10958 Venice Blvd

Culver City, CA 90232

$1,595,000A-

6 bd · 4.0 ba · 2,871 sqft · Built 1954 · MultiFamily · Active · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $19,921/mo
• Mortgage (P&I): −$8,364
• Tax + insurance: −$2,088
• HOA: −$0
• Vac / Maint / Mgmt: −$4,183
• Net cashflow: $5,285/mo
• Annual: $63,425/yr
• Cap rate: 10.27%
• Cash-on-cash: 14.20%
• DSCR: 1.63
• 1% rule: 1.25%
• Cash to close: $446,600

Investor read

• This is a 4 × 6-bed/4.0-bath units multifamily listed at $1.59M.
• At list price, monthly cash flow is $5k ($63k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($20k rent vs $1.59M).
• It's been on market 31 days — a 3% lower offer ($1.55M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.55M (3.0% below list) — sets the bar for market timing.
• In year one you build about $48k of equity ($11k loan paydown + $37k appreciation (2.3% local appreciation)).
• Location reads 73/100 on livability (#163 in CA) — a middle-class / working-renter tenant base. Strengths: schools A+, amenities A+, commute A+; Watch: health & safety C-, crime F, cost of living F.
• Culver City Unified (suburban): math 53% / reading 62% proficiency, ranked #79 of 517 in CA (top 15%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents soft (-1.6%/yr); 30 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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.
• 9 sale attempts since 25y ago; this cycle's ask has dropped $105k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $1.01M; list at $1.59M implies a 58% gain — meaningful room to come down on a strong offer.
• At projected returns (2.3% appreciation + 0.0% rent growth), your $447k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$122k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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.
• Cap rate 10.3% vs local median 2.0% in Culver City — 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.

Questions for listing agent

• It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% 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?
• Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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?
• 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.