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5735 E Parapet Street Long Beach, CA 90808

3 Beds 2 Baths 1,414 sqft Built 1949

$719,000

List Price

$2,870

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
March 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1949
  • Price/Sqft : $508.49
  • 4 Days on Market
  • MLS # : PW21050377
  • Updated Date : 03/11/2021 at 15:17
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,414 sqft
  • Baths : 1 full , 1 half
Listing Agent

First Team Real Estate

Listing Agent's Description

This Mid Century South of Conant 1,414 sq. ft. home with a mid block location is just waiting for your own touches. Formal living room with a large picture window & dining area. Private master bedroom with beam ceilings & 1/2 bath. All bedrooms nice size with good size closets. Large kitchen with natural wood cabinets, eating area and ready for remodeling. Classic family room with knotty pine paneling, beam ceilings, brick wood burning fireplace & double pane window & sliding door. Full hall bath with skylight. Long driveway leading to a 2 car detached garage. Gated private back yard with patio cover. Washer hook ups in kitchen & electric dryer hook ups in garage but potential to put both in separate cabinet in house. Close walking distance to Burcham Elementary School, K-5

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: South of Conant

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $186k856k

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

Neighborhood: South of Conant

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
Burcham Elementary School Primary Regular 624 26 6
Marshall Middle School Middle Regular 875 34 8
Millikan High School High Magnet 3,753 145 7

Burcham Elementary School

  • Education Level: Primary
  • # of students: 624
  • # of teachers: 26
6
GreatSchools Rating

Marshall Middle School

  • Education Level: Middle
  • # of students: 875
  • # of teachers: 34
8
GreatSchools Rating

Millikan High School

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

$647,100$790,900$719,000

PURCHASE PRICE

$2,583$3,157$2,870

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,870
EXPENSES Loan Payment -$2,497
Property Tax -$760
Property Insurance -$61
Property Management Fees -$141
CASH FLOW
-$589

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.

$719,000

PROJECTED PRICE

$2,870

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 5.4%
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-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$196,285

INVESTMENT

$196,285

Down Payment
$179,750
Rehab Estimate
$5,750
Closing Costs
$10,785

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,497

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $179,750
Loan Amount $539,250
See What Happens When You Reinvest Cash Flow

2.08

YEARS SAVED

$9,849

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,870

    LIST RENT
  • $2.03

    LIST RENT PER SQFT
  • $3,097

    COMP ESTIMATED VALUE
  • $2.19

    COMP AVG. RENT PER SQFT
Comps Range
$2,750
1$2,7502$2,8503$2,8704$3,6005$3,800
$3,800
RENT COMPS ANALYSIS
  • 5735 E Parapet Street Long Beach, CA 3
    • 3 beds 2 baths ∙ 1,414 Sqft ∙ Built 1949 3 beds 2 baths ∙ 1,414 Sqft ∙ Built 1949
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,870
    • $2.03
    •  
  • 3156 Josie Avenue Long Beach, CA 1
    • 3 beds 2 baths ∙ 1,234 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,234 Sqft ∙ Built 1952
    property image
    LEASED 07/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $2.23
    •  
  • 5878 E Pavo Street Long Beach, CA 2
    • 3 beds 1 baths ∙ 1,322 Sqft ∙ Built 1951 3 beds 1 baths ∙ 1,322 Sqft ∙ Built 1951
    property image
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $2.16
    •  
  • 5335 E Ebell Street Long Beach, CA 4
    • 3 beds 2 baths ∙ 1,678 Sqft ∙ Built 1944 3 beds 2 baths ∙ 1,678 Sqft ∙ Built 1944
    property image
    LEASED 07/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $2.15
    •  
  • 3364 Hackett Avenue Long Beach, CA 5
    • 4 beds 2 baths ∙ 1,710 Sqft ∙ Built 1953 4 beds 2 baths ∙ 1,710 Sqft ∙ Built 1953
    property image
    LEASED 12/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.22
    •  
PROPERTY LISTING DETAILS
Russ Caldarella
First Team Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21050377
Last Updated: 03/11/2021
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