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6515 W 87th Place Los Angeles, CA 90045

3 Beds 1 Baths 1,015 sqft Built 1944

$1,098,000

List Price

$3,500

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1944
  • Price/Sqft : $1,081.77
  • 2 Days on Market
  • MLS # : OC21038494
  • Updated Date : 02/27/2021 at 10:48
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,015 sqft
  • Baths : 1 full
Listing Agent

The Associates Realty Group

Listing Agent's Description

Welcome to 6515 W 87 Pl., a quintessential home in Westchester. This property has been completely remodeled in 2021 and features an open floor-plan with quality finishes throughout. All the systems in the house, electrical, hvac, appliances, floors, garage door, entry doors, bathroom, kitchen, windows, and roof are brand new. The entire lot has been beautifully landscaped with new sod and a new fire pit in the backyard with a concrete patio. The lush landscaping, mature trees, and crisp green grass create a magical oasis, just minutes away from the 405 and LAX. The garage has been fully insulated and covered with new drywall. This spectacular ‘COVID’ space is a perfect area for a game room, home office, additional family room, gym, study, or even a garage. Intelligent design, scrupulous attention to detail, and no expense spared in this Westchester property. This home is an absolute, must see!

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MARKET HIGHLIGHTS

  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 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)
  • 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 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)
  • 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]
  • 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)

PRICE & RENT TRENDS

Neighborhood: Westchester

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000k1100kPrice in $199k1117k

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

Neighborhood: Westchester

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21800200022002400260028003000320034003600380040004200Rent in $17844363

* 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
Kentwood Elementary School Primary Regular 381 17 6
Orville Wright Engineering And Design Magnet Middle Regular 674 26 4
Westchester Enriched Sciences Magnets Health-sports Med Mag High Regular 1,247 55 3

Kentwood Elementary School

  • Education Level: Primary
  • # of students: 381
  • # of teachers: 17
6
GreatSchools Rating

Orville Wright Engineering And Design Magnet

  • Education Level: Middle
  • # of students: 674
  • # of teachers: 26
4
GreatSchools Rating

Westchester Enriched Sciences Magnets Health-sports Med Mag

  • Education Level: High
  • # of students: 1,247
  • # of teachers: 55
3
GreatSchools Rating
 

$988,200$1,207,800$1,098,000

PURCHASE PRICE

$3,150$3,850$3,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,500
EXPENSES Loan Payment -$3,814
Property Tax -$1,126
Property Insurance -$51
Property Management Fees -$172
CASH FLOW
-$1,663

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.

$1,098,000

PROJECTED PRICE

$3,500

PROJECTED RENT

0.32%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 10.4%
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$3.5M$4.0M

PROJECTED ANNUAL CASH FLOW

11530-$30k-$25k-$20k-$15k-$10k-$5.0k$0.0$5.0k$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$296,720

INVESTMENT

$296,720

Down Payment
$274,500
Rehab Estimate
$5,750
Closing Costs
$16,470

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,814

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $274,500
Loan Amount $823,500
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$120

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,500

    LIST RENT
  • $3.45

    LIST RENT PER SQFT
  • $3,278

    COMP ESTIMATED VALUE
  • $3.23

    COMP AVG. RENT PER SQFT
Comps Range
$3,500
1$3,5002$3,8003$4,2004$4,500
$4,500
RENT COMPS ANALYSIS
  • 6515 W 87th Place Los Angeles, CA 1
    • 3 beds 1 baths ∙ 1,015 Sqft ∙ Built 1944 3 beds 1 baths ∙ 1,015 Sqft ∙ Built 1944
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $3.45
    •  
  • 6764 W 87th Street Los Angeles, CA 2
    • 3 beds 1 baths ∙ 1,210 Sqft ∙ Built 1948 3 beds 1 baths ∙ 1,210 Sqft ∙ Built 1948
    LEASED 04/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $3.14
    •  
  • 8006 Osage Avenue Los Angeles, CA 3
    • 3 beds 2 baths ∙ 1,298 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,298 Sqft ∙ Built 1950
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $3.24
    •  
  • 6511 W 87th Place Los Angeles, CA 4
    • 4 beds 2 baths ∙ 1,358 Sqft ∙ Built 1944 4 beds 2 baths ∙ 1,358 Sqft ∙ Built 1944
    LEASED 05/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $3.31
    •  
PROPERTY LISTING DETAILS
Andrew Daggett
The Associates Realty Group
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: OC21038494
Last Updated: 02/27/2021
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