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853 N Lima Street Burbank, CA 91505

3 Beds 2 Baths 1,672 sqft Built 1924

$999,999

List Price

$3,930

$3.7K - $4.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1924
  • Price/Sqft : $598.09
  • 4 Days on Market
  • MLS # : SR21034461
  • Updated Date : 02/19/2021 at 10:38
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,672 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Vip Properties

Listing Agent's Description

Welcome home to the most charming single story in Burbank! With pride of ownership, this house boasts 3 bedrooms, 2 bathrooms with a den! Numerous upgrades throughout this property featuring real hardwood floors, remodeled kitchen, newer roof, copper plumbing, updated electrical, new paint and dual pane windows throughout! Love entertaining? This backyard is an entertainers dream! Open space, privacy and perfect for enjoying the evening! On top of all the great features, the biggest bonus is the location! Seconds away from well known shops and restaurants! This home has it all, don't miss out!

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)
  • 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]
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (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'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: Magnolia Park

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $199k856k

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

Neighborhood: Magnolia Park

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21800200022002400260028003000320034003600Rent in $17843697

* 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
Theodore Roosevelt Elementary School Primary Regular 633 22 9
David Starr Jordan Middle School Middle Regular 1,080 41 6
John Burroughs High School High Regular 2,649 108 8

Theodore Roosevelt Elementary School

  • Education Level: Primary
  • # of students: 633
  • # of teachers: 22
9
GreatSchools Rating

David Starr Jordan Middle School

  • Education Level: Middle
  • # of students: 1,080
  • # of teachers: 41
6
GreatSchools Rating

John Burroughs High School

  • Education Level: High
  • # of students: 2,649
  • # of teachers: 108
8
GreatSchools Rating
 

$899,999$1,099,999$999,999

PURCHASE PRICE

$3,537$4,323$3,930

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,930
EXPENSES Loan Payment -$3,473
Property Tax -$932
Property Insurance -$67
Property Management Fees -$193
CASH FLOW
-$736

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.

$999,999

PROJECTED PRICE

$3,930

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 8.7%
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-$10k$0.0$10k$20k$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$270,750

INVESTMENT

$270,750

Down Payment
$250,000
Rehab Estimate
$5,750
Closing Costs
$15,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,473

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $250,000
Loan Amount $749,999
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$18,824

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,930

    LIST RENT
  • $2.35

    LIST RENT PER SQFT
  • $4,063

    COMP ESTIMATED VALUE
  • $2.43

    COMP AVG. RENT PER SQFT
Comps Range
$3,800
1$3,8002$3,9303$4,0004$4,0005$4,200
$4,200
RENT COMPS ANALYSIS
  • 853 N Lima Street Burbank, CA 2
    • 3 beds 2 baths ∙ 1,672 Sqft ∙ Built 1924 3 beds 2 baths ∙ 1,672 Sqft ∙ Built 1924
    • Rent
    • Rent Per SQFT
    •  
    • $3,930
    • $2.35
    •  
  • 835 N Fairview Street Burbank, CA 1
    • 3 beds 2 baths ∙ 1,762 Sqft ∙ Built 1938 3 beds 2 baths ∙ 1,762 Sqft ∙ Built 1938
    LEASED 01/27/21
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.16
    •  
  • 2701 W Chandler Boulevard Burbank, CA 3
    • 3 beds 2 baths ∙ 1,540 Sqft ∙ Built 1944 3 beds 2 baths ∙ 1,540 Sqft ∙ Built 1944
    LEASED 06/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.60
    •  
  • 1105 N Lima Street Burbank, CA 4
    • 3 beds 2 baths ∙ 1,700 Sqft ∙ Built 1943 3 beds 2 baths ∙ 1,700 Sqft ∙ Built 1943
    LEASED 09/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $2.35
    •  
  • 731 N Maple Street Burbank, CA 5
    • 3 beds 2 baths ∙ 1,609 Sqft ∙ Built 1940 3 beds 2 baths ∙ 1,609 Sqft ∙ Built 1940
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $2.61
    •  
PROPERTY LISTING DETAILS
Camden Whitfield
Keller Williams Vip Properties
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: SR21034461
Last Updated: 02/19/2021
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