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844 Roxanne Avenue Long Beach, CA 90815

3 Beds 1 Baths 1,842 sqft Built 1961

$859,000

List Price

$3,380

$3.1K - $3.6K

Rent Est.

PROPERTY INFO

November 25, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1961
  • Price/Sqft : $466.34
  • 6 Days on Market
  • MLS # : PW20241549
  • Updated Date : 11/28/2020 at 14:18
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,842 sqft
  • Baths : 1 full
Listing Agent

The Betts Realty Group, Inc.

Listing Agent's Description

Welcome to 844 Roxanne Ave! Tthis lovely College Estates home has been loved and well cared for 57 years. With its welcoming front porch and attractive front yard, you feel right at home as soon as you pull up. The home offers 3 bedrooms, 2 baths with over 1,800 sq ft. including an office that can be easily converted to a 4th bedroom if needed. The living room has its original wood floors with a brick fireplace and hearth overlooking the brick covered patio. The formal dining room with its built in hutch is open to the beamed ceiling family room and 2 sliders that overlooking the patio, backyard and gazebo. Both the family room and office have built in bookcases for ample storage. Master bedroom has two sliding door closets and wood flooring. The other two bedrooms also have the original wood flooring. Virtual staging has been used in some of the photos to allow you to see how the rooms come together furnished. Amenities include central heating and air, dual pane windows, freshly painted walls throughout, inside laundry room, drought friendly front yard and a two car attached garage with lots of cabinets for storage. THIS HOME WILL NOT LAST!!!! Close to freeways, CSULB, Eldorado Park and restaurants.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: College Estates

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $186k856k

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

Neighborhood: College Estates

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q216001800200022002400260028003000320034003600Rent in $14493697

* 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
Kettering Elementary School Primary Regular 341 14 10
Rogers Middle School Middle Regular 890 30 8
Wilson High School High Magnet 3,944 146 7

Kettering Elementary School

  • Education Level: Primary
  • # of students: 341
  • # of teachers: 14
10
GreatSchools Rating

Rogers Middle School

  • Education Level: Middle
  • # of students: 890
  • # of teachers: 30
8
GreatSchools Rating

Wilson High School

  • Education Level: High
  • # of students: 3,944
  • # of teachers: 146
7
GreatSchools Rating
 

$773,100$944,900$859,000

PURCHASE PRICE

$3,042$3,718$3,380

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,380
EXPENSES Loan Payment -$3,169
Property Tax -$908
Property Insurance -$72
Property Management Fees -$166
CASH FLOW
-$934

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.

$859,000

PROJECTED PRICE

$3,380

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 10.1%
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$233,385

INVESTMENT

$233,385

Down Payment
$214,750
Rehab Estimate
$5,750
Closing Costs
$12,885

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,169

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $214,750
Loan Amount $644,250
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$6,415

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,380

    LIST RENT
  • $1.83

    LIST RENT PER SQFT
  • $3,790

    COMP ESTIMATED VALUE
  • $2.06

    COMP AVG. RENT PER SQFT
Comps Range
$3,345
1$3,3452$3,3803$3,4954$3,5005$3,600
$3,600
RENT COMPS ANALYSIS
  • 844 Roxanne Avenue Long Beach, CA 2
    • 3 beds 1 baths ∙ 1,842 Sqft ∙ Built 1961 3 beds 1 baths ∙ 1,842 Sqft ∙ Built 1961
    • Rent
    • Rent Per SQFT
    •  
    • $3,380
    • $1.83
    •  
  • 1421 Josie Avenue Long Beach, CA 1
    • 3 beds 2 baths ∙ 1,692 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,692 Sqft ∙ Built 1955
    LEASED 08/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,345
    • $1.98
    •  
  • 197 Stanford Lane Seal Beach, CA 3
    • 4 beds 2 baths ∙ 1,700 Sqft ∙ Built 1965 4 beds 2 baths ∙ 1,700 Sqft ∙ Built 1965
    LEASED 06/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,495
    • $2.06
    •  
  • 6946 E Espanita Street Long Beach, CA 4
    • 3 beds 2 baths ∙ 1,648 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,648 Sqft ∙ Built 1954
    LEASED 08/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $2.12
    •  
  • 12451 Martha Ann Drive Rossmoor, CA 5
    • 3 beds 2 baths ∙ 1,735 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,735 Sqft ∙ Built 1959
    LEASED 09/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,600
    • $2.07
    •  
PROPERTY LISTING DETAILS
Loree Swanenburg
The Betts Realty Group, Inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20241549
Last Updated: 11/28/2020
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