11903 Burbank Blvd

Los Angeles, CA 91607

$1,925,000D

4 bd · 4.0 ba · 1,720 sqft · Built 1948 · MultiFamily · Active · 139 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $90,514/mo
• Mortgage (P&I): −$10,095
• Tax + insurance: −$2,293
• HOA: −$0
• Vac / Maint / Mgmt: −$19,008
• Net cashflow: $59,118/mo
• Annual: $709,415/yr
• Cap rate: 43.15%
• Cash-on-cash: 131.62%
• DSCR: 6.86
• 1% rule: 4.70%
• Cash to close: $539,000

Investor read

• This is a 4-bed/4.0-bath multifamily listed at $1.93M.
• At list price, monthly cash flow is $59k ($709k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($91k rent vs $1.93M).
• It's been on market 139 days — a 12% lower offer ($1.69M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.69M (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $13k of loan paydown is wiped out by about $58k of value loss. Plan a longer hold.
• 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-, crime F, cost of living 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.
• Zoned schools: Burbank Boulevard Elementary (323 students, 79% FRL); Roy Romer Middle (843 students, 95% FRL); North Hollywood Senior High (math 43% / reading 75%, grade C+, #221 of 1,170 statewide, top 19%, 2,489 students, 70% FRL).
• Zoned-school proficiency averages 59% at this address vs 42% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Los Angeles Unified average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents soft (-1.1%/yr); 90 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 8 sale attempts since 16y 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 $1.35M; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $539k cash investment doubles in ~1 year — after that, you're playing with house money.
• 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.

Questions for listing agent

• It's been on market 139 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?
• 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.