939 S Lorena St · Los Angeles, CA 90023

$865,000

2 bd · 2.0 ba · 1,326 sqft · MultiFamily public records · 52 Days on market

Built 1907 5,510 sqft lot $652/sqft · 64% above area Est $723k · 20% over

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Why this score? — see what drove the F 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 +11.0/30.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• DSCR +3.2/10.0
• Rent growth +2.6/5.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Incredible investment opportunity or ideal owner-user property! This multi-unit property features three units, including a recently renovated front unit that will be delivered vacant at close of escrow. The property consists of two 2-bedroom, 1-bath units and one 1-bedroom, 1-bath unit. Each unit is separately metered for water, gas, and electricity, offering added convenience and cost transparency. The layout is well-suited for extended family living or generating rental income. Current rents are below market, presenting strong upside potential for investors. The property will be delivered with tenants in place in two units; the front unit will be vacant. Please do not disturb tenants. Sho

Key facts

• 5,510 sq ft lot
• 5 parking spots
• Built 1907

Tags

• RECENTLY REMODELED FRONT UNIT
• EASY COMMUTE TO DOWNTOWN

Property features AI

Finance

• Financial info: Multi-unit income details: Gross scheduled income $43,500; Gross income $43,500; Net operating income $22,608; Operating expenses total $20,808 (examples: insurance $3,252; gardener $2,400; maintenance $840; trash $960); Tenant pays gas, water, and electricity; Unit-level rents: Unit 1 listing rent $1,525 (3 bed / 2 bath); Unit 2 listing rent $2,100 (2 bed / 1 bath)
• HOA & community: Community features: curbs, biking routes, street lighting, sidewalks; Rent control

Exterior

• Parking: Concrete driveway; Gated access; RV access/parking; Shared driveway; Side-by-side parking; Street parking; Total of 5 parking spaces
• Security: Smoke detector
• Utilities: District/public water; Public sewer / sewer connected; Electricity available / standard electric; Natural gas available; Three separate water meters; Three separate gas meters; Three separate electric meters
• Home design: Attached property; Two stories; Multi-unit (2 buildings); Additions/alterations and updated/remodeled; Has a view; Entry level: 1
• Construction: Wood and stucco construction; Shingle roof; Raised foundation and concrete slab
• Exterior features: Yard; Chain link fencing; No pool

Interior

• Kitchen: Gas oven; Granite and laminate counters
• Bedrooms: Multi-level bedroom
• Bathrooms: Total baths reported per unit: 2 baths (Unit 1), 1 bath (Unit 2)
• Heating & cooling: Ductless heating and cooling; Wall heater; Wall/window AC units (wall/window)
• Interior features: Beamed ceilings; Granite counters; Laminate counters; Built-in features; Panel doors; Blinds on windows; Smoke detector; Unfurnished; Multi-level / split layout
• Laundry & utility: No laundry features listed

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 1×1bd/1ba units multifamily listed at $865k.

Deal economics

• At list price, monthly cash flow is $-363 ($-4k/yr) — negative. Per door: $-121/mo.
• To cash-flow at today's rent, offer at most $801k (7.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $649k (25.0% below list).
• Recommended offer: $649k (25.0% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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; 57 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $6,490/mo this rent would consume 132% of the median local household income ($59k/yr) (locally 2670% 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 $6k of loan paydown is wiped out by about $26k 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.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($839k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 22y 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 $245k; list at $865k implies a 253% 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→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $649,000 (25.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1907 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
10. 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.
11. 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.
12. 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: 0.75% ✗
• Cap rate: 5.79%
• Cash-on-cash: -1.80%
• DSCR: 0.92
• GRM: 11.1

CMA / ARV

• ARV (median comp): $723,063
• List price: $865,000
• Delta: 19.63%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3453 Estrada	0.46mi	2/2.0	1,248 (-6%)	5mo	$800,000	$641	64
222-224 S Dacotah St	0.72mi	2/2.0	1,332 (+0%)	11mo	$775,000	$582	57
415 Euclid Ave	0.68mi	3/2.0 (+1)	1,447 (+9%)	1mo	$565,000	$390	47

