3000 Cazador

Los Angeles, CA 90065

$1,499,000C-

12 bd · 6.0 ba · 5,170 sqft · Built 1922 · MultiFamily · Active · 79 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $17,198/mo
• Mortgage (P&I): −$7,861
• Tax + insurance: −$2,498
• HOA: −$0
• Vac / Maint / Mgmt: −$3,612
• Net cashflow: $3,227/mo
• Annual: $38,726/yr
• Cap rate: 8.88%
• Cash-on-cash: 9.23%
• DSCR: 1.41
• 1% rule: 1.15%
• Cash to close: $419,720

Investor read

• This is a 4 × 3-bed/?-bath units multifamily listed at $1.50M. Condition is rated fair.
• At list price, monthly cash flow is $3k ($39k/yr) — positive. Per door: $807/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $1.50M).
• It's been on market 79 days — a 6% lower offer ($1.41M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.41M (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $45k 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-, 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.
• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 242 active listings in the ZIP; 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.
• 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.
• Cap rate 8.9% 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.
• At $17,198/mo this rent would consume 218% of the median local household income ($95k/yr) (locally 2198% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1922 — 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?

Repairs flagged (vision-AI assessment)

• Major: Kitchen — The kitchen appears cluttered and in need of a complete overhaul.
• Major: Bathrooms — The bathrooms are not visible in the provided photos, but given the overall condition of the property, it is likely that they are in need of significant updates.
• Major: Roof — The roof is not visible in the provided photos, but given the overall condition of the property, it is likely that the roof is in need of significant repairs or replacement.
• Major: Exterior walls — The exterior walls appear to be in fair condition, but there is visible wear and tear, such as peeling paint and some discoloration. The siding appears to be in need of touch-ups or repainting.
• Major: Windows — The windows appear to be in fair condition, but there is visible wear and tear, such as peeling paint and some discoloration. The windows appear to be in need of touch-ups or repainting.
• Major: Foundation/structure — The foundation and structure appear to be in fair condition, but there is visible wear and tear, such as peeling paint and some discoloration. The structure appears to be in need of touch-ups or repainting.