Hi @Lee Ripma, thanks for your feedback. It's good to hear the City of LA is making positive move toward expanding housing. This property fell out of escrow a couple of months ago due to loan issues with the potential FHA buyer. However, it had gone through appraisal, which process was completed. I'll have a copy of the appraisal this week. It seems that escrow could close fine with the unpermitted unit -- hoping its not an issue down the line. I'd be willing to make a sacrifice and live in the unpremitted unit for a short while (12-18 months).
Appreciate the explanation of PM rate.
The City of Commerce is a unique city as it's predominantly made up of industrial/commercial businesses. There's no rent control. I hadn't seriously considered airbnb, but i'll definitely consider it. I think it's a good neighborhood for it as its a quiet, private/safe street.
The down payment will be between 5-10%.
The value add could be adding a restroom to the 3+1 unit and expanding the converted garage into a 2-bedroom unit as there are two single car garages next to each other. The second garage has been used as storage and it already has drywall.
Only reno needed are replacing two water heaters, painting one unit, and replacing one window.
Rents are: 3+1 ($1800)
2+1 ($1500)
2+1 ($1500)
1+1 ($1,000) or 2+1 ($1,200)
