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401 W 31st Street Long Beach, CA 90806

3 Beds 2 Baths 1,191 sqft Built 1940

$699,900

List Price

$2,720

$2.5K - $3K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
January 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1940
  • Price/Sqft : $587.66
  • 5 Days on Market
  • MLS # : PW21006761
  • Updated Date : 01/13/2021 at 15:43
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,191 sqft
  • Baths : 2 full
Listing Agent

2020 Realty & Investment

Listing Agent's Description

This beautiful corner house has 3 bedrooms and two baths and newly installed brand new central air. Back house has one bedroom, 4 new windows, a counter top with sink and bathroom has a pedestal sink, shower and toilet. Front house has a new front door, new paint in and out, refinished hardwood floor, new recessed lights and fireplace. Kitchen has a newer espresso color cabinet with granite counter top. New marble flooring extended to laundry and 2nd bath. The hallway bath is totally new with new porcelain flooring, new tub and new tiled wall with soap box, shower head, new mirror and new vanity. The 2nd bath is decorated with a travertine wall, pedestal-like sink, has new marble flooring, mosaic insert in shower & two toiles are new. Inside laundry has a sink with an extra linen cabinet and door to the back yard. Master bedroom has a shelved closet, a new French door to go outside. You will see the back house/studio. Back studio( No permit) has beautiful natural wood grain wall panels and ceiling. Detached two car garage. Garage has newly installed drywall on one side of the wall and one new window. You won't disappointed.

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: North Wrigley

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $180k622k

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

Neighborhood: North Wrigley

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $13472941

* 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
Birney Elementary School Primary Regular 686 27 6
Hughes Middle School Middle Magnet 1,521 51 7
Polytechnic High School High Magnet 4,464 167 7

Birney Elementary School

  • Education Level: Primary
  • # of students: 686
  • # of teachers: 27
6
GreatSchools Rating

Hughes Middle School

  • Education Level: Middle
  • # of students: 1,521
  • # of teachers: 51
7
GreatSchools Rating

Polytechnic High School

  • Education Level: High
  • # of students: 4,464
  • # of teachers: 167
7
GreatSchools Rating
 

$629,910$769,890$699,900

PURCHASE PRICE

$2,448$2,992$2,720

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,720
EXPENSES Loan Payment -$2,431
Property Tax -$759
Property Insurance -$56
Property Management Fees -$133
CASH FLOW
-$659

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.

$699,900

PROJECTED PRICE

$2,720

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.48%
Appreciation Year (1-5) 7.2%
Maintenance Year (1-5) 8.00%
Vacancy 4.69%
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-$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$191,224

INVESTMENT

$191,224

Down Payment
$174,975
Rehab Estimate
$5,750
Closing Costs
$10,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,431

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $174,975
Loan Amount $524,925
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$6,004

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,720

    LIST RENT
  • $2.28

    LIST RENT PER SQFT
  • $2,710

    COMP ESTIMATED VALUE
  • $2.28

    COMP AVG. RENT PER SQFT
Comps Range
$2,720
1$2,7202$2,7953$2,7954$3,0005$3,100
$3,100
RENT COMPS ANALYSIS
  • 401 W 31st Street Long Beach, CA 1
    • 3 beds 2 baths ∙ 1,191 Sqft ∙ Built 1940 3 beds 2 baths ∙ 1,191 Sqft ∙ Built 1940
    • Rent
    • Rent Per SQFT
    •  
    • $2,720
    • $2.28
    •  
  • 2025 W Wilma Place Long Beach, CA 2
    • 3 beds 1 baths ∙ 1,176 Sqft ∙ Built 1943 3 beds 1 baths ∙ 1,176 Sqft ∙ Built 1943
    LEASED 04/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,795
    • $2.38
    •  
  • 2749 E Jackson Street Carson, CA 3
    • 3 beds 2 baths ∙ 1,216 Sqft ∙ Built 1937 3 beds 2 baths ∙ 1,216 Sqft ∙ Built 1937
    LEASED 08/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,795
    • $2.30
    •  
  • 3184 Daisy Avenue Long Beach, CA 4
    • 3 beds 2 baths ∙ 1,420 Sqft ∙ Built 1944 3 beds 2 baths ∙ 1,420 Sqft ∙ Built 1944
    LEASED 08/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,000
    • $2.11
    •  
  • 2960 Maine Avenue Long Beach, CA 5
    • 3 beds 2 baths ∙ 1,342 Sqft ∙ Built 1938 3 beds 2 baths ∙ 1,342 Sqft ∙ Built 1938
    LEASED 09/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $2.31
    •  
PROPERTY LISTING DETAILS
Jamie Yiang
2020 Realty & Investment
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21006761
Last Updated: 01/13/2021
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