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2956 Ostrom Avenue Long Beach, CA 90815

3 Beds 2 Baths 1,251 sqft Built 1951

$785,000

List Price

$2,800

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1951
  • Price/Sqft : $627.50
  • 4 Days on Market
  • MLS # : PW20251225
  • Updated Date : 12/04/2020 at 11:13
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,251 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Coastal Prop.

Listing Agent's Description

Wonderfully remodeled 3 bedroom, 2 bath home on a corner lot in one of the best neighborhoods in East Long Beach. The kitchen has been opened and remodeled with quartz countertops, stainless steel appliances, pendant and recessed lighting, newer windows throughout, high-quality vinyl flooring, updated baths, fireplace in the living room, and central heating and air-conditioning. The private patio is perfect for entertaining, with and a grassy yard for dogs or kids. Just 2 short blocks to El Dorado East Regional Park, tennis, golfing, skate park, library and the famous El Dorado Park Nature Center, and a short ride to the San Gabriel River bike trail- all that and top rated schools- Emerson elementary and Millikan High School.

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: 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
 

$706,500$863,500$785,000

PURCHASE PRICE

$2,520$3,080$2,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,800
EXPENSES Loan Payment -$2,896
Property Tax -$826
Property Insurance -$57
Property Management Fees -$137
CASH FLOW
-$1,117

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.

$785,000

PROJECTED PRICE

$2,800

PROJECTED RENT

0.36%

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-$20k-$15k-$10k-$5.0k$0.0$5.0k$10k

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$213,775

INVESTMENT

$213,775

Down Payment
$196,250
Rehab Estimate
$5,750
Closing Costs
$11,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,896

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $196,250
Loan Amount $588,750
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$499

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,800

    LIST RENT
  • $2.24

    LIST RENT PER SQFT
  • $2,780

    COMP ESTIMATED VALUE
  • $2.22

    COMP AVG. RENT PER SQFT
Comps Range
$2,750
1$2,7502$2,7503$2,8004$2,8505$2,950
$2,950
RENT COMPS ANALYSIS
  • 2956 Ostrom Avenue Long Beach, CA 3
    • 3 beds 2 baths ∙ 1,251 Sqft ∙ Built 1951 3 beds 2 baths ∙ 1,251 Sqft ∙ Built 1951
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $2.24
    •  
  • 2922 Knoxville Avenue Long Beach, CA 1
    • 3 beds 1 baths ∙ 1,206 Sqft ∙ Built 1951 3 beds 1 baths ∙ 1,206 Sqft ∙ Built 1951
    LEASED 05/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $2.28
    •  
  • 3156 Josie Avenue Long Beach, CA 2
    • 3 beds 2 baths ∙ 1,234 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,234 Sqft ∙ Built 1952
    LEASED 07/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $2.23
    •  
  • 5878 E Pavo Street Long Beach, CA 4
    • 3 beds 1 baths ∙ 1,322 Sqft ∙ Built 1951 3 beds 1 baths ∙ 1,322 Sqft ∙ Built 1951
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $2.16
    •  
  • 2535 Ostrom Avenue Long Beach, CA 5
    • 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
    •  
PROPERTY LISTING DETAILS
Kristina Burke
Keller Williams Coastal Prop.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20251225
Last Updated: 12/04/2020
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