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7190 Formosa Fusion Court Los Angeles, CA 90046

3 Beds 4 Baths 1,701 sqft Built 2015

$1,149,000

List Price

$4,440

$4.2K - $4.7K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 2015
  • Price/Sqft : $675.49
  • 8 Days on Market
  • MLS # : 20648646
  • Updated Date : 11/06/2020 at 15:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,701 sqft
  • Baths : 3 full , 1 half
Listing Agent

Pearson Affiliated, Inc.

Listing Agent's Description

Located just off the bustling La brea and Melrose corridors, this modern, tri-level single family residence has tall ceilings and large windows that allow the natural sunlight to shine through brightly. It is located within walking distance to LA's finest dining and shopping with a walk score of 96/100. This chic home features 3 beds and 3.5 gorgeous baths as well as a gourmet kitchen with high end appliances that opens to the family room. It is sure to inspire fabulous nights of entertaining. You will enjoy dining alfresco on the 3rd floor patio off the kitchen. The high-end designer touches include hardwood floors, tiled bathrooms, custom closets, and window treatments. Technology features include in-ceiling speakers, pre-wire for internet, TV and cable and is solar ready. Direct access 2 car garage w/ EV charger. Small lot maintenance agreement fee of $125 per month. This project features guest parking and community trash pickup. Total sq footage is 2,013 including patio and garage.

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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: Fairfax District

ZipNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000k1100k1200k1300kPrice in $199k1395k

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

Neighborhood: Fairfax District

ZipNIR Market*CityMarket2010Year2000 Q42019 Q2200025003000350040004500500055006000Rent in $17846144

* 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
Laurel Elementary School Primary Regular 341 16 4
Laurel Elementary School Middle Regular 341 16 4
Fairfax Senior High School High Regular 2,101 83 6

Laurel Elementary School

  • Education Level: Primary
  • # of students: 341
  • # of teachers: 16
4
GreatSchools Rating

Laurel Elementary School

  • Education Level: Middle
  • # of students: 341
  • # of teachers: 16
4
GreatSchools Rating

Fairfax Senior High School

  • Education Level: High
  • # of students: 2,101
  • # of teachers: 83
6
GreatSchools Rating
 

$1,034,100$1,263,900$1,149,000

PURCHASE PRICE

$3,996$4,884$4,440

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,440
EXPENSES Loan Payment -$4,239
Property Tax -$1,157
Property Insurance -$68
HOA -$125
Property Management Fees -$218
CASH FLOW
-$1,367

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.

$1,149,000

PROJECTED PRICE

$4,440

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 12.5%
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$4.5M

PROJECTED ANNUAL CASH FLOW

11530-$20k-$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$3.5M$4.0M$4.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$310,235

INVESTMENT

$310,235

Down Payment
$287,250
Rehab Estimate
$5,750
Closing Costs
$17,235

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,239

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $287,250
Loan Amount $861,750
See What Happens When You Reinvest Cash Flow

0.83

YEARS SAVED

$4,680

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,440

    LIST RENT
  • $2.61

    LIST RENT PER SQFT
  • $4,593

    COMP ESTIMATED VALUE
  • $2.7

    COMP AVG. RENT PER SQFT
Comps Range
$3,900
1$3,9002$4,0003$4,4404$4,6005$4,900
$4,900
RENT COMPS ANALYSIS
  • 7190 Formosa Fusion Court Los Angeles, CA 3
    • 3 beds 4 baths ∙ 1,701 Sqft ∙ Built 2015 3 beds 4 baths ∙ 1,701 Sqft ∙ Built 2015
    • Rent
    • Rent Per SQFT
    •  
    • $4,440
    • $2.61
    •  
  • 1353 N Fuller Avenue Los Angeles, CA 1
    • 3 beds 3 baths ∙ 1,560 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,560 Sqft ∙ Built 2007
    LEASED 12/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,900
    • $2.50
    •  
  • 936 N Hudson Avenue Los Angeles, CA 2
    • 3 beds 2 baths ∙ 1,520 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,520 Sqft ∙ Built 2008
    LEASED 06/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.63
    •  
  • 823 N Martel Avenue Los Angeles, CA 4
    • 3 beds 4 baths ∙ 1,650 Sqft ∙ Built 2004 3 beds 4 baths ∙ 1,650 Sqft ∙ Built 2004
    LEASED 11/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,600
    • $2.79
    •  
  • 1248 N Laurel West Hollywood, CA 5
    • 3 beds 3 baths ∙ 1,700 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,700 Sqft ∙ Built 2007
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,900
    • $2.88
    •  
PROPERTY LISTING DETAILS
Yitzy Pearson
Pearson Affiliated, Inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 20648646
Last Updated: 11/06/2020
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