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980 Nordica Drive Los Angeles, CA 90065

3 Beds 3 Baths 2,276 sqft Built 2005

$1,199,000

List Price

$4,870

$4.6K - $5.1K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $526.80
  • 11 Days on Market
  • MLS # : 21689580
  • Updated Date : 02/13/2021 at 20:53
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,276 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty Of California Inc

Listing Agent's Description

This light-filled, contemporary Mt. Washington home is the tranquil retreat you've been looking for. With bright, airy spaces and gorgeous views, this home welcomes you with the serene private courtyard and ample windows that let in natural light and look out to the sweeping hillside views and DTLA skyline. Warm living spaces feature clean lines, high ceilings, and a fireplace. The open kitchen has everything you need to entertain guests and explore your inner chef with generous storage, kitchen island, stainless steel appliances, and thoughtfully laid out Italian cabinetry. Start the day with coffee on the double balconies, taking in the sunlight and stunning views. The ample primary suite features its own balcony, a huge walk-in closet, and a luxurious soaking tub perfect for unwinding at the day's end. Two more bedrooms are well-positioned downstairs. The expansive media room is perfect for whatever you need: movie nights, sporting events, time with loved ones, or even a home workspace. You can't beat the location, surrounded by nature and hiking trails, while still conveniently located for shopping, dining, and takeout like HiPPO, Go Get Em Tiger, Home State, Topo by Kitchen Mouse in neighboring Highland Park. This tranquil abode is located in the high-achieving Mount Washington school district.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Mount Washington

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800kPrice in $187k818k

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

Neighborhood: Mount Washington

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q218002000220024002600280030003200340036003800Rent in $16353845

* 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
Luther Burbank Middle School Middle Regular 883 36 5
Benjamin Franklin High School High Regular 1,460 56 6

Luther Burbank Middle School

  • Education Level: Middle
  • # of students: 883
  • # of teachers: 36
5
GreatSchools Rating

Benjamin Franklin High School

  • Education Level: High
  • # of students: 1,460
  • # of teachers: 56
6
GreatSchools Rating
 

$1,079,100$1,318,900$1,199,000

PURCHASE PRICE

$4,383$5,357$4,870

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $4,870
EXPENSES Loan Payment -$4,165
Property Tax -$1,250
Property Insurance -$82
Property Management Fees -$239
CASH FLOW
-$865

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.

$1,199,000

PROJECTED PRICE

$4,870

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.48%
Appreciation Year (1-5) 10.0%
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$3.5M$4.0M

PROJECTED ANNUAL CASH FLOW

11530-$20k-$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$3.5M$4.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$323,485

INVESTMENT

$323,485

Down Payment
$299,750
Rehab Estimate
$5,750
Closing Costs
$17,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$4,165

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $299,750
Loan Amount $899,250
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$23,054

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $4,870

    LIST RENT
  • $2.14

    LIST RENT PER SQFT
  • $4,909

    COMP ESTIMATED VALUE
  • $2.16

    COMP AVG. RENT PER SQFT
Comps Range
$3,500
1$3,5002$4,8003$4,8004$4,870
$4,870
RENT COMPS ANALYSIS
  • 980 Nordica Drive Los Angeles, CA 4
    • 3 beds 3 baths ∙ 2,276 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,276 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $4,870
    • $2.14
    •  
  • 4557 Paulhan Avenue Los Angeles, CA 1
    • 4 beds 3 baths ∙ 2,160 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,160 Sqft ∙ Built 1988
    LEASED 11/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.62
    •  
  • 132 S Beech Highland Park, CA 2
    • 3 beds 3 baths ∙ 1,962 Sqft ∙ Built 2019 3 beds 3 baths ∙ 1,962 Sqft ∙ Built 2019
    LEASED 01/15/21
    • Rent
    • Rent Per SQFT
    •  
    • $4,800
    • $2.45
    •  
  • 3577 Kinney Street Los Angeles, CA 3
    • 4 beds 4 baths ∙ 1,998 Sqft ∙ Built 2017 4 beds 4 baths ∙ 1,998 Sqft ∙ Built 2017
    LEASED 10/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $4,800
    • $2.40
    •  
PROPERTY LISTING DETAILS
Kee June You
Exp Realty Of California Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 21689580
Last Updated: 02/13/2021
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