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635 E Elmwood Avenue #106 Burbank, CA 91501

3 Beds 2 Baths 1,559 sqft Built 1980

$775,000

List Price

$3,650

$3.4K - $3.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $497.11
  • 1 Days on Market
  • MLS # : 320006854
  • Updated Date : 07/13/2021 at 10:27
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,559 sqft
  • Baths : 2 full
Listing Agent

The Art In Real Estate

Listing Agent's Description

Newly Updated Condo * Front Unit * Bright * 3 Bedrooms / 2 Bathrooms * 1,559sqft * Living Room With Fireplace * Dining Room * New A/C & Heating Unit * Separate Laundry Room * Lots Of Storage * Balcony * Thankless Water Heater * 2 Car Parking With EV Charging Port * HOA $316/m

SEE MORE

MARKET HIGHLIGHTS

  • As part of Southern California area, Los Angeles market inherits all the benefits from the area.
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 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 has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (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)
  • 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]

PRICE & RENT TRENDS

Neighborhood: Hillside District

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850k900kPrice in $199k917k

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

Neighborhood: Hillside District

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2180020002200240026002800300032003400360038004000Rent in $17844015

* 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
Joaquin Miller Elementary School Primary Regular 738 26 8
John Muir Middle School Middle Regular 1,408 55 8
Burbank High School High Regular 2,606 106 8

Joaquin Miller Elementary School

  • Education Level: Primary
  • # of students: 738
  • # of teachers: 26
8
GreatSchools Rating

John Muir Middle School

  • Education Level: Middle
  • # of students: 1,408
  • # of teachers: 55
8
GreatSchools Rating

Burbank High School

  • Education Level: High
  • # of students: 2,606
  • # of teachers: 106
8
GreatSchools Rating
 

$697,500$852,500$775,000

PURCHASE PRICE

$3,285$4,015$3,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,650
EXPENSES Loan Payment -$2,692
Property Tax -$723
Property Insurance -$65
HOA -$316
Property Management Fees -$179
CASH FLOW
-$324

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.

$775,000

PROJECTED PRICE

$3,650

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 8.2%
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-$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$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$211,125

INVESTMENT

$211,125

Down Payment
$193,750
Rehab Estimate
$5,750
Closing Costs
$11,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,692

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $193,750
Loan Amount $581,250
See What Happens When You Reinvest Cash Flow

4

YEARS SAVED

$28,970

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,650

    LIST RENT
  • $2.34

    LIST RENT PER SQFT
  • $4,095

    COMP ESTIMATED VALUE
  • $2.63

    COMP AVG. RENT PER SQFT
Comps Range
$3,200
1$3,2002$3,5003$3,6504$4,500
$4,500
RENT COMPS ANALYSIS
  • 635 E Elmwood Avenue Burbank, CA 3
    • 3 beds 2 baths ∙ 1,559 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,559 Sqft ∙ Built 1980
    • Rent
    • Rent Per SQFT
    •  
    • $3,650
    • $2.34
    •  
  • 414 N Lamer Street Burbank, CA 1
    • 3 beds 2 baths ∙ 1,304 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,304 Sqft ∙ Built 1989
    LEASED 06/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.45
    •  
  • 232 W Linden Avenue Burbank, CA 2
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1963
    LEASED 12/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.50
    •  
  • 708 Country Club Drive Burbank, CA 4
    • 3 beds 2 baths ∙ 1,538 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,538 Sqft ∙ Built 1962
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $2.93
    •  
PROPERTY LISTING DETAILS
Artin Sarkissian
The Art In Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 320006854
Last Updated: 07/13/2021
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