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 · 0.21% rent growth · sell at horizon

5-year hold

• IRR: -22.2%
• Equity multiple: 0.25×
• Total profit: $-181,201
• Equity at exit: $128,974

10-year hold

• IRR: -24.2%
• Equity multiple: -0.06×
• Total profit: $-257,145
• Equity at exit: $74,789

Cash invested: $242,200 (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 90023

• Rents YoY: 0.2%
• Active inventory: 57
• Price-to-rent: 31.3×

Monthly cashflow live

• Estimated rent: $6,490 high
• Mortgage (P&I): −$4,536
• Tax from tax record: −$593 /mo · $7,120/yr
• Insurance: −$360
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,363
• Net cashflow: $-363

Break-even live

Break-even rent $6,949

Max offer price $800,910

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,608
1× unit	1	1	$1,881
Total (3 units)			$6,490

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: $216,250
• Closing costs: $25,950
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
929 S Lorena St Los Angeles, CA	3.0	2.5	1312	$3,200	$2.44	17d	1	0.02mi
929 S Lorena St Unit LORENA(929F) Los Angeles, CA	3.0	3.0	1200	$3,200	$2.67	16d	1	0.02mi
969 S Lorena St Unit 1/2 Commerce, CA	2.0	2.5	1100	$2,600	$2.36	7d	1	0.07mi
969 S Lorena St Unit 1/2 Commerce, CA	2.0	2.5	1100	$2,600	$2.36	5d	1	0.07mi
3466 E 8th St Los Angeles, CA	3.0	1.0	1104	$3,150	$2.85	7d	1	0.45mi
3436 Hunter St Unit 1/2 Los Angeles, CA	3.0	3.0	1300	$3,208	$2.47	14d	1	0.53mi
2853 E 6th St Unit 2 Los Angeles, CA	2.0	1.0	1000	$2,800	$2.80	43d	1	0.57mi
2855 1/2 E 6th St Los Angeles, CA	3.0	1.0	1000	$3,500	$3.50	43d	1	0.58mi
2752 Guirado St Los Angeles, CA	3.0	2.0	1100	$3,300	$3.00	13d	1	0.64mi
609 Camulos St Los Angeles, CA	3.0	1.0	1434	$2,800	$1.95	43d	1	0.66mi
3751 E 6th St Los Angeles, CA	3.0	2.0	1211	$3,700	$3.06	24d	1	0.66mi
3824 Princeton St Los Angeles, CA	2.0	1.0	980	$2,380	$2.43	13d	1	0.78mi
2901 E Olympic Blvd Los Angeles, CA	3.0	1.0	711	$2,400	$3.38	2d	11	0.82mi
702 S Soto St Unit 704 Los Angeles, CA	3.0	2.5	1288	$3,500	$2.72	43d	1	0.93mi
455 Nassau Ave Los Angeles, CA	2.0	2.0	1500	$3,000	$2.00	18d	1	0.96mi
477 Nassau Ave Unit 0479 Los Angeles, CA	3.0	2.0	1450	$3,895	$2.69	43d	1	0.99mi
321 S Fickett St Unit 503 Los Angeles, CA	2.0	1.0	900	$2,495	$2.77	7d	1	0.99mi
132 N Ditman Ave Los Angeles, CA	3.0	2.0	1000	$2,875	$2.88	24d	1	1.02mi
319 N Rowan Ave Los Angeles, CA	3.0	2.0	1184	$3,650	$3.08	16d	1	1.22mi
319 N Rowan Ave Los Angeles, CA	3.0	2.0	1184	$3,650	$3.08	24d	1	1.22mi
446 S St Louis St Los Angeles, CA	3.0	2.0	1200	$3,500	$2.92	43d	1	1.25mi
414 S Saint Louis St Unit 414 Los Angeles, CA	3.0	1.0	1100	$3,200	$2.91	43d	1	1.28mi
2720 Cincinnati St Unit 2720 Los Angeles, CA	3.0	3.0	1300	$2,979	$2.29	43d	1	1.28mi
1050 1/2 S Bonnie Beach Pl Los Angeles, CA	2.0	1.5	985	$2,562	$2.60	24d	1	1.29mi
924 S Sunol Dr Unit 1/2 Los Angeles, CA	3.0	2.0	1040	$3,000	$2.88	24d	1	1.35mi
2018 E 3rd St Los Angeles, CA	3.0	1.0	950	$2,495	$2.63	24d	1	1.36mi
2509 1/2 Cincinnati St Los Angeles, CA	3.0	2.5	1540	$3,295	$2.14	43d	1	1.38mi
2208 Michigan Ave Los Angeles, CA	2.0	1.0	900	$2,395	$2.66	24d	2	1.40mi
2800 Winter St Los Angeles, CA	3.0	1.0	1300	$3,150	$2.42	21d	1	1.44mi
2800 Winter St Los Angeles, CA	2.0	1.0	1100	$2,995	$2.72	43d	1	1.44mi
108 S Cummings St Unit 1 Los Angeles, CA	2.0	1.0	1000	$2,295	$2.29	43d	1	1.45mi
3173 Fairmount St Los Angeles, CA	3.0	2.0	1100	$3,300	$3.00	43d	1	1.50mi

