
    • 4 beds 2 baths ∙ 2,200 Sqft ∙ Built 1965 4 beds 2 baths ∙ 2,200 Sqft ∙ Built 1965
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,750
    • $2.16
    •  
PROPERTY LISTING DETAILS
Leanne Reynolds
Exp Realty Of California Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 320004566
Last Updated: 01/16/2021
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