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5626 S Corning Avenue Los Angeles, CA 90056

3 Beds 2 Baths 1,857 sqft Built 1953

$859,000

List Price

$4,220

$4K - $4.5K

Rent Est.

PROPERTY INFO

November 25, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1953
  • Price/Sqft : $462.57
  • 5 Days on Market
  • MLS # : 20662832
  • Updated Date : 11/27/2020 at 21:58
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,857 sqft
  • Baths : 2 full
Listing Agent

Compass

Listing Agent's Description

Incredible Value: Tenants-In-Common (TIC) Fixer in Upper Ladera Heights. This charming Mid-Century home awaits its new makeover. This 3 Bedroom/2 Bath home has the right bones to start your renovation. Living room with fireplace, dining room, kitchen with a breakfast area and a sizeable separate Home Office over the garage. Large private backyard and perfectly located near Silicon Beach tech hub, the airport and the West Side. This house has a Junior ADU which will be owned separately as Tenants-in-Common. Owner is selling the undivided interest (TIC) with exclusive use of the Main House, Backyard, Garage, Front Yard. It's an exceptional opportunity.

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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: Ladera Heights

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000k1100k1200k1300kPrice in $199k1373k

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

Neighborhood: Ladera Heights

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q22000250030003500400045005000Rent in $17845404

* 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
La Tijera K-8 Charter School Academy Of Excellence Primary Regular 717 31 4
Frank D. Parent Traditional Elementary School Middle Regular 634 27 3
Inglewood High School High Regular 1,207 56 3

La Tijera K-8 Charter School Academy Of Excellence

  • Education Level: Primary
  • # of students: 717
  • # of teachers: 31
4
GreatSchools Rating

Frank D. Parent Traditional Elementary School

  • Education Level: Middle
  • # of students: 634
  • # of teachers: 27
3
GreatSchools Rating

Inglewood High School

  • Education Level: High
  • # of students: 1,207
  • # of teachers: 56
3
GreatSchools Rating
 

$773,100$944,900$859,000

PURCHASE PRICE

$3,798$4,642$4,220

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,220
EXPENSES Loan Payment -$3,169
Property Tax -$895
Property Insurance -$72
HOA -$350
Property Management Fees -$207
CASH FLOW
-$473

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.

$859,000

PROJECTED PRICE

$4,220

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 10.0%
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-$5.0k$0.0$5.0k$10k$15k$20k$25k$30k

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$233,385

INVESTMENT

$233,385

Down Payment
$214,750
Rehab Estimate
$5,750
Closing Costs
$12,885

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,169

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $214,750
Loan Amount $644,250
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$31,270

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,220

    LIST RENT
  • $2.27

    LIST RENT PER SQFT
  • $4,239

    COMP ESTIMATED VALUE
  • $2.28

    COMP AVG. RENT PER SQFT
Comps Range
$3,450
1$3,4502$3,9503$3,9954$4,2205$4,495
$4,495
RENT COMPS ANALYSIS
  • 5626 S Corning Avenue Los Angeles, CA 4
    • 3 beds 2 baths ∙ 1,857 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,857 Sqft ∙ Built 1953
    • Rent
    • Rent Per SQFT
    •  
    • $4,220
    • $2.27
    •  
  • 6425 Green Valley Circle Culver City, CA 1
    • 3 beds 2 baths ∙ 1,524 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,524 Sqft ∙ Built 1970
    LEASED 10/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,450
    • $2.26
    •  
  • 6102 Acacia Street Los Angeles, CA 2
    • 3 beds 2 baths ∙ 1,685 Sqft ∙ Built 1948 3 beds 2 baths ∙ 1,685 Sqft ∙ Built 1948
    LEASED 10/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,950
    • $2.34
    •  
  • 5522 W 82nd Street Los Angeles, CA 3
    • 4 beds 3 baths ∙ 1,720 Sqft ∙ Built 1950 4 beds 3 baths ∙ 1,720 Sqft ∙ Built 1950
    LEASED 01/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,995
    • $2.32
    •  
  • 4253 Don Jose Drive Los Angeles, CA 5
    • 3 beds 3 baths ∙ 2,035 Sqft ∙ Built 1959 3 beds 3 baths ∙ 2,035 Sqft ∙ Built 1959
    LEASED 11/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,495
    • $2.21
    •  
PROPERTY LISTING DETAILS
Christopher Stanley
Compass
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 20662832
Last Updated: 11/27/2020
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