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661 S Concord Street Los Angeles, CA 90023

3 Beds 2 Baths 1,041 sqft Built 1920

$540,000

List Price

$2,490

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

January 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1920
  • Price/Sqft : $518.73
  • 6 Days on Market
  • MLS # : 21678858
  • Updated Date : 01/12/2021 at 09:51
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,041 sqft
  • Baths : 2 full
Listing Agent

Compass

Listing Agent's Description

Built in 1920, and situated in the highly sought after Boyle Heights neighborhood, this gem sits in a 4,150 square foot lot and features 3 bedrooms and 2 bathrooms. The well maintained and upgraded home features an open kitchen and living room area. The backyard has a large flat grass area and full of privacy. The newly built patio is perfect for entertaining. A converted basement works nicely as an art studio. A short 1.7 miles to the 6th Street Bridge that is expected to reopen Summer 2022. The bridge connects the Arts District in DTLA to Boyle Heights - minutes to Bestia, SOHO House , Dover Street Market, The Factory Kitchen and Hauser Wirth. Enjoy the rich history of Boyle Heights with some favorites like Eastside Luv Wine Bar, Brooklyn Pizza Company and El Tepeyac make this neighborhood desirable. Easy access to 10FWY, 101FWY and 5 FWY make it easy to move around with ease

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: Boyle Heights

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650k700kPrice in $139k725k

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

Neighborhood: Boyle Heights

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2160018002000220024002600280030003200Rent in $14623316

* 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
Euclid Avenue Elementary School Primary Regular 818 35 4
Robert Louis Stevenson Middle School Middle Regular 1,593 62 3
Felicitas And Gonzalo Mendez High School High Regular 792 37 3

Euclid Avenue Elementary School

  • Education Level: Primary
  • # of students: 818
  • # of teachers: 35
4
GreatSchools Rating

Robert Louis Stevenson Middle School

  • Education Level: Middle
  • # of students: 1,593
  • # of teachers: 62
3
GreatSchools Rating

Felicitas And Gonzalo Mendez High School

  • Education Level: High
  • # of students: 792
  • # of teachers: 37
3
GreatSchools Rating
 

$486,000$594,000$540,000

PURCHASE PRICE

$2,241$2,739$2,490

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,490
EXPENSES Loan Payment -$1,876
Property Tax -$561
Property Insurance -$52
Property Management Fees -$122
CASH FLOW
-$121

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.

$540,000

PROJECTED PRICE

$2,490

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 11.2%
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

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$148,850

INVESTMENT

$148,850

Down Payment
$135,000
Rehab Estimate
$5,750
Closing Costs
$8,100

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,876

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $135,000
Loan Amount $405,000
See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$30,440

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,490

    LIST RENT
  • $2.39

    LIST RENT PER SQFT
  • $2,256

    COMP ESTIMATED VALUE
  • $2.17

    COMP AVG. RENT PER SQFT
Comps Range
$2,350
1$2,3502$2,4903$2,6954$2,995
$2,995
RENT COMPS ANALYSIS
  • 661 S Concord Street Los Angeles, CA 2
    • 3 beds 2 baths ∙ 1,041 Sqft ∙ Built 1920 3 beds 2 baths ∙ 1,041 Sqft ∙ Built 1920
    • Rent
    • Rent Per SQFT
    •  
    • $2,490
    • $2.39
    •  
  • 2709 Michigan Avenue East Los Angeles, CA 1
    • 3 beds 1 baths ∙ 1,101 Sqft ∙ Built 1908 3 beds 1 baths ∙ 1,101 Sqft ∙ Built 1908
    LEASED 11/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $2.13
    •  
  • 2510 Boulder Street Los Angeles, CA 3
    • 3 beds 2 baths ∙ 1,302 Sqft ∙ Built 1910 3 beds 2 baths ∙ 1,302 Sqft ∙ Built 1910
    LEASED 10/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,695
    • $2.07
    •  
  • 3334 City Terrace Drive Los Angeles, CA 4
    • 4 beds 3 baths ∙ 1,300 Sqft ∙ Built 1940 4 beds 3 baths ∙ 1,300 Sqft ∙ Built 1940
    LEASED 09/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $2.30
    •  
PROPERTY LISTING DETAILS
Jaime Garcia
Compass
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 21678858
Last Updated: 01/12/2021
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