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656 Roycroft Avenue Long Beach, CA 90814

3 Beds 3 Baths 2,198 sqft Built 1976

$1,225,000

List Price

$4,250

$4K - $4.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 10, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1976
  • Price/Sqft : $557.32
  • 5 Days on Market
  • MLS # : PW21050269
  • Updated Date : 03/10/2021 at 13:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,198 sqft
  • Baths : 3 full
Listing Agent

First Team Real Estate

Listing Agent's Description

You’re bound to fall in love with this beautifully upgraded BELMONT HEIGHTS home 3 Bedroom/ 3 Bath nestled in one of the most desirable neighborhoods in Long Beach. Take advantage of some of the best indoor & outdoor living. The kitchen has been completely remodeled with custom cabinets & designer finishes. Kitchen is open to the dining room and slider off the dining room invites you to the relaxing atrium with Koi pond. Home also boasts giant backyard which has ample room for your entertaining needs. Some of the property features are downstairs master, new solar system (Paid off) new central AC and heating, inside laundry, dual pane windows all bathrooms are remodeled with designer finishes, recessed lighting, fresh paint, Koi pond and attached 2 car garage with direct access. Few steps to the neighborhood park, beaches, freeways, restaurants, shopping and award-winning schools.

SEE MORE

MARKET HIGHLIGHTS

  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
  • As part of Southern California area, Los Angeles market inherits all the benefits from the area.
  • 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]
  • 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)

PRICE & RENT TRENDS

Neighborhood: Belmont Heights

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900kPrice in $186k950k

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

Neighborhood: Belmont Heights

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q216001800200022002400260028003000320034003600Rent in $14493700

* 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
Fremont Elementary School Primary Regular 514 17 9
Rogers Middle School Middle Regular 890 30 8
Wilson High School High Magnet 3,944 146 7

Fremont Elementary School

  • Education Level: Primary
  • # of students: 514
  • # of teachers: 17
9
GreatSchools Rating

Rogers Middle School

  • Education Level: Middle
  • # of students: 890
  • # of teachers: 30
8
GreatSchools Rating

Wilson High School

  • Education Level: High
  • # of students: 3,944
  • # of teachers: 146
7
GreatSchools Rating
 

$1,102,500$1,347,500$1,225,000

PURCHASE PRICE

$3,825$4,675$4,250

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,250
EXPENSES Loan Payment -$4,255
Property Tax -$1,292
Property Insurance -$80
Property Management Fees -$208
CASH FLOW
-$1,585

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.

$1,225,000

PROJECTED PRICE

$4,250

PROJECTED RENT

0.35%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 6.8%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$330,375

INVESTMENT

$330,375

Down Payment
$306,250
Rehab Estimate
$5,750
Closing Costs
$18,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,255

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $306,250
Loan Amount $918,750
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$1,113

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,250

    LIST RENT
  • $1.93

    LIST RENT PER SQFT
  • $4,539

    COMP ESTIMATED VALUE
  • $2.07

    COMP AVG. RENT PER SQFT
Comps Range
$4,250
1$4,2502$4,5003$4,5004$4,7955$4,900
$4,900
RENT COMPS ANALYSIS
  • 656 Roycroft Avenue Long Beach, CA 1
    • 3 beds 3 baths ∙ 2,198 Sqft ∙ Built 1976 3 beds 3 baths ∙ 2,198 Sqft ∙ Built 1976
    • Rent
    • Rent Per SQFT
    •  
    • $4,250
    • $1.93
    •  
  • 6265 Majorca Circle Long Beach, CA 2
    • 3 beds 3 baths ∙ 2,442 Sqft ∙ Built 1982 3 beds 3 baths ∙ 2,442 Sqft ∙ Built 1982
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $1.84
    •  
  • 375 Wendy Lane Long Beach, CA 3
    • 3 beds 3 baths ∙ 1,965 Sqft ∙ Built 1985 3 beds 3 baths ∙ 1,965 Sqft ∙ Built 1985
    LEASED 06/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $2.29
    •  
  • 761 N Rancho Drive Long Beach, CA 4
    • 3 beds 3 baths ∙ 2,330 Sqft ∙ Built 1972 3 beds 3 baths ∙ 2,330 Sqft ∙ Built 1972
    LEASED 03/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,795
    • $2.06
    •  
  • 6219 Cordoba Court Long Beach, CA 5
    • 3 beds 3 baths ∙ 2,369 Sqft ∙ Built 1987 3 beds 3 baths ∙ 2,369 Sqft ∙ Built 1987
    LEASED 05/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,900
    • $2.07
    •  
PROPERTY LISTING DETAILS
Sarah Martin
First Team Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21050269
Last Updated: 03/10/2021
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