637 W Altadena Dr · Altadena, CA 91001

$1,095,000

5 bd · 3.0 ba · 2,895 sqft · MultiFamily public records · 16 Days on market

Built 1963 6,425 sqft lot $378/sqft · 17% below area Est $1323k · 17% under ↓ 21% since listing

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Why this score? — see what drove the C 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 +19.9/30.0
• ARV discount +15.0/15.0
• DSCR +6.3/10.0
• Schools +4.6/10.0
• 1% rule +4.0/10.0
• Livability +3.6/5.0
• Rent growth +3.2/5.0
• 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: 3 units. confirmed

Listing remarks

Welcome to 637 W Altadena Drive--a rare C2-zoned triplex offering versatility and income potential in one of Altadena's most desirable areas. This two-story property, built in 1963, consists of three well-laid-out units: two 2-bed/1-bath units and one 1-bed/1-bath unit, totaling 2,887 sq ft of living space. All units have separate gas and electric meters. The exterior of the building was recently painted along with other repairs. Ideal for an investor, an owner-occupant seeking rental income, or a developer exploring future possibilities. The property features four covered carport spaces with overhead storage, a shared laundry room with sink and plumbing in place, and a large separate stora

Key facts

• C2 zoned triplex
• 6,425 sq ft lot
• 4 parking spots

Tags

• C2 ZONED TRIPLEX
• RECENTLY PAINTED EXTERIOR
• FOUR COVERED CARPORT SPACES
• LARGE SEPARATE STORAGE ROOM
• MINUTES FROM HIKING TRAILS
• EASY ACCESS TO PASADENA

Property features AI

Finance

• Financial info: Gross scheduled income: $43,200; Gross income: $43,200; Net operating income: $5,040; Total expenses: $6,996 (includes insurance $1,500; water/sewer $3,240; electric $600; fuel $600; trash $1,656); Operating expense: $5,040; Rent control: yes; Tenant pays: gas and electricity; Multifamily: 3 units, 1 building, total building area 2,895
• HOA & community: Community features: hiking, mountainous

Exterior

• Parking: Carport; 4 parking spaces; Accessibility: parking available
• Utilities: Public sewer; District/public water; Water available; Natural gas available; Sewer connected; Electricity connected; Telephone on property; Three separate gas meters; Three separate electric meters; One separate water meter
• Home design: Attached property; South-facing; Two-story building; Repairs cosmetic
• Construction: Frame construction; Tile roof; Foundation details: see remarks; Built year: per assessor
• Exterior features: No pool; Block wall and wrought iron fencing; Sprinklers: none

Interior

• Kitchen: Water heater unit; Refrigerator; Gas range
• Bedrooms: Unit 1: 1 bedroom; Unit 2: 2 bedrooms; Unit 3: 2 bedrooms
• Flooring: Vinyl; Carpet
• Bathrooms: Unit 1: 1 bathroom; Unit 2: 1 bathroom; Unit 3: 1 bathroom
• Heating & cooling: Natural gas heating; Wall heaters; Cooling: see remarks
• Interior features: Balcony; Storage space; Two levels; Fireplace
• Laundry & utility: Individual laundry room; Washer hookup; Gas and electric dryer hookup; See remarks for additional laundry details

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 1×1bd/1ba units multifamily listed at $1.09M.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $441/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $984k (10.1% below list).
• Recommended offer: $984k (10.1% below list) — sets the bar for 1% rule.
• Cap rate 7.7% vs local median 1.9% in Altadena — 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 72/100 on livability (#179 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, crime A-; Watch: health & safety D, amenities F, cost of living F.
• Pasadena Unified (urban): math 42% / reading 60% proficiency, ranked #123 of 517 in CA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.8%/yr); 116 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $9,842/mo this rent would consume 88% of the median local household income ($135k/yr) (locally 733% 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 $8k of loan paydown is wiped out by about $33k 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 16 days — a 2% lower offer ($1.08M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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.

