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970 Neola Street Eagle Rock, CA 90041

4 Beds 2 Baths 1,063 sqft Built 1921

$768,000

List Price

$2,940

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1921
  • Price/Sqft : $722.48
  • 21 Days on Market
  • MLS # : EV21136757
  • Updated Date : 07/13/2021 at 11:30
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,063 sqft
  • Baths : 2 full
Listing Agent

Sunset Homes Real Estate

Listing Agent's Description

Enviably set in a convenient location, this Eagle Rock residence has vast potential to become the ideal custom home you've long dreamed of! Across the open layout, 4 bedrooms and 2 bath are already available along with a living room, a dining area, and a kitchen overlooking the lush surroundings. Multiple windows bring in natural light throughout for a bright outlook inside, including the private retreats. If you decide to expand the main living areas for added function, there's still plenty of space on the fenced-in lot with RV parking, both in the front and at the back. Aside from possible expansion, the backyard can also be converted into a beautiful garden or create an expansive patio for entertaining lucky guests. Completing this home’s excellent appeal for the creative design-minded is its close proximity to downtown and other conveniences such as dining and shopping. Plus, Rose Bowl Stadium is nearby for even more fun. Unleash the artist in you and transform this property into a unique dream home of your choice. Come for a tour before it's gone for good! Third and fourth bedroom along with second bathroom do not reflect current title record.

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MARKET HIGHLIGHTS

  • As part of Southern California area, Los Angeles market inherits all the benefits from the area.
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)
  • 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)
  • 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: Eagle Rock

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $199k856k

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

Neighborhood: Eagle Rock

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21800200022002400260028003000320034003600Rent in $17843752

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

SCHOOLS

 
Sorry, we do not have sufficient school data for this neighborhood.
 

$691,200$844,800$768,000

PURCHASE PRICE

$2,646$3,234$2,940

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,940
EXPENSES Loan Payment -$2,668
Property Tax -$783
Property Insurance -$53
Property Management Fees -$144
CASH FLOW
-$708

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.

$768,000

PROJECTED PRICE

$2,940

PROJECTED RENT

0.38%

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

PROJECTED ANNUAL CASH FLOW

11530-$15k-$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$2.5M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$209,270

INVESTMENT

$209,270

Down Payment
$192,000
Rehab Estimate
$5,750
Closing Costs
$11,520

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,668

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $192,000
Loan Amount $576,000
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$7,433

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,940

    LIST RENT
  • $2.77

    LIST RENT PER SQFT
  • $3,327

    COMP ESTIMATED VALUE
  • $3.13

    COMP AVG. RENT PER SQFT
Comps Range
$2,940
1$2,9402$3,2003$3,8004$4,333
$4,333
RENT COMPS ANALYSIS
  • 970 Neola Street Eagle Rock, CA 1
    • 4 beds 2 baths ∙ 1,063 Sqft ∙ Built 1921 4 beds 2 baths ∙ 1,063 Sqft ∙ Built 1921
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,940
    • $2.77
    •  
  • 1027 Doran Street South Pasadena, CA 2
    • 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1905 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1905
    property image
    LEASED 08/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,200
    • $2.38
    •  
  • 5120 Baltimore Street Highland Park, CA 3
    • 3 beds 2 baths ∙ 1,276 Sqft ∙ Built 1922 3 beds 2 baths ∙ 1,276 Sqft ∙ Built 1922
    property image
    LEASED 07/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $2.98
    •  
  • 5063 Montezuma Street Los Angeles, CA 4
    • 3 beds 2 baths ∙ 1,074 Sqft ∙ Built 1910 3 beds 2 baths ∙ 1,074 Sqft ∙ Built 1910
    property image
    LEASED 06/15/21
    • Rent
    • Rent Per SQFT
    •  
    • $4,333
    • $4.03
    •  
PROPERTY LISTING DETAILS
Alexander Ortiz
Sunset Homes Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: EV21136757
Last Updated: 07/13/2021
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