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2517 Richdale Avenue Hacienda Heights, CA 91745

4 Beds 1 Baths 2,358 sqft Built 1963

$758,000

List Price

$3,060

$2.8K - $3.3K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
January 21, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1963
  • Price/Sqft : $321.46
  • 5 Days on Market
  • MLS # : PW21013247
  • Updated Date : 01/20/2021 at 21:48
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,358 sqft
  • Baths : 1 full
Listing Agent

Gm Properties, Inc.

Listing Agent's Description

*A Well-Located Family Home in the Quiet and Beautiful Hacienda Heights Area* *Walking Distance to 7-11 Store, Vons, Churches, Schools, Library and Parks* *Property Owned by Two Families Only Since 1963* *Surrounded by Wonderful Neighbors Who Are Just Like Your Second Family.* *All Flat Lot with Huge Front (Additional) Parking Spaces* *Block Walls All Around* *Desirable Rectangular Lot Shape* *Bright, Spacious & Airy (Please Ignore those Large furniture & Personal Belongings.)* *Enlarged Family Room with Three (3) Additional Sliding Doors to the Back Yard and Side Yard Done by the Original Owner with Permits* *Solid Patio at the Back Yard* *Direct Access from Garage to a Huge Laundry Area...* *Automatic Sprinkler Systems with the Timer* *$100K Below Market Price to Reflect the Condition of Subject Property* *A Handyman with Growing Family's Delight*

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MARKET HIGHLIGHTS

  • 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)
  • 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]

PRICE & RENT TRENDS

Neighborhood: Hacienda Heights

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $199k856k

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

Neighborhood: Hacienda Heights

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q216001800200022002400260028003000320034003600Rent in $15593697

* 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
Los Altos Elementary School Primary Regular 417 16 6
Newton Middle School Middle Regular 549 23 7
Los Altos High School High Regular 2,061 75 7

Los Altos Elementary School

  • Education Level: Primary
  • # of students: 417
  • # of teachers: 16
6
GreatSchools Rating

Newton Middle School

  • Education Level: Middle
  • # of students: 549
  • # of teachers: 23
7
GreatSchools Rating

Los Altos High School

  • Education Level: High
  • # of students: 2,061
  • # of teachers: 75
7
GreatSchools Rating
 

$682,200$833,800$758,000

PURCHASE PRICE

$2,754$3,366$3,060

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,060
EXPENSES Loan Payment -$2,633
Property Tax -$779
Property Insurance -$84
Property Management Fees -$150
CASH FLOW
-$585

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.

$758,000

PROJECTED PRICE

$3,060

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 5.1%
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

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$206,620

INVESTMENT

$206,620

Down Payment
$189,500
Rehab Estimate
$5,750
Closing Costs
$11,370

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,633

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $189,500
Loan Amount $568,500
See What Happens When You Reinvest Cash Flow

2.25

YEARS SAVED

$12,281

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,060

    LIST RENT
  • $1.3

    LIST RENT PER SQFT
  • $3,366

    COMP ESTIMATED VALUE
  • $1.43

    COMP AVG. RENT PER SQFT
Comps Range
$3,000
1$3,0002$3,0003$3,0604$3,2005$3,350
$3,350
RENT COMPS ANALYSIS
  • 2517 Richdale Avenue Hacienda Heights, CA 3
    • 4 beds 1 baths ∙ 2,358 Sqft ∙ Built 1963 4 beds 1 baths ∙ 2,358 Sqft ∙ Built 1963
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,060
    • $1.30
    •  
  • 1940 Delmesa Avenue Hacienda Heights, CA 1
    • 4 beds 2 baths ∙ 2,031 Sqft ∙ Built 1977 4 beds 2 baths ∙ 2,031 Sqft ∙ Built 1977
    property image
    LEASED 10/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.48
    •  
  • 2825 Managua Place Hacienda Heights, CA 2
    • 3 beds 2 baths ∙ 2,038 Sqft ∙ Built 1961 3 beds 2 baths ∙ 2,038 Sqft ∙ Built 1961
    property image
    LEASED 06/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $1.47
    •  
  • 2647 Sarandi Grande Drive Hacienda Heights, CA 4
    • 4 beds 3 baths ∙ 2,525 Sqft ∙ Built 1968 4 beds 3 baths ∙ 2,525 Sqft ∙ Built 1968
    property image
    LEASED 10/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $1.27
    •  
  • 2233 Angelcrest Drive Hacienda Heights, CA 5
    • 5 beds 2 baths ∙ 2,242 Sqft ∙ Built 1962 5 beds 2 baths ∙ 2,242 Sqft ∙ Built 1962
    property image
    LEASED 08/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,350
    • $1.49
    •  
PROPERTY LISTING DETAILS
Jason Jamison
Gm Properties, Inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21013247
Last Updated: 01/20/2021
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