1108 Manzanita St · Los Angeles, CA 90029

$2,350,000

3 bd · 2.0 ba · 1,260 sqft · MultiFamily public records · 146 Days on market

Built 1920 7,688 sqft lot

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Price Reduced! Outstanding 54-Unit 100% Affordable Housing Development Opportunity, RTI at COE in a highly desirable Silver Lake location near Sunset Junction. This prime project is located on a 7,688 SF lot and is designed as a five-story Type IIIB building under AB 1763 incentives, allowing unlimited density for affordable housing. With a total proposed floor area of 25,750 SF, the development includes 28 studio apartments and 26 one-bedroom units, all designated for affordable housing. The unit breakdown consists of 2 very low-income units, 40 low-income units, 11 moderate-income units, and 1 market-rate manager's unit. The design eliminates the need for parking, further reducing construction costs and ensuring long-term affordability. The residential units range from 280-460 SF, designed to maximize affordability while optimizing rental income per square foot. Located in the heart of Silver Lake, just minutes from Sunset Junction, this property offers an unmatched urban lifestyle with trendy cafes, boutique shops, and top-tier dining within walking distance. Its prime Transit-Priority Zone location ensures seamless connectivity, with multiple bus lines and metro access nearby. Additionally, the area boasts an exceptional Walk Score of 95, allowing residents to fully embrace a car-free lifestyle. With all entitlements and approvals secured, the project will be delivered in Ready-to-Issue status and will be delivered vacant at the close of escrow, providing an immediate and seamless path to development.

Key facts

• Silver lake location
• 7,688 sq ft lot
• Listed 146 days

Tags

• SILVER LAKE LOCATION
• TRANSIT-PRIORITY ZONE
• EXCEPTIONAL WALK SCORE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $2.35M.

Deal economics

• At list price, monthly cash flow is $90k ($1.08M/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($132k rent vs $2.35M).
• Recommended offer: $2.07M (12.0% below list) — sets the bar for market timing.
• Cap rate 52.3% 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 flat; 76 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $132,340/mo this rent would consume 2628% of the median local household income ($60k/yr) (locally 3614% 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 $16k of loan paydown is wiped out by about $70k 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 + 0.2% rent growth), your $658k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 146 days — a 12% lower offer ($2.07M) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 7y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $1.10M; list at $2.35M implies a 114% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $2,068,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 146 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 5.63% ✓
• Cap rate: 52.27%
• Cash-on-cash: 164.19%
• DSCR: 8.31
• GRM: 1.5

CMA / ARV

• ARV (median comp): $8,556,550,521
• List price: $2,350,000
• Delta: -99.97%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1248 Hyperion Ave	0.21mi	2/2.0 (-1)	1,116 (-11%)	8mo	$1,100,000	$986	59
1118 N Virgil Ave	0.35mi	4/2.0 (+1)	1,425 (+13%)	12mo	$895,000	$628	46

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.19% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.58×
• Total profit: $4,990,214
• Equity at exit: $350,393

10-year hold

• IRR: —
• Equity multiple: 16.69×
• Total profit: $10,320,864
• Equity at exit: $203,185

Cash invested: $658,000 (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 90029

• Rents YoY: 0.2%
• Active inventory: 76
• Price-to-rent: 79.9×

Monthly cashflow live

• Estimated rent: $132,340 high
• Mortgage (P&I): −$12,324
• Tax from tax record: −$1,216 /mo · $14,595/yr
• Insurance: −$979
• HOA: −$0
• Vacancy / Maint / Mgmt: −$27,791
• Net cashflow: $90,030

