Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

587 W Hammond Street Pasadena, CA 91103

4 Beds 3 Baths 1,224 sqft Built 1926

$795,000

List Price

$3,220

$3K - $3.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1926
  • Price/Sqft : $649.51
  • 3 Days on Market
  • MLS # : V1-4430
  • Updated Date : 03/12/2021 at 12:31
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,224 sqft
  • Baths : 3 full
Listing Agent

Exp Realty Of California Inc.

Listing Agent's Description

Welcome to this lovely 4 bedroom, 3 bath, 1,224 square foot home in the city of Pasadena. Open the doors to reveal the spacious living room bathed in natural light from its large windows, accenting the warm neutral tone pain. Continue to a large formal dinning area and kitchen with large, well-appointed kitchen's abundant cabinets, dual basin sink, and dishwasher. Spacious master suite with large picture window, high ceilings, plus a private bathroom with vanity, tiled shower, and tile floor. The large backyard and long driveway offer endless possibilities & will be a favorite entertainment destination. This property is conveniently located to shopping centers, schools, a major freeway and much more! Hurry! You do not want to miss this one!

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: Banbury Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $153k855k

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

Neighborhood: Banbury Oaks

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21600180020002200240026002800300032003400Rent in $14323569

* 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
Cleveland Elementary School Primary Regular 210 10 3
Washington Middle School Middle Regular 513 28 1
John Muir High School High Regular 919 55 3

Cleveland Elementary School

  • Education Level: Primary
  • # of students: 210
  • # of teachers: 10
3
GreatSchools Rating

Washington Middle School

  • Education Level: Middle
  • # of students: 513
  • # of teachers: 28
1
GreatSchools Rating

John Muir High School

  • Education Level: High
  • # of students: 919
  • # of teachers: 55
3
GreatSchools Rating
 

$715,500$874,500$795,000

PURCHASE PRICE

$2,898$3,542$3,220

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,220
EXPENSES Loan Payment -$2,761
Property Tax -$773
Property Insurance -$57
Property Management Fees -$158
CASH FLOW
-$528

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.

$795,000

PROJECTED PRICE

$3,220

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 6.8%
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

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k$20k$25k

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$216,425

INVESTMENT

$216,425

Down Payment
$198,750
Rehab Estimate
$5,750
Closing Costs
$11,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,761

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $198,750
Loan Amount $596,250
See What Happens When You Reinvest Cash Flow

2.92

YEARS SAVED

$18,204

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,220

    LIST RENT
  • $2.63

    LIST RENT PER SQFT
  • $3,240

    COMP ESTIMATED VALUE
  • $2.65

    COMP AVG. RENT PER SQFT
Comps Range
$3,220
1$3,2202$3,6503$3,7004$4,100
$4,100
RENT COMPS ANALYSIS
  • 587 W Hammond Street Pasadena, CA 1
    • 4 beds 3 baths ∙ 1,224 Sqft ∙ Built 1926 4 beds 3 baths ∙ 1,224 Sqft ∙ Built 1926
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,220
    • $2.63
    •  
  • 742 N Mentor Avenue Pasadena, CA 2
    • 3 beds 2 baths ∙ 1,538 Sqft ∙ Built 1920 3 beds 2 baths ∙ 1,538 Sqft ∙ Built 1920
    property image
    LEASED 11/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,650
    • $2.37
    •  
  • 654 W Washington Boulevard Pasadena, CA 3
    • 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 1924 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 1924
    property image
    LEASED 10/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,700
    • $2.80
    •  
  • 706 S Mentor Avenue Pasadena, CA 4
    • 3 beds 2 baths ∙ 1,478 Sqft ∙ Built 1922 3 beds 2 baths ∙ 1,478 Sqft ∙ Built 1922
    property image
    LEASED 09/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,100
    • $2.77
    •  
PROPERTY LISTING DETAILS
Jose Morales
Exp Realty Of California Inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: V1-4430
Last Updated: 03/12/2021
BESbswy