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3703 Lees Avenue Long Beach, CA 90808

3 Beds 1 Baths 1,217 sqft Built 1953

$699,000

List Price

$2,800

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

December 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1953
  • Price/Sqft : $574.36
  • 5 Days on Market
  • MLS # : PW20254460
  • Updated Date : 12/12/2020 at 17:33
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,217 sqft
  • Baths : 1 full
Listing Agent

The Westwood Real Estate Group

Listing Agent's Description

Charming Carson Park Home! This 3bd/1Ba Offers Original Hardwood Floors Throughout. Central AC/Heat, Copper Plumbing, Vinyl Windows Throughout, and New Water Heater! Wonderful Location within Walking Distance to Hellen Keller Dual Immersion Middle School and Mcbride High School! This Floorplan has Endless Possibilities...The Galley Kitchen Overlooks the Huge Dining Room and Has Direct Access To The Recently Remodeled Laundry Room! Very Cozy Living Room, and Great Flow to The Bedrooms and Bathroom. The Enclosed Patio Has Unlimited Potential for That Added Space Everyone is Looking For! Detached 2 Car Garage, and Mature Avocado Tree! Plenty of Curb Appeal with White Picket Fence Enclosing the Front Yard, and New Wood Side Gate for Added Privacy to the Backyard!

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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: 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
Newcomb Elementary School Primary Magnet 948 35 8
Newcomb Elementary School Middle Magnet 948 35 8
Millikan High School High Magnet 3,753 145 7

Newcomb Elementary School

  • Education Level: Primary
  • # of students: 948
  • # of teachers: 35
8
GreatSchools Rating

Newcomb Elementary School

  • Education Level: Middle
  • # of students: 948
  • # of teachers: 35
8
GreatSchools Rating

Millikan High School

  • Education Level: High
  • # of students: 3,753
  • # of teachers: 145
7
GreatSchools Rating
 

$629,100$768,900$699,000

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 -$2,579
Property Tax -$739
Property Insurance -$57
Property Management Fees -$137
CASH FLOW
-$712

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.

$699,000

PROJECTED PRICE

$2,800

PROJECTED RENT

0.40%

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

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$190,985

INVESTMENT

$190,985

Down Payment
$174,750
Rehab Estimate
$5,750
Closing Costs
$10,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,579

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $174,750
Loan Amount $524,250
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$7,050

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
  • $2.3

    LIST RENT PER SQFT
  • $2,799

    COMP ESTIMATED VALUE
  • $2.3

    COMP AVG. RENT PER SQFT
Comps Range
$2,750
1$2,7502$2,7503$2,8004$2,8505$3,000
$3,000
RENT COMPS ANALYSIS
  • 3703 Lees Avenue Long Beach, CA 3
    • 3 beds 1 baths ∙ 1,217 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,217 Sqft ∙ Built 1953
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $2.30
    •  
  • 6734 E Parkcrest Street Long Beach, CA 1
    • 3 beds 1 baths ∙ 1,218 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,218 Sqft ∙ Built 1953
    LEASED 01/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $2.26
    •  
  • 3712 N. Studebaker Rd. Long Beach, CA 2
    • 3 beds 1 baths ∙ 1,219 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,219 Sqft ∙ Built 1953
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $2.26
    •  
  • 3522 Karen Avenue Long Beach, CA 4
    • 3 beds 1 baths ∙ 1,210 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,210 Sqft ∙ Built 1953
    LEASED 02/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $2.36
    •  
  • 3929 Ladoga Avenue Long Beach, CA 5
    • 3 beds 1 baths ∙ 1,292 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,292 Sqft ∙ Built 1953
    LEASED 05/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $2.32
    •  
PROPERTY LISTING DETAILS
Julie Spisak
The Westwood Real Estate Group
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20254460
Last Updated: 12/12/2020
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