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2405 Jolley Drive Burbank, CA 91504

3 Beds 2 Baths 1,577 sqft Built 1951

$999,999

List Price

$3,560

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1951
  • Price/Sqft : $634.11
  • 10 Days on Market
  • MLS # : BB21026080
  • Updated Date : 02/16/2021 at 10:26
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,577 sqft
  • Baths : 2 full
Listing Agent

Brad Korb Real Estate Group

Listing Agent's Description

Walk to Thomas Jefferson Elementary School! Your own white picket fence with an amazing avocado tree in the front yard! $72,000 spent on recent remodel including kitchen, bathroom, sewer line, and much more!! This is a must see! The property has been professionally staged and you will love it!! The 1,577 square foot home is located on a 6,095 square foot lot! Features include 3 bedrooms, 2 remodeled bathrooms, remodeled kitchen with stainless steel appliances and dining area, formal dining room, living room with fireplace, family room, laundry room, formal entryway, central heat and air, 2 car detached garage, covered patio, pool, and more!!!

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)
  • 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]
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (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'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: Hillside District

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850k900kPrice in $199k917k

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

Neighborhood: Hillside District

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2180020002200240026002800300032003400360038004000Rent in $17844015

* 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
Thomas Jefferson Elementary School Primary Regular 749 25 8
John Muir Middle School Middle Regular 1,408 55 8
Burbank High School High Regular 2,606 106 8

Thomas Jefferson Elementary School

  • Education Level: Primary
  • # of students: 749
  • # of teachers: 25
8
GreatSchools Rating

John Muir Middle School

  • Education Level: Middle
  • # of students: 1,408
  • # of teachers: 55
8
GreatSchools Rating

Burbank High School

  • Education Level: High
  • # of students: 2,606
  • # of teachers: 106
8
GreatSchools Rating
 

$899,999$1,099,999$999,999

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 -$3,473
Property Tax -$932
Property Insurance -$65
Property Management Fees -$174
CASH FLOW
-$1,085

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.

$999,999

PROJECTED PRICE

$3,560

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 8.2%
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

PROJECTED ANNUAL CASH FLOW

11530-$20k-$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$3.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$270,750

INVESTMENT

$270,750

Down Payment
$250,000
Rehab Estimate
$5,750
Closing Costs
$15,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,473

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $250,000
Loan Amount $749,999
See What Happens When You Reinvest Cash Flow

1.08

YEARS SAVED

$4,528

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
  • $2.26

    LIST RENT PER SQFT
  • $3,793

    COMP ESTIMATED VALUE
  • $2.41

    COMP AVG. RENT PER SQFT
Comps Range
$3,560
1$3,5602$3,8833$3,9004$3,9255$4,000
$4,000
RENT COMPS ANALYSIS
  • 2405 Jolley Drive Burbank, CA 1
    • 3 beds 2 baths ∙ 1,577 Sqft ∙ Built 1951 3 beds 2 baths ∙ 1,577 Sqft ∙ Built 1951
    • Rent
    • Rent Per SQFT
    •  
    • $3,560
    • $2.26
    •  
  • 3012 N Keystone Street Burbank, CA 2
    • 4 beds 2 baths ∙ 1,668 Sqft ∙ Built 1958 4 beds 2 baths ∙ 1,668 Sqft ∙ Built 1958
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,883
    • $2.33
    •  
  • 2929 N Lincoln Street Burbank, CA 3
    • 3 beds 1 baths ∙ 1,630 Sqft ∙ Built 1950 3 beds 1 baths ∙ 1,630 Sqft ∙ Built 1950
    LEASED 06/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,900
    • $2.39
    •  
  • 2415 N Lincoln Street Burbank, CA 4
    • 3 beds 2 baths ∙ 1,505 Sqft ∙ Built 1939 3 beds 2 baths ∙ 1,505 Sqft ∙ Built 1939
    LEASED 07/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,925
    • $2.61
    •  
  • 2632 N Keystone Street Burbank, CA 5
    • 3 beds 2 baths ∙ 1,750 Sqft ∙ Built 1947 3 beds 2 baths ∙ 1,750 Sqft ∙ Built 1947
    LEASED 01/15/21
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.29
    •  
PROPERTY LISTING DETAILS
Bradley Korb
Brad Korb Real Estate Group
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: BB21026080
Last Updated: 02/16/2021
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