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7397 W 85th Street Westchester, CA 90045

3 Beds 1 Baths 1,322 sqft Built 1947

$949,000

List Price

$3,850

$3.6K - $4.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1947
  • Price/Sqft : $717.85
  • 3 Days on Market
  • MLS # : SB21040946
  • Updated Date : 02/26/2021 at 18:55
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,322 sqft
  • Baths : 1 full
Listing Agent

Corcoran Global Living

Listing Agent's Description

Diamond in the rough. Bring your Architect and Contractor. Painter and handyman. Elevated corner lot. 3 bedrooms and 1 full bath. 1,322 square feet of living space on a 50 x 109 foot lot. Family friendly floorplan with plenty of room to expand, add on and remodel or tear down and start fresh. This property has a ton of potential and will not last long.

SEE MORE

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: Playa del Rey

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000kPrice in $199k1030k

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

Neighborhood: Playa del Rey

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q220002500300035004000450050005500Rent in $17845735

* 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
Loyola Village Elementary Fine-performing Arts Magnet Primary Regular 394 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

Loyola Village Elementary Fine-performing Arts Magnet

  • Education Level: Primary
  • # of students: 394
  • # 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
 

$854,100$1,043,900$949,000

PURCHASE PRICE

$3,465$4,235$3,850

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,850
EXPENSES Loan Payment -$3,296
Property Tax -$957
Property Insurance -$59
Property Management Fees -$189
CASH FLOW
-$651

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.

$949,000

PROJECTED PRICE

$3,850

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 9.4%
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

PROJECTED ANNUAL CASH FLOW

11530-$15k-$10k-$5.0k$0.0$5.0k$10k$15k$20k$25k$30k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$257,235

INVESTMENT

$257,235

Down Payment
$237,250
Rehab Estimate
$5,750
Closing Costs
$14,235

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,296

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $237,250
Loan Amount $711,750
See What Happens When You Reinvest Cash Flow

2.58

YEARS SAVED

$20,120

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,850

    LIST RENT
  • $2.91

    LIST RENT PER SQFT
  • $3,989

    COMP ESTIMATED VALUE
  • $3.02

    COMP AVG. RENT PER SQFT
Comps Range
$3,800
1$3,8002$3,8503$3,9504$4,5005$4,650
$4,650
RENT COMPS ANALYSIS
  • 7397 W 85th Street Westchester, CA 2
    • 3 beds 1 baths ∙ 1,322 Sqft ∙ Built 1947 3 beds 1 baths ∙ 1,322 Sqft ∙ Built 1947
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,850
    • $2.91
    •  
  • 6764 W 87th Street Los Angeles, CA 1
    • 3 beds 1 baths ∙ 1,210 Sqft ∙ Built 1948 3 beds 1 baths ∙ 1,210 Sqft ∙ Built 1948
    property image
    LEASED 04/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $3.14
    •  
  • 7343 W 88th Street Los Angeles, CA 3
    • 3 beds 2 baths ∙ 1,394 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,394 Sqft ∙ Built 1950
    property image
    LEASED 10/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,950
    • $2.83
    •  
  • 7301 W 91st Street Los Angeles, CA 4
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1951 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1951
    property image
    LEASED 05/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $3.00
    •  
  • 8121 Gonzaga Avenue Los Angeles, CA 5
    • 3 beds 1 baths ∙ 1,500 Sqft ∙ Built 1945 3 beds 1 baths ∙ 1,500 Sqft ∙ Built 1945
    property image
    LEASED 01/07/21
    • Rent
    • Rent Per SQFT
    •  
    • $4,650
    • $3.10
    •  
PROPERTY LISTING DETAILS
Ted Dodd
Corcoran Global Living
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SB21040946
Last Updated: 02/26/2021
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