Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

215 E Burnett Street Long Beach, CA 90806

4 Beds 2 Baths 1,609 sqft Built 1913

$599,000

List Price

$3,000

$2.8K - $3.3K

Rent Est.

PROPERTY INFO

January 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1913
  • Price/Sqft : $372.28
  • 8 Days on Market
  • MLS # : DW21005462
  • Updated Date : 01/13/2021 at 14:39
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,609 sqft
  • Baths : 2 full
Listing Agent

Century 21 Masters

Listing Agent's Description

Perfect Opportunity to own a piece of Long Beach! This 4 bedrooms 2 bath home is situated in a quiet section of Long Beach. kitchen and living room are spacious for large gatherings.There is even a bonus one bedroom with living room and kitchen unit on the lot. This bonus unit could be a source of additional monthly income. Backyard is big and private with steel privacy fence. The driveway easily accommodate six cars with additional parking space in the back. The property is centrally located to major shops and restaurants. Buyers and buyer’s agents to do their due diligence. The property is near Signal Hill area and the Wrigley area.

SEE MORE

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: Southeast Wrigley

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $153k622k

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

Neighborhood: Southeast Wrigley

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $12852941

* 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
Robinson Elementary School Primary Regular 966 34 6
Robinson Elementary School Middle Regular 966 34 6
Polytechnic High School High Magnet 4,464 167 7

Robinson Elementary School

  • Education Level: Primary
  • # of students: 966
  • # of teachers: 34
6
GreatSchools Rating

Robinson Elementary School

  • Education Level: Middle
  • # of students: 966
  • # of teachers: 34
6
GreatSchools Rating

Polytechnic High School

  • Education Level: High
  • # of students: 4,464
  • # of teachers: 167
7
GreatSchools Rating
 

$539,100$658,900$599,000

PURCHASE PRICE

$2,700$3,300$3,000

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,000
EXPENSES Loan Payment -$2,081
Property Tax -$653
Property Insurance -$66
Property Management Fees -$147
CASH FLOW
$53

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$599,000

PROJECTED PRICE

$3,000

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 9.6%
Maintenance Year (1-5) 8.00%
Vacancy 4.14%
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$0.0$5.0k$10k$15k$20k$25k$30k

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$164,485

INVESTMENT

$164,485

Down Payment
$149,750
Rehab Estimate
$5,750
Closing Costs
$8,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$2,081

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $149,750
Loan Amount $449,250
See What Happens When You Reinvest Cash Flow

7.17

YEARS SAVED

$52,793

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,000

    LIST RENT
  • $1.86

    LIST RENT PER SQFT
  • $2,590

    COMP ESTIMATED VALUE
  • $1.61

    COMP AVG. RENT PER SQFT
Comps Range
$2,095
1$2,0952$3,000
$3,000
RENT COMPS ANALYSIS
  • 215 E Burnett Street Long Beach, CA 2
    • 4 beds 2 baths ∙ 1,609 Sqft ∙ Built 1913 4 beds 2 baths ∙ 1,609 Sqft ∙ Built 1913
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.86
    •  
  • 1311 E 15th Street Long Beach, CA 1
    • 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1929 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 1929
    LEASED 10/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $1.61
    •  
PROPERTY LISTING DETAILS
Yvette Geater
Century 21 Masters
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: DW21005462
Last Updated: 01/13/2021
BESbswy