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234 W Cummings Street Long Beach, CA 90805

3 Beds 2 Baths 1,272 sqft Built 1951

$559,000

List Price

$2,370

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

November 01, 2020 RECENTLY ADDED
FACTS
  • Built In 1951
  • Price/Sqft : $439.47
  • 4 Days on Market
  • MLS # : RS20228562
  • Updated Date : 11/01/2020 at 21:28
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,272 sqft
  • Baths : 2 full
Listing Agent

Berkshire Hathaway Hm Ser

Listing Agent's Description

Nice Home in a nice area of long Beach, On a quiet tree lined street in a well stablished neighborhood. Home features three bedroom, two Baths and a Family room. The Kitchen is open to the living room and dinning area. In the living you'll find a fireplace. New laminated floors all around. new kitchen. In the back next to the garage you'll find a structure which could be use as guess room or as a play room. The Back yard is low maintenance, Property is close to the freeway, shops and services.

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: College Square

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600kPrice in $144k622k

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

Neighborhood: College Square

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2120014001600180020002200240026002800Rent in $11872941

* 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
King Elementary School Primary Regular 831 30 6
Hamilton Middle School Middle Regular 922 32 5
Jordan High School High Regular 3,367 133 2

King Elementary School

  • Education Level: Primary
  • # of students: 831
  • # of teachers: 30
6
GreatSchools Rating

Hamilton Middle School

  • Education Level: Middle
  • # of students: 922
  • # of teachers: 32
5
GreatSchools Rating

Jordan High School

  • Education Level: High
  • # of students: 3,367
  • # of teachers: 133
2
GreatSchools Rating
 

$503,100$614,900$559,000

PURCHASE PRICE

$2,133$2,607$2,370

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,370
EXPENSES Loan Payment -$2,062
Property Tax -$615
Property Insurance -$58
Property Management Fees -$116
CASH FLOW
-$482

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.

$559,000

PROJECTED PRICE

$2,370

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 11.1%
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-$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$153,885

INVESTMENT

$153,885

Down Payment
$139,750
Rehab Estimate
$5,750
Closing Costs
$8,385

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,062

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $139,750
Loan Amount $419,250
See What Happens When You Reinvest Cash Flow

2.17

YEARS SAVED

$9,560

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,370

    LIST RENT
  • $1.86

    LIST RENT PER SQFT
  • $2,372

    COMP ESTIMATED VALUE
  • $1.86

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,3503$2,3704$2,3955$2,550
$2,550
RENT COMPS ANALYSIS
  • 234 W Cummings Street Long Beach, CA 3
    • 3 beds 2 baths ∙ 1,272 Sqft ∙ Built 1951 3 beds 2 baths ∙ 1,272 Sqft ∙ Built 1951
    • Rent
    • Rent Per SQFT
    •  
    • $2,370
    • $1.86
    •  
  • 109 W Cocoa Compton, CA 1
    • 3 beds 1 baths ∙ 1,300 Sqft ∙ Built 1942 3 beds 1 baths ∙ 1,300 Sqft ∙ Built 1942
    LEASED 10/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.69
    •  
  • 282 E Marker Street Long Beach, CA 2
    • 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1964
    LEASED 11/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.47
    •  
  • 215 E Scott Street Long Beach, CA 4
    • 3 beds 1 baths ∙ 1,022 Sqft ∙ Built 1941 3 beds 1 baths ∙ 1,022 Sqft ∙ Built 1941
    LEASED 08/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $2.34
    •  
  • 320 S Pearl Avenue Compton, CA 5
    • 3 beds 1 baths ∙ 1,298 Sqft ∙ Built 1941 3 beds 1 baths ∙ 1,298 Sqft ∙ Built 1941
    LEASED 08/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.96
    •  
PROPERTY LISTING DETAILS
Jose Salinas
Berkshire Hathaway Hm Ser
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: RS20228562
Last Updated: 11/01/2020
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