510 E 23rd St · Los Angeles, CA 90011

$999,000

6 bd · 6.0 ba · 6,936 sqft · MultiFamily public records · 83 Days on market

Built 1907 8,494 sqft lot $144/sqft · 51% below area ↓ 39% since listing

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Rent growth +0.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 12 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

New Price! * * Sellers open to carry with 40% down payment * * - Spectacular offering of a 12-unit SRO building in the Historic Central submarket of Los Angeles. Just south of downtown LA, this stylish building provides the perfect opportunity to add value as well as significant upside in rents. The unit mix is 12 Single Room Occupancies (SRO) with the units having their own separate exterior entrances and 6 total bathrooms with each bath between two units. There is a large gated parking area with room for 10+ cars. Coin Laundry brings in an additional $6,302/year. Located in the heart of the Historic Central neighborhood, just south of Downtown LA and Los Angeles, the property is near

Key facts

• Coin laundry
• Highly walkable
• 12 unit building

Tags

• 12 UNIT BUILDING
• HISTORIC CENTRAL NEIGHBORHOOD
• LARGE GATED PARKING AREA
• COIN LAUNDRY
• EASY ACCESS TO FREEWAYS
• HIGHLY WALKABLE

What this means for you Summary

Snapshot

• This is a 12 × 1-bed/1-bath units multifamily listed at $999k.

Deal economics

• At list price, monthly cash flow is $13k ($161k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($25k rent vs $999k).
• Recommended offer: $939k (6.0% below list) — sets the bar for market timing.
• Cap rate 22.4% vs local median 2.1% in Los Angeles — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 68/100 on livability (#273 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment B; Watch: health & safety C-, schools D+, crime F.
• Los Angeles Unified (urban): math 29% / reading 54% proficiency, ranked #223 of 517 in CA (top 43%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents falling (-8.2%/yr); 126 active listings in the ZIP; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $24,857/mo this rent would consume 505% of the median local household income ($59k/yr) (locally 5930% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $280k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($939k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 19y ago; this cycle's ask is 74% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $350k; list at $999k implies a 185% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $939,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1907 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.49% ✓
• Cap rate: 22.40%
• Cash-on-cash: 57.54%
• DSCR: 3.56
• GRM: 3.3

CMA / ARV

• ARV (median comp): $2,029,981
• List price: $999,000
• Delta: -50.79%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 52.7%
• Equity multiple: 3.21×
• Total profit: $619,486
• Equity at exit: $148,954

10-year hold

• IRR: 56.8%
• Equity multiple: 5.85×
• Total profit: $1,357,734
• Equity at exit: $86,375

Cash invested: $279,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City Los Angeles: 0 Strongly Tenant-Friendly · D+22

LARSO + JCEO 2023; relocation for substantial remodel evictions.

Methodology + full state rankings →

ZIP-level market 90011

• Rents YoY: -8.2%
• Active inventory: 126
• Price-to-rent: 40.2×

Monthly cashflow live

• Estimated rent: $24,857 high
• Mortgage (P&I): −$5,239
• Tax from tax record: −$569 /mo · $6,832/yr
• Insurance: −$416
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,220
• Net cashflow: $13,413

Break-even live

Break-even rent $7,879

Max offer price $999,000

Occupancy floor 41%

12-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 12× units	1	1	$24,852
Total (12 units)			$24,857