Listing history 19 events

1. 2026-06-18
   days on market $865,000 Active 52 DOM
2. 2026-06-17
   days on market $865,000 Active 51 DOM
3. 2026-06-16
   days on market $865,000 Active 50 DOM
4. 2026-06-15
   days on market $865,000 Active 49 DOM
5. 2026-06-13
   days on market $865,000 Active 47 DOM
6. 2026-06-09
   days on market $865,000 Active 43 DOM
7. 2026-06-08
   days on market $865,000 Active 42 DOM
8. 2026-06-07
   days on market $865,000 Active 41 DOM
9. 2026-06-04
   days on market $865,000 Active 38 DOM
10. 2026-06-03
    days on market $865,000 Active 37 DOM
11. 2026-06-02
    days on market $865,000 Active 36 DOM
12. 2026-06-01
    days on market $865,000 Active 35 DOM
13. 2026-05-31
    days on market $865,000 Active 34 DOM
14. 2026-04-27
    listed $865,000 Active 1516-char remark
15. 2004-08-25
    historical
16. 2004-05-26
    listed $499,000
17. 2004-05-25
    listed $499,000
18. 2003-03-06
    soldstatus $245,000
19. 2003-03-06
    soldstatus $250,000

ⓘ 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: $7,120 · $593/mo
• Projected year-2 tax: $7,120 · $593/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥94°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 9 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $77,880
• − Mortgage interest: −$48,453
• − Property taxes: −$7,120
• − Insurance: −$4,325
• − Repairs & maintenance: −$6,230
• − Management: −$6,230
• − Depreciation: −$25,164
• Taxable loss: −$19,643
• Est. tax savings @ 24.0%: +$4,714
• After-tax cash flow: $361/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): 43,857
• Household income: $59,057
• Rent vs Own: 74.7% rent · 25.3% own
• Severe rent burden: 2670.0

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 (96%)
• Race & ethnicity: Hispanic / Latino 96% Two or more races 17% Native American 2% White 2%
• Hispanic origin (detail): Mexican 80%
• Common ancestry: Italian 1%
• Foreign-born: 41% · Canada, Jamaica
• Languages at home: 16% English-only · Spanish 83%

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: ▼ -702.74%
• Current HPI: 430.9762
• Rent YoY: ▲ 0.21%
• 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

+253.1% since first listed

6 events — show timeline

• 2026-04-27 Listed $865,000 CRMLS
• 2004-08-25 Listing Removed — SDMLS
• 2004-05-26 Listed $499,000 SDMLS
• 2004-05-25 Listed $499,000 CRMLS
• 2003-03-06 Sold (Public Records) $250,000 Public Records
• 2003-03-06 Sold (Public Records) $245,000 Public Records

Property tax history

+1.7%/yr

Latest (2025): $7,120 · +1.0% YoY. Source: county tax records.