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2423 Ridgeview Avenue Eagle Rock, CA 90041

3 Beds 1 Baths 1,310 sqft Built 1916

$845,000

List Price

$3,370

$3.1K - $3.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1916
  • Price/Sqft : $645.04
  • 6 Days on Market
  • MLS # : PF21052234
  • Updated Date : 03/26/2021 at 07:48
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,310 sqft
  • Baths : 1 full
Listing Agent

Sotheby's International Realty

Listing Agent's Description

First time on the market since the 1950's. This Eagle Rock family home awaits your vision, creativity, and elbow grease to transform it to a dream home. 3 beds, one bath, a large lot, and a pool all make up the complete package. 2423 Ridgeview is in situated just west of Eagle Rock Blvd 1 1/2 blocks from Max City BBQ and Pat & Lorraine's coffee shop. This property has the potential to become a great family pool home on this very pleasant street in a lovely section of Eagle Rock.

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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: Eagle Rock

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $199k856k

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

Neighborhood: Eagle Rock

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21800200022002400260028003000320034003600Rent in $17843752

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

SCHOOLS

 
Sorry, we do not have sufficient school data for this neighborhood.
 

$760,500$929,500$845,000

PURCHASE PRICE

$3,033$3,707$3,370

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,370
EXPENSES Loan Payment -$2,935
Property Tax -$862
Property Insurance -$59
Property Management Fees -$165
CASH FLOW
-$651

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.

$845,000

PROJECTED PRICE

$3,370

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 10.1%
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-$15k-$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$2.5M$3.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$229,675

INVESTMENT

$229,675

Down Payment
$211,250
Rehab Estimate
$5,750
Closing Costs
$12,675

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,935

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $211,250
Loan Amount $633,750
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$14,040

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,370

    LIST RENT
  • $2.57

    LIST RENT PER SQFT
  • $3,668

    COMP ESTIMATED VALUE
  • $2.8

    COMP AVG. RENT PER SQFT
Comps Range
$3,100
1$3,1002$3,3703$4,0004$4,2005$4,400
$4,400
RENT COMPS ANALYSIS
  • 2423 Ridgeview Avenue Eagle Rock, CA 2
    • 3 beds 1 baths ∙ 1,310 Sqft ∙ Built 1916 3 beds 1 baths ∙ 1,310 Sqft ∙ Built 1916
    • Rent
    • Rent Per SQFT
    •  
    • $3,370
    • $2.57
    •  
  • 1117 Raleigh Street Glendale, CA 1
    • 3 beds 2 baths ∙ 1,100 Sqft ∙ Built 1924 3 beds 2 baths ∙ 1,100 Sqft ∙ Built 1924
    LEASED 11/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $2.82
    •  
  • 1112 Princeton Drive Glendale, CA 3
    • 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1923 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1923
    LEASED 12/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.76
    •  
  • 1431 Stanley Avenue Glendale, CA 4
    • 4 beds 2 baths ∙ 1,596 Sqft ∙ Built 1925 4 beds 2 baths ∙ 1,596 Sqft ∙ Built 1925
    LEASED 11/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $2.63
    •  
  • 4919 Highland View Avenue Los Angeles, CA 5
    • 3 beds 2 baths ∙ 1,470 Sqft ∙ Built 1923 3 beds 2 baths ∙ 1,470 Sqft ∙ Built 1923
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,400
    • $2.99
    •  
PROPERTY LISTING DETAILS
Nancy Marfisi
Sotheby's International Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PF21052234
Last Updated: 03/26/2021
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