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $249,750
• Closing costs: $29,970
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-17
   statusdays on market $999,000 Active 83 DOM
2. 2026-03-26
   price
3. 2026-02-24
   listed Active
4. 2025-09-16
   listed Active
5. 2025-03-19
   listed Active
6. 2025-02-25
   status Pending
7. 2024-11-14
   price
8. 2024-09-25
   status Active
9. 2024-09-18
   status Pending
10. 2024-09-06
    listed Active
11. 2024-06-14
    listed Active
12. 2024-02-22
    status Active
13. 2024-02-12
    status Pending
14. 2024-01-16
    listed Active
15. 2023-12-11
    status Pending
16. 2023-12-01
    status Active
17. 2023-09-05
    status Pending
18. 2023-08-22
    price
19. 2023-07-13
    status Active
20. 2023-06-28
    status Pending
21. 2023-06-05
    listed Active
22. 2007-09-13
    soldstatus $350,000
23. 2007-09-13
    soldstatus $350,000
24. 2007-08-27
    historical
25. 2007-07-20
    listed $575,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $6,832 · $569/mo
• Projected year-2 tax: $7,592 · $633/mo
• Expected delta: +$761/yr (+$63/mo · 11.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥93°F today · 22 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $298,284
• − Mortgage interest: −$55,960
• − Property taxes: −$6,832
• − Insurance: −$4,995
• − Repairs & maintenance: −$23,863
• − Management: −$23,863
• − Depreciation: −$29,062
• Taxable income: $153,710
• Est. tax owed @ 24.0%: −$36,890
• After-tax cash flow: $124,061/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Los Angeles Unified
• NCES district ID: 0622710
• Math proficiency: 29% ▼ -4.00%
• Reading proficiency: 54% ▲ 10.00%
• Median HH income: $50,403
• Composite: 35.67/100
• National rank: #4875
• State rank: #223 of 517 in CA

Livability — Los Angeles

• Score: 68/100
• State rank: #273
• US rank: #9237

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment B Housing B- Health & safety C- User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Los Angeles, CA
• County: Los Angeles County · 9,444,647 people
• City population: 3,838,149
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 100,113
• Household income: $59,017
• Rent vs Own: 74.4% rent · 25.6% own
• Severe rent burden: 5930.0

Population outlook (Los Angeles County) Hauer SSP2

• Today (2025): 10,940,515 people
• By 2030: 11,256,481 · +2.9%
• By 2040: 11,729,929 · +7.2%
• By 2050: 11,948,407 · +9.2%
• By 2075: 11,818,114 · +8.0%
• By 2100: 10,842,928 · -0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (92%)
• Race & ethnicity: Hispanic / Latino 92% Two or more races 26% Black 6% Native American 2%
• Hispanic origin (detail): Mexican 67%
• Foreign-born: 45% · Canada, South Korea
• Languages at home: 13% English-only · Spanish 86%

Political lean MEDSL · Los Angeles

• 2024 margin: Solid D (+32.9) · D 64.8% · R 31.9% · Other 3.3%
• 2008→2024 swing: -7.4pp toward R · 2008: 40.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+44.2 2016: D+48.0 2012: D+40.0 2008: D+40.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -636.62%
• Current HPI: 477.6496
• Rent YoY: ▼ -8.20%
• Metro: Los Angeles-Long Beach-Anaheim, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

-39.1% since first listed

24 events — show timeline

• 2026-03-26 Price Changed — TheMLS
• 2026-02-24 Listed — TheMLS
• 2025-09-16 Listed — TheMLS
• 2025-03-19 Listed — TheMLS
• 2025-02-25 Pending — TheMLS
• 2024-11-14 Price Changed — TheMLS
• 2024-09-25 Relisted — TheMLS
• 2024-09-18 Pending — TheMLS
• 2024-09-06 Listed — TheMLS
• 2024-06-14 Listed — TheMLS
• 2024-02-22 Relisted — TheMLS
• 2024-02-12 Pending — TheMLS
• 2024-01-16 Listed — TheMLS
• 2023-12-11 Pending — TheMLS
• 2023-12-01 Relisted — TheMLS
• 2023-09-05 Pending — TheMLS
• 2023-08-22 Price Changed — TheMLS
• 2023-07-13 Relisted — TheMLS
• 2023-06-28 Pending — TheMLS
• 2023-06-05 Listed — TheMLS
• 2007-09-13 Sold (Public Records) $350,000 Public Records
• 2007-09-13 Sold (MLS) $350,000 TheMLS
• 2007-08-27 Delisted — TheMLS
• 2007-07-20 Listed $575,000 TheMLS

Property tax history

-2.9%/yr

Latest (2025): $6,832 · +2.2% YoY. Source: county tax records.