Bedrooms: 2
Bathrooms: 2
Size: 1,064 sq. ft.
Burbank is an upper middle class city in Los Angeles County. It is home to numerous media firms such as Nickelodeon, Disney, and Warner Brothers. It has good public safety ratings and is patrolled with its own dedicated city police. While the schools are not as highly ranked as Arcadia, it is one of the more desirable locations in the county, being within 15 miles of downtown Los Angeles and major employment areas in Glendale and Pasadena.
This condo unit was built in 1993 and appears to be in decent condition. Here are some pictures to give you a visual:
The numbers below indicate a high return on investment. Most portfolio managers wouldn't be able to maintain a 20% ROI year over year. From an investor's perspective, this property makes sense.
Listing price: $156,000
Down payment (20%): $31,200
Expected monthly rental income (based on Zillow.com rent estimate): $1,686
Monthly mortgage (30 year fixed @ 4%): $598
Monthly maintenance and repair budget: $100
Monthly vacancy budget: $100
Monthly HOA dues: $200
Monthly property tax: $175.50
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Monthly profit: $512.50
Monthly profit: $512.50
Annual return on down payment investment (not including mortgage principal gain) : 20%
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