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6218 E 6th Street Long Beach, CA 90803

4 Beds 3 Baths 2,301 sqft Built 1961

$1,100,000

List Price

$4,460

$4.2K - $4.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 24, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1961
  • Price/Sqft : $478.05
  • 6 Days on Market
  • MLS # : PW21060053
  • Updated Date : 03/25/2021 at 13:43
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,301 sqft
  • Baths : 1 full , 2 half
Listing Agent

John Dumke, Broker

Listing Agent's Description

Highly desirable Tri-Level Pool home in UPE. Light and Bright with views of pool! Large front yard patio, 2 car attached garage and a driveway that can hold 3 vehicles and a medium sized RV depending on the size. Vaulted beamed ceilings in the entry and Livingroom. Wood/Gas fireplace, floor to ceiling duo paned sliding doors to the pool/spa area. Large Dining room area with direct access to the kitchen. Access door to side yard. Kitchen was remodeled with Corian Counters, Stainless appliances, recessed lighting and skylight. Guest 1/2 bath in entryway. Upstairs has gleaming hardwood floors throughout the staircase, hallway and all 4 bedrooms. Master has large floor to ceiling entire wall of closets with direct access to the 3/4 bath with private stall shower. Hall Bath has double sinks, tile counters, tub and shower enclosure. The downstairs level or basement is where the family room and bar and inside laundry with another 1/2 bath. It also has a brick fireplace and access to the backyard pool area. A Leased Solar Panel system help lower the monthly electric bill. This home has been in the family for over 48 years!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: University Park Estates

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900kPrice in $186k971k

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

Neighborhood: University Park Estates

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2160018002000220024002600280030003200340036003800Rent in $14493883

* 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
Kettering Elementary School Primary Regular 341 14 10
Rogers Middle School Middle Regular 890 30 8
Wilson High School High Magnet 3,944 146 7

Kettering Elementary School

  • Education Level: Primary
  • # of students: 341
  • # of teachers: 14
10
GreatSchools Rating

Rogers Middle School

  • Education Level: Middle
  • # of students: 890
  • # of teachers: 30
8
GreatSchools Rating

Wilson High School

  • Education Level: High
  • # of students: 3,944
  • # of teachers: 146
7
GreatSchools Rating
 

$990,000$1,210,000$1,100,000

PURCHASE PRICE

$4,014$4,906$4,460

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,460
EXPENSES Loan Payment -$3,821
Property Tax -$1,163
Property Insurance -$83
Property Management Fees -$219
CASH FLOW
-$825

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.

$1,100,000

PROJECTED PRICE

$4,460

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 3.9%
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

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$297,250

INVESTMENT

$297,250

Down Payment
$275,000
Rehab Estimate
$5,750
Closing Costs
$16,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,821

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $275,000
Loan Amount $825,000
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$19,376

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,460

    LIST RENT
  • $1.94

    LIST RENT PER SQFT
  • $4,387

    COMP ESTIMATED VALUE
  • $1.91

    COMP AVG. RENT PER SQFT
Comps Range
$3,750
1$3,7502$4,0003$4,4604$4,795
$4,795
RENT COMPS ANALYSIS
  • 6218 E 6th Street Long Beach, CA 3
    • 4 beds 4 baths ∙ 2,301 Sqft ∙ Built 1961 4 beds 4 baths ∙ 2,301 Sqft ∙ Built 1961
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $4,460
    • $1.94
    •  
  • 12602 Oak Way Drive Rossmoor, CA 1
    • 3 beds 3 baths ∙ 2,078 Sqft ∙ Built 1959 3 beds 3 baths ∙ 2,078 Sqft ∙ Built 1959
    property image
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,750
    • $1.80
    •  
  • 628 Balboa Drive Seal Beach, CA 2
    • 4 beds 3 baths ∙ 2,149 Sqft ∙ Built 1958 4 beds 3 baths ∙ 2,149 Sqft ∙ Built 1958
    property image
    LEASED 06/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $1.86
    •  
  • 761 N Rancho Drive Long Beach, CA 4
    • 3 beds 3 baths ∙ 2,330 Sqft ∙ Built 1972 3 beds 3 baths ∙ 2,330 Sqft ∙ Built 1972
    property image
    LEASED 03/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,795
    • $2.06
    •  
PROPERTY LISTING DETAILS
John Dumke
John Dumke, Broker
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21060053
Last Updated: 03/25/2021
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