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

2243 E Villa Street Pasadena, CA 91107

3 Beds 1 Baths 1,458 sqft Built 1926

$899,000

List Price

$3,340

$3.1K - $3.6K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1926
  • Price/Sqft : $616.60
  • 2 Days on Market
  • MLS # : P1-3327
  • Updated Date : 02/13/2021 at 22:16
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,458 sqft
  • Baths : 1 full
Listing Agent

Re/max Top Producers

Listing Agent's Description

Step up to this Spanish Mediterranean Revival style home located in Pasadena. This Freshly painted light filled Bungalow has 3 bedrooms and 2 bathrooms and is 1458 sq ft in size. Once inside the Living room you will discover many original details as well as many updates that Improve its functionality and style. Original details include hand troweled plaster walls, Arched fireplace, ornate wall sconces and gorgeous front picture window. Hardwood floors are throughout the main living areas and bedrooms.The dining room is at the center of the home with a wall of windows overlooking the front courtyard style porch. The galley kitchen has dark cabinets with Carrera marble counter, stainless look appliances ( stove, fridge, dishwasher and exhaust hood) A breakfast room is found at the front of the kitchen and a mudroom is found at the back with a utility sink and separate outside entrance. The main bath has a clawfoot tub, period sconces and coved ceiling. It is found off the hallway that leads to two of the bedrooms. One bedroom has and entrance to the backyard and the other adjoins the small bedroom and three quarter bathroom. The smaller bed is great for a nursery or office and also opens to the utility room. UPDATES include Newer Electrical, 200 amp panel, HVAC and backyard sprinklers (2018). The backyard boasts Mountain views, raised garden beds, fish pond, Pergola with sunshade and a two car garage. This is walkable to shopping and the Goldline and wont last long.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: East Orange Grove

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900kPrice in $199k984k

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

Neighborhood: East Orange Grove

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
Jefferson Elementary School Primary Regular 401 15 3
Charles W. Eliot Arts Magnet Academy Middle Regular 504 27 2
Pasadena High School High Regular 1,903 84 6

Jefferson Elementary School

  • Education Level: Primary
  • # of students: 401
  • # of teachers: 15
3
GreatSchools Rating

Charles W. Eliot Arts Magnet Academy

  • Education Level: Middle
  • # of students: 504
  • # of teachers: 27
2
GreatSchools Rating

Pasadena High School

  • Education Level: High
  • # of students: 1,903
  • # of teachers: 84
6
GreatSchools Rating
 

$809,100$988,900$899,000

PURCHASE PRICE

$3,006$3,674$3,340

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,340
EXPENSES Loan Payment -$3,123
Property Tax -$874
Property Insurance -$62
Property Management Fees -$164
CASH FLOW
-$882

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.

$899,000

PROJECTED PRICE

$3,340

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 7.0%
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

PROJECTED ANNUAL CASH FLOW

11530-$15k-$10k-$5.0k$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$243,985

INVESTMENT

$243,985

Down Payment
$224,750
Rehab Estimate
$5,750
Closing Costs
$13,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,123

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $224,750
Loan Amount $674,250
See What Happens When You Reinvest Cash Flow

1.42

YEARS SAVED

$6,913

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,340

    LIST RENT
  • $2.29

    LIST RENT PER SQFT
  • $3,339

    COMP ESTIMATED VALUE
  • $2.29

    COMP AVG. RENT PER SQFT
Comps Range
$3,000
1$3,0002$3,2503$3,3404$3,5005$3,795
$3,795
RENT COMPS ANALYSIS
  • 2243 E Villa Street Pasadena, CA 3
    • 3 beds 2 baths ∙ 1,458 Sqft ∙ Built 1926 3 beds 2 baths ∙ 1,458 Sqft ∙ Built 1926
    • Rent
    • Rent Per SQFT
    •  
    • $3,340
    • $2.29
    •  
  • 99 S San Marino Avenue Pasadena, CA 1
    • 3 beds 2 baths ∙ 1,401 Sqft ∙ Built 1907 3 beds 2 baths ∙ 1,401 Sqft ∙ Built 1907
    LEASED 10/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $2.14
    •  
  • 57 N San Marino Avenue Pasadena, CA 2
    • 3 beds 2 baths ∙ 1,365 Sqft ∙ Built 1922 3 beds 2 baths ∙ 1,365 Sqft ∙ Built 1922
    LEASED 07/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,250
    • $2.38
    •  
  • 2445 E Villa Street Pasadena, CA 4
    • 3 beds 2 baths ∙ 1,593 Sqft ∙ Built 1927 3 beds 2 baths ∙ 1,593 Sqft ∙ Built 1927
    LEASED 07/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.20
    •  
  • 2430 Monte Vista Street Pasadena, CA 5
    • 3 beds 2 baths ∙ 1,553 Sqft ∙ Built 1946 3 beds 2 baths ∙ 1,553 Sqft ∙ Built 1946
    LEASED 06/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,795
    • $2.44
    •  
PROPERTY LISTING DETAILS
Deena Willis
Re/max Top Producers
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: P1-3327
Last Updated: 02/13/2021
BESbswy