Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

646 Corwin Avenue Glendale, CA 91206

4 Beds 2 Baths 2,016 sqft Built 1926

$1,025,000

List Price

$3,690

$3.4K - $3.9K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1926
  • Price/Sqft : $508.43
  • 2 Days on Market
  • MLS # : P1-2309
  • Updated Date : 11/14/2020 at 09:31
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,016 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

On top of the world! Spanish gem with Hollywood charm and sweeping views of Chevy Chase Canyon. Swirling with 1920's romance that is captured in the details; original hardwood flooring, coved ceilings, and arched doorways. One of the three original neighborhood Spanish homes and meticulously cared for & balanced by quality upgrades. A view with every room from the living room & dining room to the bedrooms and patios. A handsome kitchen renovation leaves traces of craftsman influence and the main level full bathroom has been renovated with a rich palette and style. A lower level family room and master bedroom suite with a generous spa tub opens many doors of opportunity. A downstairs guest suite, master bedroom retreat, media/music room, or downstairs family room? The options are endless! Complementary upgrades to appreciate include a composite deck with glass side rails, Anderson windows, tankless water heater, plumbing & electrical upgrades, newer 50 year roof, new gas range and HVAC. Own a piece of timeless history!

SEE MORE

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: Woodbury

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850k900kPrice in $199k911k

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

Neighborhood: Woodbury

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q218002000220024002600280030003200340036003800Rent in $17843874

* 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
Glenoaks Elementary School Primary Regular 556 22 6
Woodrow Wilson Middle School Middle Regular 1,183 46 8
Glendale Senior High School High Regular 2,582 101 6

Glenoaks Elementary School

  • Education Level: Primary
  • # of students: 556
  • # of teachers: 22
6
GreatSchools Rating

Woodrow Wilson Middle School

  • Education Level: Middle
  • # of students: 1,183
  • # of teachers: 46
8
GreatSchools Rating

Glendale Senior High School

  • Education Level: High
  • # of students: 2,582
  • # of teachers: 101
6
GreatSchools Rating
 

$922,500$1,127,500$1,025,000

PURCHASE PRICE

$3,321$4,059$3,690

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,690
EXPENSES Loan Payment -$3,782
Property Tax -$986
Property Insurance -$76
Property Management Fees -$181
CASH FLOW
-$1,334

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.

$1,025,000

PROJECTED PRICE

$3,690

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 8.4%
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-$25k-$20k-$15k-$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$3.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$277,375

INVESTMENT

$277,375

Down Payment
$256,250
Rehab Estimate
$5,750
Closing Costs
$15,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$3,782

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $256,250
Loan Amount $768,750
See What Happens When You Reinvest Cash Flow

0.5

YEARS SAVED

$2,145

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,690

    LIST RENT
  • $1.83

    LIST RENT PER SQFT
  • $4,309

    COMP ESTIMATED VALUE
  • $2.14

    COMP AVG. RENT PER SQFT
Comps Range
$3,690
1$3,6902$3,8003$4,0004$4,2005$4,500
$4,500
RENT COMPS ANALYSIS
  • 646 Corwin Avenue Glendale, CA 1
    • 4 beds 2 baths ∙ 2,016 Sqft ∙ Built 1926 4 beds 2 baths ∙ 2,016 Sqft ∙ Built 1926
    • Rent
    • Rent Per SQFT
    •  
    • $3,690
    • $1.83
    •  
  • 803 N Glendale Avenue Glendale, CA 2
    • 4 beds 2 baths ∙ 2,145 Sqft ∙ Built 1929 4 beds 2 baths ∙ 2,145 Sqft ∙ Built 1929
    LEASED 10/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $1.77
    •  
  • 1233 N Isabel Street Glendale, CA 3
    • 3 beds 2 baths ∙ 1,934 Sqft ∙ Built 1928 3 beds 2 baths ∙ 1,934 Sqft ∙ Built 1928
    LEASED 10/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.07
    •  
  • 2656 E Glenoaks Boulevard Glendale, CA 4
    • 3 beds 2 baths ∙ 1,764 Sqft ∙ Built 1935 3 beds 2 baths ∙ 1,764 Sqft ∙ Built 1935
    LEASED 03/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $2.38
    •  
  • 5126 Hermosa Avenue Los Angeles, CA 5
    • 4 beds 2 baths ∙ 1,932 Sqft ∙ Built 1913 4 beds 2 baths ∙ 1,932 Sqft ∙ Built 1913
    LEASED 10/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $2.33
    •  
PROPERTY LISTING DETAILS
Chelby Crawford
Coldwell Banker Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: P1-2309
Last Updated: 11/14/2020
BESbswy