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356 E Harding Street Long Beach, CA 90805

3 Beds 1 Baths 1,121 sqft Built 1946

$565,000

List Price

$2,520

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1946
  • Price/Sqft : $504.01
  • 48 Days on Market
  • MLS # : DW20257654
  • Updated Date : 01/27/2021 at 13:23
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,121 sqft
  • Baths : 1 full
Listing Agent

Remax College Park Realty

Listing Agent's Description

Great opportunity to own in the desirable Deforest area. This house offers 3 bedrooms 2 bathrooms, plus a den. Roof has recently been replaced, and plumbing has been upgraded to copper. House has been divided to accommodate 2 families but can be easily converted back. Long drive way with plenty of off street parking. Extended 2 car garage has lots of storage space, and room conversion with bathroom. The backyard is large great for kids to play in, gardening, and entertaining. Close to schools, Michelle Obama Library, shopping, 710 and 91 freeways.

SEE MORE

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: Deforest Park

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $152k622k

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

Neighborhood: Deforest Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2120014001600180020002200240026002800Rent in $11852941

* 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
Powell Academy For Success K-8 Primary Regular 1,377 49 6
Powell Academy For Success K-8 Middle Regular 1,377 49 6
Jordan High School High Regular 3,367 133 2

Powell Academy For Success K-8

  • Education Level: Primary
  • # of students: 1,377
  • # of teachers: 49
6
GreatSchools Rating

Powell Academy For Success K-8

  • Education Level: Middle
  • # of students: 1,377
  • # of teachers: 49
6
GreatSchools Rating

Jordan High School

  • Education Level: High
  • # of students: 3,367
  • # of teachers: 133
2
GreatSchools Rating
 

$508,500$621,500$565,000

PURCHASE PRICE

$2,268$2,772$2,520

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,520
EXPENSES Loan Payment -$1,962
Property Tax -$612
Property Insurance -$54
Property Management Fees -$123
CASH FLOW
-$232

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$565,000

PROJECTED PRICE

$2,520

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 10.3%
Maintenance Year (1-5) 8.00%
Vacancy 4.14%
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-$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$155,475

INVESTMENT

$155,475

Down Payment
$141,250
Rehab Estimate
$5,750
Closing Costs
$8,475

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,962

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $141,250
Loan Amount $423,750
See What Happens When You Reinvest Cash Flow

4.17

YEARS SAVED

$22,333

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,520

    LIST RENT
  • $2.25

    LIST RENT PER SQFT
  • $2,646

    COMP ESTIMATED VALUE
  • $2.36

    COMP AVG. RENT PER SQFT
Comps Range
$2,395
1$2,3952$2,4503$2,5004$2,5205$2,595
$2,595
RENT COMPS ANALYSIS
  • 356 E Harding Street Long Beach, CA 4
    • 3 beds 1 baths ∙ 1,121 Sqft ∙ Built 1946 3 beds 1 baths ∙ 1,121 Sqft ∙ Built 1946
    • Rent
    • Rent Per SQFT
    •  
    • $2,520
    • $2.25
    •  
  • 215 E Scott Street Long Beach, CA 1
    • 3 beds 1 baths ∙ 1,022 Sqft ∙ Built 1941 3 beds 1 baths ∙ 1,022 Sqft ∙ Built 1941
    LEASED 08/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $2.34
    •  
  • 45 W Plymouth Street Long Beach, CA 2
    • 3 beds 2 baths ∙ 1,096 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,096 Sqft ∙ Built 1955
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $2.24
    •  
  • 5480 Lime Avenue Long Beach, CA 3
    • 3 beds 1 baths ∙ 1,082 Sqft ∙ Built 1937 3 beds 1 baths ∙ 1,082 Sqft ∙ Built 1937
    LEASED 06/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $2.31
    •  
  • 6675 Lime Avenue Long Beach, CA 5
    • 3 beds 1 baths ∙ 1,016 Sqft ∙ Built 1944 3 beds 1 baths ∙ 1,016 Sqft ∙ Built 1944
    LEASED 12/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,595
    • $2.55
    •  
PROPERTY LISTING DETAILS
Juan Avendano
Remax College Park Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: DW20257654
Last Updated: 01/27/2021
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