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643 N Florence Street Burbank, CA 91505

3 Beds 2 Baths 1,667 sqft Built 1924

$995,000

List Price

$3,800

$3.6K - $4.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1924
  • Price/Sqft : $596.88
  • 4 Days on Market
  • MLS # : 320005472
  • Updated Date : 03/26/2021 at 17:43
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,667 sqft
  • Baths : 2 full
Listing Agent

Team Rock Properties

Listing Agent's Description

Here it is ... 91505 in the heart of Burbank on a beautiful tree-lined street!! Welcome to 643 N. Florence Street, a 3 bedroom, 2 bathroom traditional home offering more than 1,650 square feet of living space. As you pass through the front porch, you enter into a bright and open formal living and dining room which opens to an eat-in kitchen. There is a spacious den currently being used as a game room which overlooks the spacious and manicured backyard. Outside, relax under the covered patio or unwind in your in-ground spa/hot tub. There is a 2-car detached garage that offers great potential for a future ADU as well as additional space behind the garage. Built in 1924 and situated on a more than 6,700 square foot lot, this home offers central HVAC, copper plumbing, freshly painted exterior and landscaping. This home resonates great curb appeal. Ideal for first - time homebuyers and ready for you to make it yours. Welcome Home!

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: Magnolia Park

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $199k856k

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

Neighborhood: Magnolia Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21800200022002400260028003000320034003600Rent in $17843697

* 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
Theodore Roosevelt Elementary School Primary Regular 633 22 9
David Starr Jordan Middle School Middle Regular 1,080 41 6
John Burroughs High School High Regular 2,649 108 8

Theodore Roosevelt Elementary School

  • Education Level: Primary
  • # of students: 633
  • # of teachers: 22
9
GreatSchools Rating

David Starr Jordan Middle School

  • Education Level: Middle
  • # of students: 1,080
  • # of teachers: 41
6
GreatSchools Rating

John Burroughs High School

  • Education Level: High
  • # of students: 2,649
  • # of teachers: 108
8
GreatSchools Rating
 

$895,500$1,094,500$995,000

PURCHASE PRICE

$3,420$4,180$3,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,800
EXPENSES Loan Payment -$3,456
Property Tax -$928
Property Insurance -$67
Property Management Fees -$186
CASH FLOW
-$837

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.

$995,000

PROJECTED PRICE

$3,800

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 8.7%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$269,425

INVESTMENT

$269,425

Down Payment
$248,750
Rehab Estimate
$5,750
Closing Costs
$14,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,456

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $248,750
Loan Amount $746,250
See What Happens When You Reinvest Cash Flow

2.08

YEARS SAVED

$13,399

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,800

    LIST RENT
  • $2.28

    LIST RENT PER SQFT
  • $4,013

    COMP ESTIMATED VALUE
  • $2.41

    COMP AVG. RENT PER SQFT
Comps Range
$3,800
1$3,8002$3,8003$4,0004$4,0005$4,300
$4,300
RENT COMPS ANALYSIS
  • 643 N Florence Street Burbank, CA 2
    • 3 beds 2 baths ∙ 1,667 Sqft ∙ Built 1924 3 beds 2 baths ∙ 1,667 Sqft ∙ Built 1924
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.28
    •  
  • 835 N Fairview Street Burbank, CA 1
    • 3 beds 2 baths ∙ 1,762 Sqft ∙ Built 1938 3 beds 2 baths ∙ 1,762 Sqft ∙ Built 1938
    property image
    LEASED 02/27/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.16
    •  
  • 2701 W Chandler Boulevard Burbank, CA 3
    • 3 beds 2 baths ∙ 1,540 Sqft ∙ Built 1944 3 beds 2 baths ∙ 1,540 Sqft ∙ Built 1944
    property image
    LEASED 06/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.60
    •  
  • 1105 N Lima Street Burbank, CA 4
    • 3 beds 2 baths ∙ 1,700 Sqft ∙ Built 1943 3 beds 2 baths ∙ 1,700 Sqft ∙ Built 1943
    property image
    LEASED 09/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.35
    •  
  • 1120 N Florence Street Burbank, CA 5
    • 4 beds 1 baths ∙ 1,705 Sqft ∙ Built 1940 4 beds 1 baths ∙ 1,705 Sqft ∙ Built 1940
    property image
    LEASED 12/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,300
    • $2.52
    •  
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 #: 320005472
Last Updated: 03/26/2021
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