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216 S Reese Place Burbank, CA 91506

3 Beds 1 Baths 1,595 sqft Built 1939

$1,149,000

List Price

$4,110

$3.9K - $4.4K

Rent Est.

PROPERTY INFO

January 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1939
  • Price/Sqft : $720.38
  • 4 Days on Market
  • MLS # : BB21008003
  • Updated Date : 01/14/2021 at 10:29
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,595 sqft
  • Baths : 1 full
Listing Agent

Remax Empower

Listing Agent's Description

Nestled on a peaceful tree-lined street in the Burbank Rancho Adjacent,this classic refined home is within close proximity of parks,shops,eateries, studios and other amenities!This ready to move in property with excellent curb appeal has many updates.Upon entry to the formal living room you immediately experience the warmth and charm this beautiful home has to offer.Featuring a gas fireplace w/ a large bay window,wide baseboards, gleaming and rich hardwood floors with thick molding and a large dining area.A remodeled kitchen that is open to the family room awaits the cook in the house,with updated appliances,and wood cabinets.Perfect for entertaining and gathering!The light and bright kitchen is the hub of the home.The family room is a great gathering spot within the home.Joined by a common hallway are two spacious bedrooms that boast huge closets,hardwood floors and enjoy a fully remodeled bathroom between them.Enter the large master suite at the back of the home and you are greeted with expansive views of the lush backyard.The master suite offers an oversized closet and a sleek bathroom.Move outside to a peaceful oasis perfect for relaxation or entertaining by the firepit or have a dip in the pool or spa.Entertaining will be fun.Other features include:2 car garage w/ work shed,HVAC system, copper plumbing,dishwasher,fridge,oven,fireplace,newer windows,newer roof,fully landscaped front yard.3 bedrooms, 1.75 bath, approx. 1595 sq. ft., situated on an approx. 6723 sq.ft. lot.

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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: Rancho Adjacent

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $199k871k

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

Neighborhood: Rancho Adjacent

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21800200022002400260028003000320034003600Rent in $17843697

* 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
William Mckinley Elementary School Primary Regular 452 16 6
David Starr Jordan Middle School Middle Regular 1,080 41 6
John Burroughs High School High Regular 2,649 108 8

William Mckinley Elementary School

  • Education Level: Primary
  • # of students: 452
  • # of teachers: 16
6
GreatSchools Rating

David Starr Jordan Middle School

  • Education Level: Middle
  • # of students: 1,080
  • # of teachers: 41
6
GreatSchools Rating

John Burroughs High School

  • Education Level: High
  • # of students: 2,649
  • # of teachers: 108
8
GreatSchools Rating
 

$1,034,100$1,263,900$1,149,000

PURCHASE PRICE

$3,699$4,521$4,110

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,110
EXPENSES Loan Payment -$3,991
Property Tax -$1,071
Property Insurance -$66
Property Management Fees -$201
CASH FLOW
-$1,219

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.

$1,149,000

PROJECTED PRICE

$4,110

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 7.9%
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

PROJECTED ANNUAL CASH FLOW

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$310,235

INVESTMENT

$310,235

Down Payment
$287,250
Rehab Estimate
$5,750
Closing Costs
$17,235

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,991

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $287,250
Loan Amount $861,750
See What Happens When You Reinvest Cash Flow

1.17

YEARS SAVED

$6,065

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,110

    LIST RENT
  • $2.58

    LIST RENT PER SQFT
  • $4,741

    COMP ESTIMATED VALUE
  • $2.97

    COMP AVG. RENT PER SQFT
Comps Range
$4,110
1$4,1102$4,2503$4,4004$4,4955$4,675
$4,675
RENT COMPS ANALYSIS
  • 216 S Reese Place Burbank, CA 1
    • 3 beds 1 baths ∙ 1,595 Sqft ∙ Built 1939 3 beds 1 baths ∙ 1,595 Sqft ∙ Built 1939
    • Rent
    • Rent Per SQFT
    •  
    • $4,110
    • $2.58
    •  
  • 719 N Sparks Street Burbank, CA 2
    • 3 beds 2 baths ∙ 1,494 Sqft ∙ Built 1942 3 beds 2 baths ∙ 1,494 Sqft ∙ Built 1942
    LEASED 10/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,250
    • $2.84
    •  
  • 731 N Niagara Street Burbank, CA 3
    • 3 beds 2 baths ∙ 1,552 Sqft ∙ Built 1936 3 beds 2 baths ∙ 1,552 Sqft ∙ Built 1936
    LEASED 11/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,400
    • $2.84
    •  
  • 410 N Frederic Street Burbank, CA 4
    • 3 beds 1 baths ∙ 1,500 Sqft ∙ Built 1947 3 beds 1 baths ∙ 1,500 Sqft ∙ Built 1947
    LEASED 12/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,495
    • $3.00
    •  
  • 421 N Fairview Street Burbank, CA 5
    • 3 beds 1 baths ∙ 1,456 Sqft ∙ Built 1925 3 beds 1 baths ∙ 1,456 Sqft ∙ Built 1925
    LEASED 01/05/21
    • Rent
    • Rent Per SQFT
    •  
    • $4,675
    • $3.21
    •  
PROPERTY LISTING DETAILS
Christopher Rizzotti
Remax Empower
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: BB21008003
Last Updated: 01/14/2021
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