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8024 Elden Avenue Whittier, CA 90602

3 Beds 2 Baths 1,561 sqft Built 1953

$725,000

List Price

$2,640

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 1953
  • Price/Sqft : $464.45
  • 4 Days on Market
  • MLS # : PW20234277
  • Updated Date : 11/05/2020 at 22:44
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,561 sqft
  • Baths : 2 full
Listing Agent

Century 21 Cornerstone

Listing Agent's Description

Welcome home to this single story beauty within the highly desired Michigan Park area and Ocean View Elementary School District! As you enter, you are greeted with oak hardwood floors in the entry and living room but also throughout the home. The doors, doors frames, and thresholds are stained wood and create a soothing and natural vibe. The kitchen has ample cabinetry and granite counter tops. All the bedrooms are large and spacious enough to accommodate king sized beds with room to spare. The central A/C condenser and roof were replaced in the last year. There is a covered and enclosed patio space with Saltillo tiles that runs the back of the home. The backyard is expansive with a grassy area, trapper's shed, and covered porch. Let's not miss the area on the side of the home that can park a very large RV in addition to the 2 car garage! This is a great opportunity to get into a special home and neighborhood.

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: Whittier

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $178k622k

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

Neighborhood: Whittier

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21600180020002200240026002800Rent in $14492941

* 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
Ocean View Elementary School Primary Regular 795 30 9
East Whittier Middle School Middle Regular 1,287 45 8
California High School High Regular 2,955 103 7

Ocean View Elementary School

  • Education Level: Primary
  • # of students: 795
  • # of teachers: 30
9
GreatSchools Rating

East Whittier Middle School

  • Education Level: Middle
  • # of students: 1,287
  • # of teachers: 45
8
GreatSchools Rating

California High School

  • Education Level: High
  • # of students: 2,955
  • # of teachers: 103
7
GreatSchools Rating
 

$652,500$797,500$725,000

PURCHASE PRICE

$2,376$2,904$2,640

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,640
EXPENSES Loan Payment -$2,675
Property Tax -$763
Property Insurance -$65
Property Management Fees -$129
CASH FLOW
-$992

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.

$725,000

PROJECTED PRICE

$2,640

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.48%
Appreciation Year (1-5) 6.2%
Maintenance Year (1-5) 8.00%
Vacancy 4.69%
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-$15k-$10k-$5.0k$0.0$5.0k$10k

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$197,875

INVESTMENT

$197,875

Down Payment
$181,250
Rehab Estimate
$5,750
Closing Costs
$10,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,675

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $181,250
Loan Amount $543,750
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$860

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,640

    LIST RENT
  • $1.69

    LIST RENT PER SQFT
  • $2,786

    COMP ESTIMATED VALUE
  • $1.79

    COMP AVG. RENT PER SQFT
Comps Range
$2,600
1$2,6002$2,6403$2,7004$2,8005$3,300
$3,300
RENT COMPS ANALYSIS
  • 8024 Elden Avenue Whittier, CA 2
    • 3 beds 2 baths ∙ 1,561 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,561 Sqft ∙ Built 1953
    • Rent
    • Rent Per SQFT
    •  
    • $2,640
    • $1.69
    •  
  • 8649 Davista Drive Whittier, CA 1
    • 3 beds 2 baths ∙ 1,570 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,570 Sqft ∙ Built 1950
    LEASED 08/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.66
    •  
  • 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
    •  
  • 13946 Valna Drive Whittier, CA 4
    • 3 beds 2 baths ∙ 1,441 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,441 Sqft ∙ Built 1953
    LEASED 06/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.94
    •  
  • 13682 Camilla Street Whittier, CA 5
    • 3 beds 2 baths ∙ 1,820 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,820 Sqft ∙ Built 1963
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $1.81
    •  
PROPERTY LISTING DETAILS
Peter James Bresenden
Century 21 Cornerstone
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20234277
Last Updated: 11/05/2020
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