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2137 Ostrom Avenue Long Beach, CA 90815

3 Beds 2 Baths 1,234 sqft Built 1953

$749,000

List Price

$2,860

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

January 02, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1953
  • Price/Sqft : $606.97
  • 3 Days on Market
  • MLS # : PW20264618
  • Updated Date : 01/01/2021 at 14:36
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,234 sqft
  • Baths : 2 full
Listing Agent

Re/max R. E. Specialists

Listing Agent's Description

Perfect home in a great area. All the hard stuff is done. Copper plumbing throughout, upgraded electrical with 200-amp panel, forced air and heat with an attic fan (keeps costs down), newer roof, double pane windows, fresh paint and carpet with original hardwood underneath and automatic sprinklers front and back. This three-bedroom two bath home includes large living room with gas fireplace, lots of windows and recessed lights. The kitchen features plenty of storage and counter space, natural light and access to back yard through a full laundry room. Both baths have been upgraded with beautiful fixtures and tile. The three bedrooms are large with plenty of closet space. The back yard features two covered patios, plenty of grass for kids and parties, and fruit trees. (the oranges are delicious) The sellers have converted one of the bedrooms into a cool den/office to meet their needs and are willing to convert it back to a bedroom if requested. All this in the best area of long beach with great schools, easy freeway access, close to multiple parks and lots of great stores and restaurants for post COVID-19.

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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: El Dorado Park North

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $186k856k

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

Neighborhood: El Dorado Park North

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q216001800200022002400260028003000320034003600Rent in $14493697

* 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
Tincher Preparatory School Primary Magnet 851 31 9
Tincher Preparatory School Middle Magnet 851 31 9
Millikan High School High Magnet 3,753 145 7

Tincher Preparatory School

  • Education Level: Primary
  • # of students: 851
  • # of teachers: 31
9
GreatSchools Rating

Tincher Preparatory School

  • Education Level: Middle
  • # of students: 851
  • # of teachers: 31
9
GreatSchools Rating

Millikan High School

  • Education Level: High
  • # of students: 3,753
  • # of teachers: 145
7
GreatSchools Rating
 

$674,100$823,900$749,000

PURCHASE PRICE

$2,574$3,146$2,860

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,860
EXPENSES Loan Payment -$2,763
Property Tax -$788
Property Insurance -$57
Property Management Fees -$140
CASH FLOW
-$889

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.

$749,000

PROJECTED PRICE

$2,860

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 5.3%
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

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$204,235

INVESTMENT

$204,235

Down Payment
$187,250
Rehab Estimate
$5,750
Closing Costs
$11,235

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,763

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $187,250
Loan Amount $561,750
See What Happens When You Reinvest Cash Flow

0.83

YEARS SAVED

$3,119

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,860

    LIST RENT
  • $2.32

    LIST RENT PER SQFT
  • $2,863

    COMP ESTIMATED VALUE
  • $2.32

    COMP AVG. RENT PER SQFT
Comps Range
$2,860
1$2,8602$2,9503$3,2004$3,3005$3,475
$3,475
RENT COMPS ANALYSIS
  • 2137 Ostrom Avenue Long Beach, CA 1
    • 3 beds 2 baths ∙ 1,234 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,234 Sqft ∙ Built 1953
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,860
    • $2.32
    •  
  • 2250 Farolito Avenue Long Beach, CA 2
    • 3 beds 3 baths ∙ 1,335 Sqft ∙ Built 1953 3 beds 3 baths ∙ 1,335 Sqft ∙ Built 1953
    property image
    LEASED 07/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $2.21
    •  
  • 6310 E Stearns Street Long Beach, CA 3
    • 3 beds 1 baths ∙ 1,414 Sqft ∙ Built 1952 3 beds 1 baths ∙ 1,414 Sqft ∙ Built 1952
    property image
    LEASED 05/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.26
    •  
  • 6902 E Bacarro Street Long Beach, CA 4
    • 3 beds 2 baths ∙ 1,419 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,419 Sqft ∙ Built 1954
    property image
    LEASED 04/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $2.33
    •  
  • 1911 N Hidden Lane Long Beach, CA 5
    • 3 beds 2 baths ∙ 1,402 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,402 Sqft ∙ Built 1965
    property image
    LEASED 09/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,475
    • $2.48
    •  
PROPERTY LISTING DETAILS
Steve Landsberg
Re/max R. E. Specialists
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20264618
Last Updated: 01/01/2021
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