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530 N Myers Street Burbank, CA 91506

3 Beds 2 Baths 1,478 sqft Built 1941

$879,000

List Price

$3,800

$3.6K - $4.1K

Rent Est.

PROPERTY INFO

November 19, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1941
  • Price/Sqft : $594.72
  • 5 Days on Market
  • MLS # : BB20242418
  • Updated Date : 11/19/2020 at 15:51
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,478 sqft
  • Baths : 2 full
Listing Agent

Barry Burnett Realty, Inc.

Listing Agent's Description

Superbly located in Magnolia Park, Burbank, south of Magnolia near Clark on a tree line street. Traditional style. Excellent walk score and bicycle to all the studios! Near JBHS, Handy Market. The roof is approx 3 years old, has near-new Dual-Pane Windows, Central Heat & Air, extra insulation, upgraded electrical system, newer tankless water heater. This splendid home has excellent bones but needs your imagination to make it just the way you want! See the virtual tour and photos. Two central fireplaces, pan living room ceiling, great light, huge Main Bedroom Suite with privacy and space. Long concrete driveway for RV, boat, classic cars. Large double garage plus carport third space. Plenty of room for addition out or up, convert garage to ADU, or add pool. Priced for Opportunists! Easy to show, easy protocols. Take a look at our Virtual Tour: https://my.matterport.com/show/?brand=0&m=iUVjVxyYwHH&title=0

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Chandler Park

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $199k856k

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

Neighborhood: Chandler Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21800200022002400260028003000320034003600Rent in $16803697

* 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
Thomas Edison Elementary School Primary Regular 542 19 8
David Starr Jordan Middle School Middle Regular 1,080 41 6
John Burroughs High School High Regular 2,649 108 8

Thomas Edison Elementary School

  • Education Level: Primary
  • # of students: 542
  • # of teachers: 19
8
GreatSchools Rating

David Starr Jordan Middle School

  • Education Level: Middle
  • # of students: 1,080
  • # of teachers: 41
6
GreatSchools Rating

John Burroughs High School

  • Education Level: High
  • # of students: 2,649
  • # of teachers: 108
8
GreatSchools Rating
 

$791,100$966,900$879,000

PURCHASE PRICE

$3,420$4,180$3,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,800
EXPENSES Loan Payment -$3,243
Property Tax -$820
Property Insurance -$63
Property Management Fees -$186
CASH FLOW
-$512

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.

$879,000

PROJECTED PRICE

$3,800

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 8.6%
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$2.5M$3.0M

PROJECTED ANNUAL CASH FLOW

11530-$10k$0.0$10k$20k$30k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$238,685

INVESTMENT

$238,685

Down Payment
$219,750
Rehab Estimate
$5,750
Closing Costs
$13,185

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,243

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $219,750
Loan Amount $659,250
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$33,119

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,800

    LIST RENT
  • $2.57

    LIST RENT PER SQFT
  • $3,924

    COMP ESTIMATED VALUE
  • $2.66

    COMP AVG. RENT PER SQFT
Comps Range
$3,800
1$3,8002$3,8003$4,0004$4,1005$4,250
$4,250
RENT COMPS ANALYSIS
  • 530 N Myers Street Burbank, CA 2
    • 3 beds 2 baths ∙ 1,478 Sqft ∙ Built 1941 3 beds 2 baths ∙ 1,478 Sqft ∙ Built 1941
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.57
    •  
  • 222 S Keystone Street Burbank, CA 1
    • 3 beds 2 baths ∙ 1,554 Sqft ∙ Built 1940 3 beds 2 baths ∙ 1,554 Sqft ∙ Built 1940
    LEASED 12/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.45
    •  
  • 2701 W Chandler Boulevard Burbank, CA 3
    • 3 beds 2 baths ∙ 1,540 Sqft ∙ Built 1944 3 beds 2 baths ∙ 1,540 Sqft ∙ Built 1944
    LEASED 06/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.60
    •  
  • 1032 N Myers Street Burbank, CA 4
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1939 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1939
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,100
    • $2.73
    •  
  • 719 N Sparks Street Burbank, CA 5
    • 3 beds 2 baths ∙ 1,494 Sqft ∙ Built 1942 3 beds 2 baths ∙ 1,494 Sqft ∙ Built 1942
    LEASED 10/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,250
    • $2.84
    •  
PROPERTY LISTING DETAILS
Barry Burnett
Barry Burnett Realty, Inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: BB20242418
Last Updated: 11/19/2020
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