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905 Montecito Drive Los Angeles, CA 90031

3 Beds 3 Baths 2,236 sqft Built 2008

$949,500

List Price

$3,500

$3.3K - $3.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 24, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2008
  • Price/Sqft : $424.64
  • 6 Days on Market
  • MLS # : 21696402
  • Updated Date : 02/25/2021 at 15:09
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,236 sqft
  • Baths : 3 full
Listing Agent

Harnsberger Realty 1924

Listing Agent's Description

This contemporary and stylish home is set in an enviable Montecito Heights hillside location with serene views over the surrounding area. Move-in ready and beautifully presented with on-trend finishes and modern features throughout, the 2,236 sq ft layout makes the main floor home to the open-plan living, dining, and kitchen areas. Stainless steel appliances, contemporary lighting, and natural stone countertops exude a stylish and quality appeal in the kitchen. There's a half bath on the main level while upstairs you'll discover the three bedrooms and two additional bathrooms. Here, the master suite awaits with a beautiful bath offering dual sinks and a separate shower and tub, walk-in closet and stunning views of the hills and beyond. You'll have a side patio and a yard that's ideal for pets along with a large backyard and patio/deck that any avid entertainer will appreciate. Completing this impressive home is a two-car garage with direct access and more. You'll live just minutes from Downtown LA and enjoy an easy-care lifestyle like no other. Come take a tour to experience it all for yourself!

SEE MORE

MARKET HIGHLIGHTS

  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 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)
  • 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 has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (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)
  • 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]
  • 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)

PRICE & RENT TRENDS

Neighborhood: Montecito Heights

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700kPrice in $173k725k

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

Neighborhood: Montecito Heights

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q218002000220024002600280030003200Rent in $16353316

* 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
Florence Nightingale Middle School Middle Regular 716 41 4
Puc Early College Academy For Leaders And Scholars High Charter 446 20 6
Woodrow Wilson Senior High School High Regular 1,624 88 4

Florence Nightingale Middle School

  • Education Level: Middle
  • # of students: 716
  • # of teachers: 41
4
GreatSchools Rating

Puc Early College Academy For Leaders And Scholars

  • Education Level: High
  • # of students: 446
  • # of teachers: 20
6
GreatSchools Rating

Woodrow Wilson Senior High School

  • Education Level: High
  • # of students: 1,624
  • # of teachers: 88
4
GreatSchools Rating
 

$854,550$1,044,450$949,500

PURCHASE PRICE

$3,150$3,850$3,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,500
EXPENSES Loan Payment -$3,298
Property Tax -$986
Property Insurance -$81
Property Management Fees -$172
CASH FLOW
-$1,037

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.

$949,500

PROJECTED PRICE

$3,500

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.48%
Appreciation Year (1-5) 9.5%
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$2.5M$3.0M

PROJECTED ANNUAL CASH FLOW

11530-$20k-$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$257,368

INVESTMENT

$257,368

Down Payment
$237,375
Rehab Estimate
$5,750
Closing Costs
$14,243

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,298

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $237,375
Loan Amount $712,125
See What Happens When You Reinvest Cash Flow

1.08

YEARS SAVED

$4,270

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,500

    LIST RENT
  • $1.57

    LIST RENT PER SQFT
  • $3,809

    COMP ESTIMATED VALUE
  • $1.7

    COMP AVG. RENT PER SQFT
Comps Range
$3,290
1$3,2902$3,3003$3,5004$4,900
$4,900
RENT COMPS ANALYSIS
  • 905 Montecito Drive Los Angeles, CA 3
    • 3 beds 3 baths ∙ 2,236 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,236 Sqft ∙ Built 2008
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.57
    •  
  • 4317 Raynol Street El Sereno, CA 1
    • 4 beds 3 baths ∙ 2,208 Sqft ∙ Built 2008 4 beds 3 baths ∙ 2,208 Sqft ∙ Built 2008
    LEASED 11/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,290
    • $1.49
    •  
  • 4029 Barrett Road Los Angeles, CA 2
    • 4 beds 3 baths ∙ 2,127 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,127 Sqft ∙ Built 2007
    LEASED 09/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $1.55
    •  
  • 4670 Glenalbyn Drive Los Angeles, CA 4
    • 3 beds 3 baths ∙ 2,370 Sqft ∙ Built 1995 3 beds 3 baths ∙ 2,370 Sqft ∙ Built 1995
    LEASED 02/10/21
    • Rent
    • Rent Per SQFT
    •  
    • $4,900
    • $2.07
    •  
PROPERTY LISTING DETAILS
Brandon Harnsberger
Harnsberger Realty 1924
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 21696402
Last Updated: 02/25/2021
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