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2845 Hackett Avenue Long Beach, CA 90815

3 Beds 2 Baths 1,617 sqft Built 1951

$749,000

List Price

$3,090

$2.8K - $3.3K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1951
  • Price/Sqft : $463.20
  • 3 Days on Market
  • MLS # : RS21028095
  • Updated Date : 02/12/2021 at 15:14
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,617 sqft
  • Baths : 2 full
Listing Agent

Dream Life Real Estate

Listing Agent's Description

Welcome to 2845 Hackett Avenue. Located in the highly sought after plaza neighborhood, this 3 bedroom 2 bath home is perfect for a first time home owner, or somebody that is ready to make it their own. Walking though the front door you will find a floor plan that is already set up perfectly, and is filled with natural light. The family room has beamed ceilings and is open to the kitchen. Through the family room you have access to a large backyard. Some features of the home include original hardwood flooring, a wood burning fireplace in the living room, a tank-less water heater, 2 car detached garage and a new roof installed a year ago. This is the first time this home has ever been on the market and with some updating and customizing, 2845 Hackett has a huge upside potential to get into one of the best neighborhoods in long beach for an amazing price. Close to Emerson, Stanford and Millikan schools, CSULB, El Dorado Park, shops, freeways and much more this location is hard to beat.

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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: El Dorado Park North

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $186k856k

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

Neighborhood: El Dorado Park 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
 

$674,100$823,900$749,000

PURCHASE PRICE

$2,781$3,399$3,090

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,090
EXPENSES Loan Payment -$2,602
Property Tax -$788
Property Insurance -$66
Property Management Fees -$151
CASH FLOW
-$517

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.

$749,000

PROJECTED PRICE

$3,090

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 5.3%
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$204,235

INVESTMENT

$204,235

Down Payment
$187,250
Rehab Estimate
$5,750
Closing Costs
$11,235

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,602

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $187,250
Loan Amount $561,750
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$15,242

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,090

    LIST RENT
  • $1.91

    LIST RENT PER SQFT
  • $3,412

    COMP ESTIMATED VALUE
  • $2.11

    COMP AVG. RENT PER SQFT
Comps Range
$2,950
1$2,9502$2,9953$3,0904$3,3005$3,800
$3,800
RENT COMPS ANALYSIS
  • 2845 Hackett Avenue Long Beach, CA 3
    • 3 beds 2 baths ∙ 1,617 Sqft ∙ Built 1951 3 beds 2 baths ∙ 1,617 Sqft ∙ Built 1951
    • Rent
    • Rent Per SQFT
    •  
    • $3,090
    • $1.91
    •  
  • 2535 Ostrom Avenue Long Beach, CA 1
    • 3 beds 1 baths ∙ 1,327 Sqft ∙ Built 1951 3 beds 1 baths ∙ 1,327 Sqft ∙ Built 1951
    LEASED 12/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $2.22
    •  
  • 2216 Canehill Avenue Long Beach, CA 2
    • 3 beds 1 baths ∙ 1,430 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,430 Sqft ∙ Built 1953
    LEASED 10/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $2.09
    •  
  • 6208 E Pageantry Street Long Beach, CA 4
    • 4 beds 1 baths ∙ 1,729 Sqft ∙ Built 1953 4 beds 1 baths ∙ 1,729 Sqft ∙ Built 1953
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $1.91
    •  
  • 3364 Hackett Avenue Long Beach, CA 5
    • 4 beds 2 baths ∙ 1,710 Sqft ∙ Built 1953 4 beds 2 baths ∙ 1,710 Sqft ∙ Built 1953
    LEASED 12/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.22
    •  
PROPERTY LISTING DETAILS
Justin Sidell
Dream Life Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: RS21028095
Last Updated: 02/12/2021
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