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6426 2nd Avenue Los Angeles, CA 90043

3 Beds 2 Baths 1,228 sqft Built 1926

$639,000

List Price

$2,580

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

November 23, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1926
  • Price/Sqft : $520.36
  • 7 Days on Market
  • MLS # : 20663010
  • Updated Date : 11/23/2020 at 12:02
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,228 sqft
  • Baths : 2 full
Listing Agent

Renaissance Realty Group

Listing Agent's Description

Welcome home to this beautiful 3 bedrooms 2 bathroom home situated in the highly desirable Hyde Park community. You'll immediately feel at home once you step inside this wonderful Spanish style home with original charm preserved. Some features include updated electrical, hardwood flooring, dining room, breakfast nook, and generous floor plan. The backyard is amazing for entertaining and family gatherings and the garage is perfect for potential ADU conversion. This property is centrally located to all of the city's newer developments including the metro line, LA Rams/Chargers So-Fi Stadium, and just a short drive to Downtown Los Angeles. It's the one you've been waiting for!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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: Hyde Park

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700kPrice in $153k725k

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

Neighborhood: Hyde Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q218002000220024002600280030003200Rent in $17183316

* 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
59th Street Elementary School Primary Regular 375 18 1
Horace Mann Middle School Middle Regular 425 19 NA
Crenshaw Magnets- Science Tech Engineer Math And Medicine High Magnet 981 54 2

59th Street Elementary School

  • Education Level: Primary
  • # of students: 375
  • # of teachers: 18
1
GreatSchools Rating

Horace Mann Middle School

  • Education Level: Middle
  • # of students: 425
  • # of teachers: 19
NA
GreatSchools Rating

Crenshaw Magnets- Science Tech Engineer Math And Medicine

  • Education Level: High
  • # of students: 981
  • # of teachers: 54
2
GreatSchools Rating
 

$575,100$702,900$639,000

PURCHASE PRICE

$2,322$2,838$2,580

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,580
EXPENSES Loan Payment -$2,358
Property Tax -$673
Property Insurance -$57
Property Management Fees -$126
CASH FLOW
-$633

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.

$639,000

PROJECTED PRICE

$2,580

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 12.4%
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

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$175,085

INVESTMENT

$175,085

Down Payment
$159,750
Rehab Estimate
$5,750
Closing Costs
$9,585

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,358

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $159,750
Loan Amount $479,250
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$7,102

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,580

    LIST RENT
  • $2.1

    LIST RENT PER SQFT
  • $2,567

    COMP ESTIMATED VALUE
  • $2.09

    COMP AVG. RENT PER SQFT
Comps Range
$2,400
1$2,4002$2,5003$2,5804$3,0305$3,450
$3,450
RENT COMPS ANALYSIS
  • 6426 2nd Avenue Los Angeles, CA 3
    • 3 beds 2 baths ∙ 1,228 Sqft ∙ Built 1926 3 beds 2 baths ∙ 1,228 Sqft ∙ Built 1926
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,580
    • $2.10
    •  
  • 1117 E 68th Street Inglewood, CA 1
    • 3 beds 1 baths ∙ 1,118 Sqft ∙ Built 1941 3 beds 1 baths ∙ 1,118 Sqft ∙ Built 1941
    property image
    LEASED 06/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $2.15
    •  
  • 1300 W 69th Street Los Angeles, CA 2
    • 3 beds 1 baths ∙ 1,262 Sqft ∙ Built 1921 3 beds 1 baths ∙ 1,262 Sqft ∙ Built 1921
    property image
    LEASED 10/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.98
    •  
  • 1265 W 82nd Street Los Angeles, CA 4
    • 3 beds 1 baths ∙ 1,525 Sqft ∙ Built 1936 3 beds 1 baths ∙ 1,525 Sqft ∙ Built 1936
    property image
    LEASED 08/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,030
    • $1.99
    •  
  • 2916 W 79th Street Inglewood, CA 5
    • 4 beds 2 baths ∙ 1,538 Sqft ∙ Built 1936 4 beds 2 baths ∙ 1,538 Sqft ∙ Built 1936
    property image
    LEASED 08/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,450
    • $2.24
    •  
PROPERTY LISTING DETAILS
Jamial Clark
Renaissance Realty Group
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 20663010
Last Updated: 11/23/2020
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