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3607 Potomac Avenue Los Angeles, CA 90016

3 Beds 2 Baths 1,402 sqft Built 1944

$880,000

List Price

$3,390

$3.1K - $3.6K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1944
  • Price/Sqft : $627.67
  • 20 Days on Market
  • MLS # : DW20241965
  • Updated Date : 12/12/2020 at 17:33
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,402 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Pacific Estates La Mirada

Listing Agent's Description

This beautiful, well maintained, 3 bedroom 2 bathroom home features perfectly manicured landscaping, hardwood floors, separate dining room with direct access to the backyard, and a detached 2 car garage accompanied by a long driveway. Through the front door is the bright living room with several windows to bring in natural light. There are hardwood floors throughout and a brick fireplace. Through the living room is the first bedroom with a large window with shutters, ceiling fan and closet. Down the hallway is the first bathroom with spacious vanity area and a shower with a tub. The second and third bedroom are spacious and have plenty of window light and closet space. The kitchen has plenty of cabinet space, eat in dining, tile countertops, and a large window above the sink. On the other side of the kitchen is the large dining room that easily seats eight. It is perfect for entertaining with direct access to the backyard. Also included is the second bathroom with a standing shower and indoor washer and dryer with cabinet space. The backyard has a large patio perfect for entertaining with space for outdoor dining, room to set up a barbecue and it comes with an outdoor utility sink. Beyond the patio is the yard with a grassy area for kids and pets to enjoy. The backyard also has the detached two car garage with a long driveway to make for plenty of parking space. This home is centrally located near grocery stores, plenty of places to eat and shop and near the 10 freeway.

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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: Crenshaw

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $153k857k

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

Neighborhood: Crenshaw

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q218002000220024002600280030003200Rent in $17183381

* 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
Coliseum Street Elementary School Primary Regular 262 13 1
Audubon Middle School Middle Regular 660 39 1
Susan Miller Dorsey Senior High School High Regular 1,134 59 2

Coliseum Street Elementary School

  • Education Level: Primary
  • # of students: 262
  • # of teachers: 13
1
GreatSchools Rating

Audubon Middle School

  • Education Level: Middle
  • # of students: 660
  • # of teachers: 39
1
GreatSchools Rating

Susan Miller Dorsey Senior High School

  • Education Level: High
  • # of students: 1,134
  • # of teachers: 59
2
GreatSchools Rating
 

$792,000$968,000$880,000

PURCHASE PRICE

$3,051$3,729$3,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,390
EXPENSES Loan Payment -$3,247
Property Tax -$886
Property Insurance -$61
Property Management Fees -$166
CASH FLOW
-$970

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.

$880,000

PROJECTED PRICE

$3,390

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 11.8%
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$2.5M$3.0M

PROJECTED ANNUAL CASH FLOW

11530-$15k-$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$2.5M$3.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$238,950

INVESTMENT

$238,950

Down Payment
$220,000
Rehab Estimate
$5,750
Closing Costs
$13,200

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$3,247

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $220,000
Loan Amount $660,000
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$6,537

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,390

    LIST RENT
  • $2.42

    LIST RENT PER SQFT
  • $3,386

    COMP ESTIMATED VALUE
  • $2.42

    COMP AVG. RENT PER SQFT
Comps Range
$3,200
1$3,2002$3,3903$3,6004$3,9505$4,000
$4,000
RENT COMPS ANALYSIS
  • 3607 Potomac Avenue Los Angeles, CA 2
    • 3 beds 2 baths ∙ 1,402 Sqft ∙ Built 1944 3 beds 2 baths ∙ 1,402 Sqft ∙ Built 1944
    • Rent
    • Rent Per SQFT
    •  
    • $3,390
    • $2.42
    •  
  • 3764 Buckingham Road Los Angeles, CA 1
    • 3 beds 2 baths ∙ 1,438 Sqft ∙ Built 1948 3 beds 2 baths ∙ 1,438 Sqft ∙ Built 1948
    LEASED 01/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.23
    •  
  • 3816 Wellington Road Los Angeles, CA 3
    • 3 beds 2 baths ∙ 1,406 Sqft ∙ Built 1941 3 beds 2 baths ∙ 1,406 Sqft ∙ Built 1941
    LEASED 11/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $2.56
    •  
  • 3630 Wellington Road Los Angeles, CA 4
    • 3 beds 2 baths ∙ 1,691 Sqft ∙ Built 1939 3 beds 2 baths ∙ 1,691 Sqft ∙ Built 1939
    LEASED 05/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,950
    • $2.34
    •  
  • 3903 S Orange Drive Los Angeles, CA 5
    • 3 beds 2 baths ∙ 1,582 Sqft ∙ Built 1947 3 beds 2 baths ∙ 1,582 Sqft ∙ Built 1947
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.53
    •  
PROPERTY LISTING DETAILS
Remoun Said
Keller Williams Pacific Estates La Mirada
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: DW20241965
Last Updated: 12/12/2020
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