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7245 Comstock Avenue #A Whittier, CA 90602

3 Beds 3 Baths 1,430 sqft Built 1981

$495,000

List Price

$2,410

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

January 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1981
  • Price/Sqft : $346.15
  • 2 Days on Market
  • MLS # : DW21015058
  • Updated Date : 01/23/2021 at 15:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,430 sqft
  • Baths : 3 full
Listing Agent

Century 21 Allstars

Listing Agent's Description

Move in ready, beautiful condo in desirable area in uptown Whittier. Features 3 bedrooms, 3 bathrooms. Condo offers spacious living room with fireplace and gorgeous kitchen with formal dinning room. Laminated wood floors though-tout. Tile flooring in kitchen and bathrooms. Huge Laundry room located in first floor. 2 car garage attached. This condo is conveniently located near shopping centers, restaurants, and located near metro stations. Entry floor offers living room, dining area, kitchen, one bedroom and a bathroom. Upstairs floor offers two very spacious master bedrooms with each private bathrooms. One master bedroom offers a walk-in closet along with a balcony. The unit is conveniently located near shopping centers and restaurants.

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MARKET HIGHLIGHTS

  • 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)
  • 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]

PRICE & RENT TRENDS

Neighborhood: Uptown Whittier

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $153k622k

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

Neighborhood: Uptown Whittier

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $13222941

* 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
Longfellow Elementary School Primary Regular 593 22 5
Walter F. Dexter Middle School Middle Regular 1,097 41 4
Whittier High School High Regular 2,164 83 6

Longfellow Elementary School

  • Education Level: Primary
  • # of students: 593
  • # of teachers: 22
5
GreatSchools Rating

Walter F. Dexter Middle School

  • Education Level: Middle
  • # of students: 1,097
  • # of teachers: 41
4
GreatSchools Rating

Whittier High School

  • Education Level: High
  • # of students: 2,164
  • # of teachers: 83
6
GreatSchools Rating
 

$445,500$544,500$495,000

PURCHASE PRICE

$2,169$2,651$2,410

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,410
EXPENSES Loan Payment -$1,719
Property Tax -$549
Property Insurance -$62
HOA -$300
Property Management Fees -$118
CASH FLOW
-$338

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.

$495,000

PROJECTED PRICE

$2,410

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 4.5%
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$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$136,925

INVESTMENT

$136,925

Down Payment
$123,750
Rehab Estimate
$5,750
Closing Costs
$7,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,719

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $123,750
Loan Amount $371,250
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$8,647

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,410

    LIST RENT
  • $1.69

    LIST RENT PER SQFT
  • $2,536

    COMP ESTIMATED VALUE
  • $1.77

    COMP AVG. RENT PER SQFT
Comps Range
$2,410
1$2,4102$2,6503$2,7004$2,850
$2,850
RENT COMPS ANALYSIS
  • 7245 Comstock Avenue Whittier, CA 1
    • 3 beds 3 baths ∙ 1,430 Sqft ∙ Built 1981 3 beds 3 baths ∙ 1,430 Sqft ∙ Built 1981
    • Rent
    • Rent Per SQFT
    •  
    • $2,410
    • $1.69
    •  
  • 8539 Citigate Drive Whittier, CA 2
    • 3 beds 3 baths ∙ 1,523 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,523 Sqft ∙ Built 1990
    LEASED 05/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.74
    •  
  • 13604 Sunrise Drive Whittier, CA 3
    • 3 beds 2 baths ∙ 1,559 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,559 Sqft ∙ Built 1964
    LEASED 06/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.73
    •  
  • 11950 Reichling Lane Whittier, CA 4
    • 3 beds 2 baths ∙ 1,537 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,537 Sqft ∙ Built 1997
    LEASED 07/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,850
    • $1.85
    •  
PROPERTY LISTING DETAILS
Daniel Avendano
Century 21 Allstars
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: DW21015058
Last Updated: 01/23/2021
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