Break-even live

Break-even rent $18,379

Max offer price $2,350,000

Occupancy floor 27%

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

Units	Beds	Baths	Est. rent
▸ 54× units	0	0	$132,354
Total (54 units)			$132,340

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: $587,500
• Closing costs: $70,500
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1185 Myra Ave Los Angeles, CA	2.0	2.0	1045	$3,163	$3.03	7d	1	0.12mi
1185 Myra Ave Los Angeles, CA	2.0	2.0	1045	$3,163	$3.03	24d	1	0.12mi
1205 Manzanita St Los Angeles, CA	3.0	3.5	1672	$6,400	$3.83	24d	1	0.14mi
1171 Hyperion Ave Los Angeles, CA	2.0	1.0	1056	$6,500	$6.16	12d	1	0.15mi
1221 Myra Ave Los Angeles, CA	1.0–6.0	1.0–5.0	1248	$4,535	$3.63	1d	6	0.16mi
1232 Manzanita St Los Angeles, CA	2.0	2.0	1003	$3,950	$3.94	24d	1	0.18mi
1118 N Hoover St Los Angeles, CA	2.0	1.0	1100	$4,800	$4.36	43d	1	0.22mi
957 Manzanita St Los Angeles, CA	3.0	2.5	1748	$6,950	$3.98	43d	1	0.25mi
1000 Myra Ave Los Angeles, CA	3.0	2.5	1600	$9,350	$5.84	43d	1	0.29mi
3627 Crestmont Ave Los Angeles, CA	4.0	3.0	1860	$7,500	$4.03	43d	1	0.30mi
4522 Lexington Ave Los Angeles, CA	2.0	2.0	952	$3,780	$3.97	43d	1	0.37mi
1012 N Virgil Ave Unit 10145 Los Angeles, CA	2.0	1.0	1000	$3,000	$3.00	24d	1	0.38mi
1332 Edgecliffe Dr Los Angeles, CA	3.0	1.0	1482	$7,500	$5.06	43d	1	0.40mi
964 Lucile Ave Los Angeles, CA	2.0	2.0	1103	$5,450	$4.94	20d	1	0.43mi
962 Lucile Ave Unit 1/2 Los Angeles, CA	2.0	2.0	1103	$5,450	$4.94	22d	1	0.43mi
3429 Larissa Dr Los Angeles, CA	3.0	3.0	1550	$5,995	$3.87	43d	1	0.44mi
3884 Clayton Ave Los Angeles, CA	3.0	2.0	1860	$6,200	$3.33	43d	1	0.45mi
4575 Santa Monica Blvd Unit 304 Los Angeles, CA	2.0	2.0	881	$2,850	$3.23	24d	1	0.46mi
3866 Udell Ct Los Angeles, CA	3.0	3.0	1837	$5,950	$3.24	20d	1	0.49mi
1933 Griffith Park Blvd Los Angeles, CA	3.0	3.5	1792	$6,749	$3.77	43d	1	0.50mi
1937 Griffith Park Blvd Los Angeles, CA	3.0	3.5	1874	$7,000	$3.74	24d	1	0.50mi
1710 Redcliff St Los Angeles, CA	2.0	1.0	1087	$5,995	$5.52	24d	1	0.53mi
872 Lucile Ave Unit A Los Angeles, CA	3.0	3.0	1862	$5,300	$2.85	43d	1	0.54mi
967 N Madison Ave Unit 4506 Los Angeles, CA	4.0	2.0	1300	$3,400	$2.62	3d	1	0.55mi
3236 Larissa Dr Los Angeles, CA	2.0	2.0	1000	$4,000	$4.00	44d	1	0.56mi
2018 Griffith Park Blvd Los Angeles, CA	2.0	2.0	1140	$4,900	$4.30	24d	3	0.56mi
2018 Griffith Park Blvd Los Angeles, CA	2.0	2.0	1140	$4,850	$4.25	20d	2	0.56mi
4345 Burns Ave Los Angeles, CA	2.0	2.0	1200	$3,250	$2.71	43d	1	0.56mi
4215 Camero Ave Los Angeles, CA	2.0	2.0	910	$3,500	$3.85	14d	1	0.56mi
4031 Camero Ave Los Angeles, CA	3.0	2.0	1451	$7,500	$5.17	43d	1	0.57mi
2018 Griffith Park Blvd #121 Los Angeles, CA	2.0	2.0	1070	$5,000	$4.67	7d	1	0.57mi
4632 Santa Monica Blvd Los Angeles, CA	1.0–2.0	1.0–2.0	818	$3,650	$4.46	3d	15	0.57mi
4531 Hollywood Blvd Los Angeles, CA	2.0	2.0	985	$4,010	$4.07	43d	1	0.58mi
4531 Hollywood Blvd Los Angeles, CA	3.0	2.0	1147	$5,135	$4.48	16d	1	0.58mi
734 Hyperion Ave Unit 1/2 Los Angeles, CA	3.0	2.0	1098	$3,255	$2.96	43d	1	0.60mi
4427 Camero Ave Los Angeles, CA	4.0	2.5	1300	$4,950	$3.81	20d	1	0.64mi
1975 Micheltorena St Los Angeles, CA	3.0	3.0	1772	$10,000	$5.64	43d	1	0.64mi
1997 Lucile Ave Los Angeles, CA	2.0	2.0	1288	$4,840	$3.76	19d	1	0.64mi
901 Micheltorena St Los Angeles, CA	2.0	2.0	1200	$6,499	$5.42	24d	1	0.64mi
4433 Burns Ave Unit 1 Los Angeles, CA	3.0	2.0	1246	$3,300	$2.65	4d	1	0.65mi

