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

2317 Palo Verde Avenue Long Beach, CA 90815

3 Beds 2 Baths 1,726 sqft Built 1976

$829,900

List Price

$3,560

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1976
  • Price/Sqft : $480.82
  • 2 Days on Market
  • MLS # : PW21046532
  • Updated Date : 03/06/2021 at 10:27
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,726 sqft
  • Baths : 2 full
Listing Agent

Redfin Corporation

Listing Agent's Description

Situated in one of Long Beach’s most desirable neighborhoods, this charming one-level home features a spacious backyard with a trellis-covered patio and clean landscaping with fruit-bearing trees. Inside, the living room welcomes with a soaring vaulted ceiling, elegant chandeliers, a cozy brick fireplace, and luxurious wood look floors that lead throughout. The updated kitchen is expansive featuring rich wood cabinetry with stainless hardware, stainless steel appliances, a spectacular tile backsplash, and a large window that looks out to the backyard. The family room offers a sliding glass door to the backyard and trellis covered brick patio. The spacious primary bedroom fills with natural light from a large picture window and is accompanied by a tastefully updated ensuite. The two guest bedrooms provide ample living space, one of which can be utilized as a home office. The home is conveniently located with easy access to the 605, 405, and 91 freeways and is just minutes from Long Beach Towne Center for great dining and shopping experiences. Call this home today!

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)
  • 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]
  • 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)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 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 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: Los Altos North

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $186k856k

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

Neighborhood: Los Altos 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
Emerson Parkside Academy Primary Charter 643 24 8
Stanford Middle School Middle Regular 1,255 48 8
Millikan High School High Magnet 3,753 145 7

Emerson Parkside Academy

  • Education Level: Primary
  • # of students: 643
  • # of teachers: 24
8
GreatSchools Rating

Stanford Middle School

  • Education Level: Middle
  • # of students: 1,255
  • # of teachers: 48
8
GreatSchools Rating

Millikan High School

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

$746,910$912,890$829,900

PURCHASE PRICE

$3,204$3,916$3,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,560
EXPENSES Loan Payment -$2,883
Property Tax -$873
Property Insurance -$69
Property Management Fees -$174
CASH FLOW
-$439

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.

$829,900

PROJECTED PRICE

$3,560

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 4.7%
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-$10k-$5.0k$0.0$5.0k$10k$15k$20k$25k

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$225,674

INVESTMENT

$225,674

Down Payment
$207,475
Rehab Estimate
$5,750
Closing Costs
$12,449

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,883

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $207,475
Loan Amount $622,425
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$25,733

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,560

    LIST RENT
  • $2.06

    LIST RENT PER SQFT
  • $4,099

    COMP ESTIMATED VALUE
  • $2.38

    COMP AVG. RENT PER SQFT
Comps Range
$3,475
1$3,4752$3,5603$3,6504$4,0005$4,100
$4,100
RENT COMPS ANALYSIS
  • 2317 Palo Verde Avenue Long Beach, CA 2
    • 3 beds 2 baths ∙ 1,726 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,726 Sqft ∙ Built 1976
    • Rent
    • Rent Per SQFT
    •  
    • $3,560
    • $2.06
    •  
  • 1911 N Hidden Lane Long Beach, CA 1
    • 3 beds 2 baths ∙ 1,402 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,402 Sqft ∙ Built 1965
    LEASED 09/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,475
    • $2.48
    •  
  • 11441 Wembley Road Los Alamitos, CA 3
    • 3 beds 2 baths ∙ 1,736 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,736 Sqft ∙ Built 1959
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,650
    • $2.10
    •  
  • 6821 E 9th Street Long Beach, CA 4
    • 4 beds 1 baths ∙ 1,674 Sqft ∙ Built 1959 4 beds 1 baths ∙ 1,674 Sqft ∙ Built 1959
    LEASED 11/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.39
    •  
  • 11231 Kensington Road Rossmoor, CA 5
    • 3 beds 2 baths ∙ 1,623 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,623 Sqft ∙ Built 1960
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,100
    • $2.53
    •  
PROPERTY LISTING DETAILS
Dana Hughes
Redfin Corporation
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21046532
Last Updated: 03/06/2021
BESbswy