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4420 Richard Drive Los Angeles, CA 90032

4 Beds 2 Baths 1,658 sqft Built 1966

$949,949

List Price

$3,660

$3.4K - $3.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1966
  • Price/Sqft : $572.95
  • 3 Days on Market
  • MLS # : BB21007233
  • Updated Date : 03/13/2021 at 17:47
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,658 sqft
  • Baths : 2 full
Listing Agent

Brad Korb Real Estate Group

Listing Agent's Description

Best view on the top of the hill!!! Front row seats to the best sunsets in LA! Watch the fireworks from your house during the holidays! This large 1,658 square foot home is located on a huge 7,035 square foot lot! Features include 4 bedrooms with city views, 2 remodeled bathrooms with marble floors, beautiful new kitchen with waterfall island table and laundry area, formal dining area, living room with fireplace, master suite, den, formal entryway, high quality finishes, new central AC and heat, new recessed lighting, new windows, new paint inside and outside, new roof, new landscaping, custom porch, freshly paved driveway, and 2 car attached garage!! The new double deck is perfect for entertaining and gathering!! Great location less than a mile away from South Pasadena surrounded by million dollar properties!

SEE MORE

MARKET HIGHLIGHTS

  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
  • As part of Southern California area, Los Angeles market inherits all the benefits from the area.
  • 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]
  • 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)

PRICE & RENT TRENDS

Neighborhood: El Sereno

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700kPrice in $151k725k

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

Neighborhood: El Sereno

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q218002000220024002600280030003200Rent in $16373316

* 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
El Sereno Middle School Middle Regular 1,276 65 4
Abraham Lincoln Senior High School High Regular 1,219 54 5
Woodrow Wilson Senior High School High Regular 1,624 88 4

El Sereno Middle School

  • Education Level: Middle
  • # of students: 1,276
  • # of teachers: 65
4
GreatSchools Rating

Abraham Lincoln Senior High School

  • Education Level: High
  • # of students: 1,219
  • # of teachers: 54
5
GreatSchools Rating

Woodrow Wilson Senior High School

  • Education Level: High
  • # of students: 1,624
  • # of teachers: 88
4
GreatSchools Rating
 

$854,954$1,044,944$949,949

PURCHASE PRICE

$3,294$4,026$3,660

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,660
EXPENSES Loan Payment -$3,300
Property Tax -$987
Property Insurance -$67
Property Management Fees -$179
CASH FLOW
-$873

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.

$949,949

PROJECTED PRICE

$3,660

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 11.9%
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$3.5M

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$3.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$257,486

INVESTMENT

$257,486

Down Payment
$237,487
Rehab Estimate
$5,750
Closing Costs
$14,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,300

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $237,487
Loan Amount $712,462
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$9,319

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,660

    LIST RENT
  • $2.21

    LIST RENT PER SQFT
  • $4,220

    COMP ESTIMATED VALUE
  • $2.55

    COMP AVG. RENT PER SQFT
Comps Range
$3,660
1$3,6602$4,4003$4,5004$4,5005$4,800
$4,800
RENT COMPS ANALYSIS
  • 4420 Richard Drive Los Angeles, CA 1
    • 4 beds 2 baths ∙ 1,658 Sqft ∙ Built 1966 4 beds 2 baths ∙ 1,658 Sqft ∙ Built 1966
    • Rent
    • Rent Per SQFT
    •  
    • $3,660
    • $2.21
    •  
  • 2024 La Fremontia Street South Pasadena, CA 2
    • 3 beds 1 baths ∙ 1,628 Sqft ∙ Built 1967 3 beds 1 baths ∙ 1,628 Sqft ∙ Built 1967
    LEASED 03/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $4,400
    • $2.70
    •  
  • 446 Camino Verde South Pasadena, CA 3
    • 4 beds 2 baths ∙ 1,997 Sqft ∙ Built 1965 4 beds 2 baths ∙ 1,997 Sqft ∙ Built 1965
    LEASED 01/02/21
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $2.25
    •  
  • 1107 Maple Street South Pasadena, CA 4
    • 3 beds 3 baths ∙ 1,756 Sqft ∙ Built 1949 3 beds 3 baths ∙ 1,756 Sqft ∙ Built 1949
    LEASED 03/08/21
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $2.56
    •  
  • 1356 Via Del Rey South Pasadena, CA 5
    • 3 beds 3 baths ∙ 1,795 Sqft ∙ Built 1977 3 beds 3 baths ∙ 1,795 Sqft ∙ Built 1977
    LEASED 08/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,800
    • $2.67
    •  
PROPERTY LISTING DETAILS
Bradley Korb
Brad Korb Real Estate Group
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: BB21007233
Last Updated: 03/13/2021
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