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7877 Flight Place Los Angeles, CA 90045

3 Beds 1 Baths 1,138 sqft Built 1949

$900,000

List Price

$3,510

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

October 31, 2020 RECENTLY ADDED
FACTS
  • Built In 1949
  • Price/Sqft : $790.86
  • 5 Days on Market
  • MLS # : 20653306
  • Updated Date : 10/30/2020 at 18:10
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,138 sqft
  • Baths : 1 full
Listing Agent

Compass

Listing Agent's Description

Calling all developers! Located in the highly desirable Westport Heights neighborhood, on a huge 9284 ft. lot. The current house is a 3 bedroom/1 bath with 1138 feet of living space, with an attached 2 car garage and appealing mid-century modern style. First time on the market in many decades, this property is a major fixer or teardown, and it presents an irresistible opportunity for a developer or flipper to restore or build new on the expansive elevated lot. Priced for a quick sale. Being sold "As-Is".

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Westchester

NeighborhoodNIR Market*CityMarket2010Year20002019200k300k400k500k600k700k800k900k1000k1100kPrice in $199k1117k

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

Neighborhood: Westchester

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21800200022002400260028003000320034003600380040004200Rent in $17844363

* 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
Westport Heights Elementary School Primary Regular 371 16 4
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

Westport Heights Elementary School

  • Education Level: Primary
  • # of students: 371
  • # of teachers: 16
4
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
 

$810,000$990,000$900,000

PURCHASE PRICE

$3,159$3,861$3,510

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,510
EXPENSES Loan Payment -$3,321
Property Tax -$923
Property Insurance -$54
Property Management Fees -$172
CASH FLOW
-$960

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.

$900,000

PROJECTED PRICE

$3,510

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 10.4%
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

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$244,250

INVESTMENT

$244,250

Down Payment
$225,000
Rehab Estimate
$5,750
Closing Costs
$13,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,321

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $225,000
Loan Amount $675,000
See What Happens When You Reinvest Cash Flow

1.42

YEARS SAVED

$7,643

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,510

    LIST RENT
  • $3.08

    LIST RENT PER SQFT
  • $3,713

    COMP ESTIMATED VALUE
  • $3.26

    COMP AVG. RENT PER SQFT
Comps Range
$3,510
1$3,5102$4,2003$4,2004$4,5005$4,600
$4,600
RENT COMPS ANALYSIS
  • 7877 Flight Place Los Angeles, CA 1
    • 3 beds 1 baths ∙ 1,138 Sqft ∙ Built 1949 3 beds 1 baths ∙ 1,138 Sqft ∙ Built 1949
    • Rent
    • Rent Per SQFT
    •  
    • $3,510
    • $3.08
    •  
  • 8006 Osage Avenue Los Angeles, CA 2
    • 3 beds 2 baths ∙ 1,298 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,298 Sqft ∙ Built 1950
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $3.24
    •  
  • 6101 Will Rogers Street Westchester, CA 3
    • 3 beds 2 baths ∙ 1,264 Sqft ∙ Built 1942 3 beds 2 baths ∙ 1,264 Sqft ∙ Built 1942
    LEASED 07/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $3.32
    •  
  • 6531 W 84th Street Los Angeles, CA 4
    • 3 beds 2 baths ∙ 1,348 Sqft ∙ Built 1944 3 beds 2 baths ∙ 1,348 Sqft ∙ Built 1944
    LEASED 09/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $3.34
    •  
  • 5742 W 75th Street Los Angeles, CA 5
    • 3 beds 1 baths ∙ 1,461 Sqft ∙ Built 1948 3 beds 1 baths ∙ 1,461 Sqft ∙ Built 1948
    LEASED 10/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,600
    • $3.15
    •  
PROPERTY LISTING DETAILS
Kristin Kanjo
Compass
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 20653306
Last Updated: 10/30/2020
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