Bedrooms: 2
Bathrooms: 2
Size: 1,117 sq. ft.
Like Arcadia, Torrance is another upper middle class area with good schools and public safety. Torrance is also located fairly close to the ocean, so temperatures stay mild even during the summer months. Los Angeles and Orange County are both within a 30 minute drive.
But also like Arcadia, this property is an example why the popular mantra, "location location location" doesn't always constitute sound investment advice.The pictures show that the building is on the older side for a condo, but the unit looks clean with an updated kitchen.
..the numbers however, don't look too encouraging.
Listing price: $359,000
Down payment (20%): $71,800
Expected monthly rental income (based on Zillow.com rent estimate): $1885
Monthly mortgage (30 year fixed @ 4%): $1371
Monthly maintenance and repair budget: $100
Monthly vacancy budget: $100
Monthly HOA dues: $269
Monthly property tax: $403.90
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Monthly loss: $358.89
Monthly loss: $358.89
To make matters worse, this is a senior community so the potential for finding renters is severely limited. With that said, the rent (from Zillow.com) might be optimistic.
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