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642 Andover Drive Burbank, CA 91504

4 Beds 2 Baths 1,935 sqft Built 1951

$1,295,000

List Price

$4,200

$4K - $4.5K

Rent Est.

PROPERTY INFO

January 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1951
  • Price/Sqft : $669.25
  • 5 Days on Market
  • MLS # : 320004513
  • Updated Date : 01/06/2021 at 18:03
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,935 sqft
  • Baths : 2 full
Listing Agent

Team Rock Properties

Listing Agent's Description

91504, Location ! Immaculately updated Burbank Home w/Hillside location and detached garage. Amazing turn-key home with great curb appeal on a beautiful tree-lined street. Welcome to 642 Andover Drive, a bright & light 1,935 sq.ft. home offering 4 bedrooms and 2 bathrooms. The front door opens to an open floor plan and ample-sized formal living room with high in-set ceilings, complete with wood-burning fireplace and large French doors which overlook and invite you to the backyard. An elegant formal dining room with a large bay window overlooks the front yard and is the perfect space for festive dinners. A spacious entertainer's chefs kitchen complete with modern custom cabinetry, granite countertops, high-end appliances and custom center eat-in island is the perfect setting for your next culinary creations. A large family room with custom built-ins can be converted as the 4th bedroom. Enjoy your private entertainer's backyard complete with paved patio seating and grassy areas. Built in 1951, this spectacular property situated on a more than 7,000 square foot lot, offers all the necessities and amenities with modern finishes and updates. Custom hardwood floors, custom tile, a designated laundry area, recessed LED lighting & newer roof are just some of th

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MARKET HIGHLIGHTS

  • 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)
  • 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)

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
Thomas Jefferson Elementary School Primary Regular 749 25 8
John Muir Middle School Middle Regular 1,408 55 8
Burbank High School High Regular 2,606 106 8

Thomas Jefferson Elementary School

  • Education Level: Primary
  • # of students: 749
  • # of teachers: 25
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
 

$1,165,500$1,424,500$1,295,000

PURCHASE PRICE

$3,780$4,620$4,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,200
EXPENSES Loan Payment -$4,498
Property Tax -$1,207
Property Insurance -$74
Property Management Fees -$206
CASH FLOW
-$1,785

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.

$1,295,000

PROJECTED PRICE

$4,200

PROJECTED RENT

0.32%

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$3.0M$3.5M$4.0M

PROJECTED ANNUAL CASH FLOW

11530-$30k-$20k-$10k$0.0$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M$3.5M$4.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$348,925

INVESTMENT

$348,925

Down Payment
$323,750
Rehab Estimate
$5,750
Closing Costs
$19,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$4,498

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $323,750
Loan Amount $971,250
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$561

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,200

    LIST RENT
  • $2.17

    LIST RENT PER SQFT
  • $4,160

    COMP ESTIMATED VALUE
  • $2.15

    COMP AVG. RENT PER SQFT
Comps Range
$3,600
1$3,6002$3,8003$3,9954$4,2005$4,500
$4,500
RENT COMPS ANALYSIS
  • 642 Andover Drive Burbank, CA 4
    • 4 beds 2 baths ∙ 1,935 Sqft ∙ Built 1951 4 beds 2 baths ∙ 1,935 Sqft ∙ Built 1951
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $2.17
    •  
  • 2316 Peyton Avenue Burbank, CA 1
    • 3 beds 2 baths ∙ 1,834 Sqft ∙ Built 1941 3 beds 2 baths ∙ 1,834 Sqft ∙ Built 1941
    LEASED 10/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $1.96
    •  
  • 919 Delaware Road Burbank, CA 2
    • 3 beds 2 baths ∙ 1,853 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,853 Sqft ∙ Built 1952
    LEASED 12/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.05
    •  
  • 936 E Magnolia Boulevard Burbank, CA 3
    • 4 beds 3 baths ∙ 1,820 Sqft ∙ Built 1939 4 beds 3 baths ∙ 1,820 Sqft ∙ Built 1939
    LEASED 12/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,995
    • $2.20
    •  
  • 727 E Walnut Avenue Burbank, CA 5
    • 3 beds 2 baths ∙ 1,882 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,882 Sqft ∙ Built 1953
    LEASED 11/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $2.39
    •  
PROPERTY LISTING DETAILS
Jerry Armen
Team Rock Properties
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 320004513
Last Updated: 01/06/2021
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