Real estate investor and business owner sought a business purpose loan to purchase this investment property in Los Angeles County for $640K.
The subject is comprised of two SFRs. Unit 6811 is 2bd/1 bath and 1,060 sf. This unit is currently gutted with an estimated cost of $80K to renovate. The rear unit 6809 is a 1 bdrm/1bath and 462 sf. The rear unit has wood/tile flooring, wall heating and is in average condition. The 2 car garage has been converted to living space without a permit. Monthly rent for comparable 2 bdrms is $1,800 – $2,200 and comparable 1 bdrms is $1K to $1,400. Unit 6809 is currently being rented for $1,600/month. The property is located in an established neighborhood just off the 710 fwy. The location is close to shopping, entertainment and easy freeway access.