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3244 Bennett Drive Los Angeles, CA 90068

3 Beds 1 Baths 1,410 sqft Built 1923

$829,000

List Price

$4,120

$3.9K - $4.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1923
  • Price/Sqft : $587.94
  • 2 Days on Market
  • MLS # : 21708002
  • Updated Date : 03/20/2021 at 11:08
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,410 sqft
  • Baths : 1 full
Listing Agent

Keller Williams Beverly Hills

Listing Agent's Description

Investor's dream in the Hollywood Hills! Bring your imagination to this character filled, 3 bedroom, major fixer home with Santa Monica Mountains, Canyon, and Universal Studios views. Probate sale, sold "as is" with NO court confirmation required. Easy access to hiking trails, restaurants, Universal Studios, Hollywood Bowl, Hollywood and the SF Valley. Located in the highly coveted Valley View Elementary district with a 8/10 rating! So much upside in the neighborhood. Perfect for developer or owner/user with contractor.

SEE MORE

MARKET HIGHLIGHTS

  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (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)
  • 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)
  • 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)
  • 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 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)

PRICE & RENT TRENDS

Neighborhood: Hollywood Hills

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000k1100k1200k1300kPrice in $199k1363k

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

Neighborhood: Hollywood Hills

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q220002500300035004000450050005500Rent in $17845757

* 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
Hubert Howe Bancroft Middle School Middle Regular 834 33 3
Hollywood Senior High School High Regular 1,552 67 6

Hubert Howe Bancroft Middle School

  • Education Level: Middle
  • # of students: 834
  • # of teachers: 33
3
GreatSchools Rating

Hollywood Senior High School

  • Education Level: High
  • # of students: 1,552
  • # of teachers: 67
6
GreatSchools Rating
 

$746,100$911,900$829,000

PURCHASE PRICE

$3,708$4,532$4,120

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,120
EXPENSES Loan Payment -$2,879
Property Tax -$843
Property Insurance -$61
Property Management Fees -$202
CASH FLOW
$135

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.

$829,000

PROJECTED PRICE

$4,120

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 9.4%
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$0.0$10k$20k$30k$40k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$225,435

INVESTMENT

$225,435

Down Payment
$207,250
Rehab Estimate
$5,750
Closing Costs
$12,435

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$2,879

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $207,250
Loan Amount $621,750
See What Happens When You Reinvest Cash Flow

7.5

YEARS SAVED

$79,595

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,120

    LIST RENT
  • $2.92

    LIST RENT PER SQFT
  • $3,511

    COMP ESTIMATED VALUE
  • $2.49

    COMP AVG. RENT PER SQFT
Comps Range
$3,275
1$3,2752$4,1203$4,500
$4,500
RENT COMPS ANALYSIS
  • 3244 Bennett Drive Los Angeles, CA 2
    • 3 beds 1 baths ∙ 1,410 Sqft ∙ Built 1923 3 beds 1 baths ∙ 1,410 Sqft ∙ Built 1923
    • Rent
    • Rent Per SQFT
    •  
    • $4,120
    • $2.92
    •  
  • 1518 N Stanley Avenue Los Angeles, CA 1
    • 4 beds 2 baths ∙ 1,512 Sqft ∙ Built 1920 4 beds 2 baths ∙ 1,512 Sqft ∙ Built 1920
    LEASED 12/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,275
    • $2.17
    •  
  • 10920 Fruitland Drive Studio City, CA 3
    • 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1926 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1926
    LEASED 06/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $2.81
    •  
PROPERTY LISTING DETAILS
Justin Jacobson
Keller Williams Beverly Hills
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 21708002
Last Updated: 03/20/2021
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