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8224 Elden Avenue Whittier, CA 90605

3 Beds 2 Baths 1,649 sqft Built 1953

$675,000

List Price

$2,720

$2.5K - $3K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1953
  • Price/Sqft : $409.34
  • 3 Days on Market
  • MLS # : PW20255874
  • Updated Date : 12/11/2020 at 16:56
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,649 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Rlty Whittier

Listing Agent's Description

Turn this original fixer into a dream house located North of the boulevard in Whittier's Michigan Park neighborhood. This 3 bedroom 2 bathroom home features; central air and heat, original hardwood floors, family room with fireplace, large living room and attached two-car garage. Walking distance to Michigan Park, restaurants, Starbucks and the award-winning Ocean View Elementary School.

SEE MORE

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: 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
 

$607,500$742,500$675,000

PURCHASE PRICE

$2,448$2,992$2,720

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,720
EXPENSES Loan Payment -$2,490
Property Tax -$710
Property Insurance -$67
Property Management Fees -$133
CASH FLOW
-$681

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.

$675,000

PROJECTED PRICE

$2,720

PROJECTED RENT

0.40%

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-$10k-$5.0k$0.0$5.0k$10k$15k

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$184,625

INVESTMENT

$184,625

Down Payment
$168,750
Rehab Estimate
$5,750
Closing Costs
$10,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,490

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $168,750
Loan Amount $506,250
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$7,034

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,720

    LIST RENT
  • $1.65

    LIST RENT PER SQFT
  • $2,857

    COMP ESTIMATED VALUE
  • $1.73

    COMP AVG. RENT PER SQFT
Comps Range
$2,600
1$2,6002$2,7003$2,7204$2,9005$3,300
$3,300
RENT COMPS ANALYSIS
  • 8224 Elden Avenue Whittier, CA 3
    • 3 beds 2 baths ∙ 1,649 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,649 Sqft ∙ Built 1953
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,720
    • $1.65
    •  
  • 8649 Davista Drive Whittier, CA 1
    • 3 beds 2 baths ∙ 1,570 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,570 Sqft ∙ Built 1950
    property image
    LEASED 08/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.66
    •  
  • 13604 Sunrise Drive Whittier, CA 2
    • 3 beds 2 baths ∙ 1,559 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,559 Sqft ∙ Built 1964
    property image
    LEASED 06/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.73
    •  
  • 14857 Cedarsprings Drive Whittier, CA 4
    • 4 beds 1 baths ∙ 1,679 Sqft ∙ Built 1951 4 beds 1 baths ∙ 1,679 Sqft ∙ Built 1951
    property image
    LEASED 08/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.73
    •  
  • 13682 Camilla Street Whittier, CA 5
    • 3 beds 2 baths ∙ 1,820 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,820 Sqft ∙ Built 1963
    property image
    LEASED 04/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $1.81
    •  
PROPERTY LISTING DETAILS
Linda Domis
Keller Williams Rlty Whittier
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20255874
Last Updated: 12/11/2020
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