Listing history 22 events

1. 2026-06-15
   days on market $2,350,000 Active 146 DOM
2. 2026-06-13
   days on market $2,350,000 Active 144 DOM
3. 2026-06-09
   days on market $2,350,000 Active 140 DOM
4. 2026-06-08
   days on market $2,350,000 Active 139 DOM
5. 2026-06-07
   days on market $2,350,000 Active 138 DOM
6. 2026-06-04
   days on market $2,350,000 Active 135 DOM
7. 2026-06-03
   days on market $2,350,000 Active 134 DOM
8. 2026-06-02
   days on market $2,350,000 Active 133 DOM
9. 2026-06-01
   days on market $2,350,000 Active 132 DOM
10. 2026-05-31
    days on market $2,350,000 Active 131 DOM
11. 2026-01-20
    listed $2,350,000 Active 1531-char remark

    Show marketing remark (1531 chars)

    Price Reduced! Outstanding 54-Unit 100% Affordable Housing Development Opportunity, RTI at COE in a highly desirable Silver Lake location near Sunset Junction. This prime project is located on a 7,688 SF lot and is designed as a five-story Type IIIB building under AB 1763 incentives, allowing unlimited density for affordable housing. With a total proposed floor area of 25,750 SF, the development includes 28 studio apartments and 26 one-bedroom units, all designated for affordable housing. The unit breakdown consists of 2 very low-income units, 40 low-income units, 11 moderate-income units, and 1 market-rate manager's unit. The design eliminates the need for parking, further reducing construction costs and ensuring long-term affordability. The residential units range from 280-460 SF, designed to maximize affordability while optimizing rental income per square foot. Located in the heart of Silver Lake, just minutes from Sunset Junction, this property offers an unmatched urban lifestyle with trendy cafes, boutique shops, and top-tier dining within walking distance. Its prime Transit-Priority Zone location ensures seamless connectivity, with multiple bus lines and metro access nearby. Additionally, the area boasts an exceptional Walk Score of 95, allowing residents to fully embrace a car-free lifestyle. With all entitlements and approvals secured, the project will be delivered in Ready-to-Issue status and will be delivered vacant at the close of escrow, providing an immediate and seamless path to development.

12. 2025-09-24
    status Active
13. 2025-06-25
    status Pending
14. 2025-06-18
    historical Backup Offers Accepted
15. 2022-12-07
    listed Active
16. 2021-06-25
    soldstatus $1,100,000 Closed Sale
17. 2021-04-26
    status Pending Sale
18. 2021-04-16
    price $1,200,000
19. 2020-07-24
    status Active
20. 2020-07-24
    price $1,400,000
21. 2020-06-03
    status Pending Sale
22. 2019-09-20
    listed $1,600,000 Active

ⓘ 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: $14,595 · $1,216/mo
• Projected year-2 tax: $17,860 · $1,488/mo
• Expected delta: +$3,265/yr (+$272/mo · 22.4%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥92°F today · 22 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 8 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $1,588,080
• − Mortgage interest: −$131,637
• − Property taxes: −$14,595
• − Insurance: −$11,750
• − Repairs & maintenance: −$127,046
• − Management: −$127,046
• − Depreciation: −$68,364
• Taxable income: $1,107,642
• Est. tax owed @ 24.0%: −$265,834
• After-tax cash flow: $814,521/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): 33,303
• Household income: $60,440
• Rent vs Own: 89.7% rent · 10.3% own
• Severe rent burden: 3614.0

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: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: Hispanic / Latino 49% White 27% Asian 17% Two or more races 10% Black 4% Native American 1%
• Hispanic origin (detail): Mexican 19%
• Common ancestry: Scotch-Irish 1% Romanian 1% Slovak 1%
• Foreign-born: 49% · Canada, China, South Korea
• Languages at home: 33% English-only · Spanish 45% Tagalog/Filipino 9% Other Indo-European 6%

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: ▼ -292.27%
• Current HPI: 451.0593
• Rent YoY: ▲ 0.19%
• 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

+46.9% since first listed

12 events — show timeline

• 2026-01-20 Listed $2,350,000 TheMLS
• 2025-09-24 Relisted — TheMLS
• 2025-06-25 Pending — TheMLS
• 2025-06-18 Contingent — TheMLS
• 2022-12-07 Listed — TheMLS
• 2021-06-25 Sold (MLS) $1,100,000 CRMLS
• 2021-04-26 Pending — CRMLS
• 2021-04-16 Price Changed $1,200,000 CRMLS
• 2020-07-24 Relisted — CRMLS
• 2020-07-24 Price Changed $1,400,000 CRMLS
• 2020-06-03 Pending — CRMLS
• 2019-09-20 Listed $1,600,000 CRMLS

Property tax history

+17.4%/yr

Latest (2025): $14,595 · +1.5% YoY. Source: county tax records.