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2031 Montecito Drive Glendale, CA 91208

3 Beds 1 Baths 1,978 sqft Built 1939

$1,079,000

List Price

$4,570

$4.3K - $4.8K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1939
  • Price/Sqft : $545.50
  • 17 Days on Market
  • MLS # : 320004091
  • Updated Date : 12/02/2020 at 15:16
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,978 sqft
  • Baths : 1 full
Listing Agent

Rossmoyne Properties Inc

Listing Agent's Description

Montecito Park character home-- looking for a new owner to restore and love it as the prior owner did for many years. Wonderful potential.

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: Montecito Park

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900kPrice in $199k993k

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

Neighborhood: Montecito Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2180020002200240026002800300032003400360038004000Rent in $17844187

* 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
John C. Fremont Elementary School Primary Regular 690 25 8
Rosemont Middle School Middle Regular 1,269 47 9
Crescenta Valley Senior High School High Regular 2,693 97 9

John C. Fremont Elementary School

  • Education Level: Primary
  • # of students: 690
  • # of teachers: 25
8
GreatSchools Rating

Rosemont Middle School

  • Education Level: Middle
  • # of students: 1,269
  • # of teachers: 47
9
GreatSchools Rating

Crescenta Valley Senior High School

  • Education Level: High
  • # of students: 2,693
  • # of teachers: 97
9
GreatSchools Rating
 

$971,100$1,186,900$1,079,000

PURCHASE PRICE

$4,113$5,027$4,570

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,570
EXPENSES Loan Payment -$3,981
Property Tax -$1,038
Property Insurance -$75
Property Management Fees -$224
CASH FLOW
-$747

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.

$1,079,000

PROJECTED PRICE

$4,570

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 5.1%
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-$10k$0.0$10k$20k$30k

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$291,685

INVESTMENT

$291,685

Down Payment
$269,750
Rehab Estimate
$5,750
Closing Costs
$16,185

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$3,981

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $269,750
Loan Amount $809,250
See What Happens When You Reinvest Cash Flow

3.08

YEARS SAVED

$31,819

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,570

    LIST RENT
  • $2.31

    LIST RENT PER SQFT
  • $4,604

    COMP ESTIMATED VALUE
  • $2.33

    COMP AVG. RENT PER SQFT
Comps Range
$3,950
1$3,9502$4,0003$4,2004$4,3005$4,570
$4,570
RENT COMPS ANALYSIS
  • 2031 Montecito Drive Glendale, CA 5
    • 3 beds 1 baths ∙ 1,978 Sqft ∙ Built 1939 3 beds 1 baths ∙ 1,978 Sqft ∙ Built 1939
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $4,570
    • $2.31
    •  
  • 3525 Buena Vista Avenue Glendale, CA 1
    • 3 beds 2 baths ∙ 1,666 Sqft ∙ Built 1931 3 beds 2 baths ∙ 1,666 Sqft ∙ Built 1931
    property image
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,950
    • $2.37
    •  
  • 3469 Las Palmas Ave Avenue Glendale, CA 2
    • 4 beds 2 baths ∙ 1,715 Sqft ∙ Built 1925 4 beds 2 baths ∙ 1,715 Sqft ∙ Built 1925
    property image
    LEASED 02/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.33
    •  
  • 1811 Coro Terrace Glendale, CA 3
    • 3 beds 2 baths ∙ 1,818 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,818 Sqft ∙ Built 1954
    property image
    LEASED 04/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $2.31
    •  
  • 3445 Las Palmas Avenue Glendale, CA 4
    • 3 beds 2 baths ∙ 1,870 Sqft ∙ Built 1925 3 beds 2 baths ∙ 1,870 Sqft ∙ Built 1925
    property image
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,300
    • $2.30
    •  
PROPERTY LISTING DETAILS
Bonnye Sirk
Rossmoyne Properties Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 320004091
Last Updated: 12/02/2020
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