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9015 W 24th Street Los Angeles, CA 90034

3 Beds 2 Baths 1,494 sqft Built 1926

$1,485,000

List Price

$5,050

$4.8K - $5.3K

Rent Est.

PROPERTY INFO

January 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1926
  • Price/Sqft : $993.98
  • 6 Days on Market
  • MLS # : 21684778
  • Updated Date : 01/30/2021 at 14:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,494 sqft
  • Baths : 2 full
Listing Agent

Compass

Listing Agent's Description

Welcome to this beautifully renovated three bed, two bath Spanish home featuring a detached permitted bonus room providing options for home office, gym, art studio or playroom. Located in Castle Heights just south of Beverlywood HOA, this home is light & bright with a spacious living room opening to a formal dining room perfect for entertaining or casual living. The kitchen has been updated with quartz countertops, stainless appliances, and room for a breakfast table. All bedrooms are generously sized including an ensuite master. Hardwood floors throughout. Grassy rear yard is surrounded by hedges providing privacy and a lush park-like feel. Off street carport is pre-wired for electric vehicle charging and features an automatic security gate. There is a side walkway that leads to the bonus room allowing visitors to join you without entering the house. Gorgeous landscaping. Explore cute shops & restaurants on South Robertson or nearby Culver City Platform. Castle Heights Elementary.

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: Beverlywood

NeighborhoodNIR Market*CityMarket2010Year20002019200k400k600k800k1000k1200k1400k1600k1800kPrice in $199k1817k

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

Neighborhood: Beverlywood

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q2200025003000350040004500500055006000Rent in $17846408

* 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
Castle Heights Elementary School Primary Regular 589 24 8
Palms Middle School Middle Regular 1,486 56 7
Alexander Hamilton Senior High School High Magnet 2,941 121 6

Castle Heights Elementary School

  • Education Level: Primary
  • # of students: 589
  • # of teachers: 24
8
GreatSchools Rating

Palms Middle School

  • Education Level: Middle
  • # of students: 1,486
  • # of teachers: 56
7
GreatSchools Rating

Alexander Hamilton Senior High School

  • Education Level: High
  • # of students: 2,941
  • # of teachers: 121
6
GreatSchools Rating
 

$1,336,500$1,633,500$1,485,000

PURCHASE PRICE

$4,545$5,555$5,050

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $5,050
EXPENSES Loan Payment -$5,158
Property Tax -$1,495
Property Insurance -$63
Property Management Fees -$247
CASH FLOW
-$1,914

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.

$1,485,000

PROJECTED PRICE

$5,050

PROJECTED RENT

0.34%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 10.3%
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$1.0M$2.0M$3.0M$4.0M$5.0M

PROJECTED ANNUAL CASH FLOW

11530-$30k-$20k-$10k$0.0$10k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$1.0M$2.0M$3.0M$4.0M$5.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$399,275

INVESTMENT

$399,275

Down Payment
$371,250
Rehab Estimate
$5,750
Closing Costs
$22,275

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$5,158

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $371,250
Loan Amount $1,113,750
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$1,504

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $5,050

    LIST RENT
  • $3.38

    LIST RENT PER SQFT
  • $4,385

    COMP ESTIMATED VALUE
  • $2.93

    COMP AVG. RENT PER SQFT
Comps Range
$4,000
1$4,0002$4,2003$4,5004$4,7505$5,050
$5,050
RENT COMPS ANALYSIS
  • 9015 W 24th Street Los Angeles, CA 5
    • 3 beds 2 baths ∙ 1,494 Sqft ∙ Built 1926 3 beds 2 baths ∙ 1,494 Sqft ∙ Built 1926
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $5,050
    • $3.38
    •  
  • 3321 Fay Avenue Culver City, CA 1
    • 3 beds 2 baths ∙ 1,302 Sqft ∙ Built 1940 3 beds 2 baths ∙ 1,302 Sqft ∙ Built 1940
    property image
    LEASED 12/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,000
    • $3.07
    •  
  • 8932 Olin Street Los Angeles, CA 2
    • 4 beds 2 baths ∙ 1,620 Sqft ∙ Built 1923 4 beds 2 baths ∙ 1,620 Sqft ∙ Built 1923
    property image
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,200
    • $2.59
    •  
  • 8951 Gibson Street Los Angeles, CA 3
    • 3 beds 2 baths ∙ 1,440 Sqft ∙ Built 1930 3 beds 2 baths ∙ 1,440 Sqft ∙ Built 1930
    property image
    LEASED 12/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,500
    • $3.13
    •  
  • 1763 Stearns Drive Los Angeles, CA 4
    • 3 beds 2 baths ∙ 1,604 Sqft ∙ Built 1938 3 beds 2 baths ∙ 1,604 Sqft ∙ Built 1938
    property image
    LEASED 09/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,750
    • $2.96
    •  
PROPERTY LISTING DETAILS
Paul Figueiredo
Compass
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 21684778
Last Updated: 01/30/2021
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