Risks & watch-outs

• Climate carrying-cost: severe wildfire risk; extreme-heat days projected 8→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $984,200 (10.1% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-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?
6. 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.
7. 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.
8. 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: 0.90% ✗
• Cap rate: 7.74%
• Cash-on-cash: 5.18%
• DSCR: 1.23
• GRM: 9.3

CMA / ARV

• ARV (median comp): $1,323,310
• List price: $1,095,000
• Delta: -17.25%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.8% rent growth · sell at horizon

5-year hold

• IRR: -8.5%
• Equity multiple: 0.69×
• Total profit: $-95,647
• Equity at exit: $163,268

10-year hold

• IRR: 0.7%
• Equity multiple: 1.05×
• Total profit: $15,005
• Equity at exit: $94,676

Cash invested: $306,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 91001

• Rents YoY: 2.8%
• Active inventory: 116
• Price-to-rent: 27.2×

Monthly cashflow live

• Estimated rent: $9,842 high
• Mortgage (P&I): −$5,742
• Tax from tax record: −$253 /mo · $3,036/yr
• Insurance: −$456
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,067
• Net cashflow: $1,324

Break-even live

Break-even rent $8,167

Max offer price $1,095,000

Occupancy floor 82%

Sensitivity live

Price	-10% $1,943	-5% $1,634	+0% $1,324	+5% $1,014	+10% $704
Rent	-10% $546	-5% $935	+0% $1,324	+5% $1,712	+10% $2,101
Rate	-1.0pp $1,875	-0.5pp $1,602	base $1,324	+0.5pp $1,040	+1.0pp $751

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$6,712
1× unit	1	1	$3,131
Total (3 units)			$9,842

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: $273,750
• Closing costs: $32,850
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
721 W Owen Ct Altadena, CA	4.0	3.5	2844	$6,995	$2.46	15d	1	0.54mi
217 Starlane Dr La Canada Flintridge, CA	5.0	2.5	3091	$8,500	$2.75	2d	1	1.08mi
5354 Stardust Rd La Canada Flintridge, CA	4.0	4.0	2820	$10,000	$3.55	2d	1	1.16mi
5154 Crown Ave La Canada Flintridge, CA	5.0	6.0	2394	$6,500	$2.72	2d	1	1.27mi
4847 Crown Ave La Canada Flintridge, CA	4.0	4.0	2995	$9,900	$3.31	11d	1	1.38mi
481 Starlight Crest Dr La Canada Flintridge, CA	4.0	3.0	3236	$11,000	$3.40	2d	1	1.41mi
481 Starlight Crest Dr La Canada Flintridge, CA	4.0	3.0	3408	$12,500	$3.67	16d	1	1.41mi
337 Knight Way La Canada Flintridge, CA	4.0	2.5	2551	$6,050	$2.37	21d	1	1.44mi

Listing history 20 events

1. 2026-06-18
   days on market $1,095,000 Active 16 DOM
2. 2026-06-17
   days on market $1,095,000 Active 15 DOM
3. 2026-06-16
   days on market $1,095,000 Active 14 DOM
4. 2026-06-15
   days on market $1,095,000 Active 13 DOM
5. 2026-06-13
   days on market $1,095,000 Active 11 DOM
6. 2026-06-13
   days on market $1,095,000 Active 10 DOM
7. 2026-06-09
   days on market $1,095,000 Active 7 DOM
8. 2026-06-08
   days on market $1,095,000 Active 6 DOM
9. 2026-06-07
   days on market $1,095,000 Active 5 DOM
10. 2026-06-04
    days on market $1,095,000 Active 2 DOM
11. 2026-06-03
    days on marketlisting id $1,095,000 Active 1 DOM
12. 2026-05-31
    days on market $1,095,000 Active 175 DOM
13. 2026-03-27
    status Active 1112-char remark
14. 2026-03-16
    historical Active Under Contract 1112-char remark
15. 2026-02-02
    price $1,095,000 1112-char remark
16. 2025-12-07
    listed $1,215,000 Active 1112-char remark
17. 2025-12-02
    historical
18. 2025-08-06
    price $1,215,000
19. 2025-07-14
    price $1,295,000
20. 2025-06-06
    listed $1,390,000 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: $3,036 · $253/mo
• Projected year-2 tax: $8,322 · $694/mo
• Expected delta: +$5,286/yr (+$441/mo · 174.1%)

ⓘ 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 8/10 Severe
• 🌡 Heat 6/10 Major 8 d/yr ≥96°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $118,104
• − Mortgage interest: −$61,337
• − Property taxes: −$3,036
• − Insurance: −$5,475
• − Repairs & maintenance: −$9,448
• − Management: −$9,448
• − Depreciation: −$31,855
• Taxable loss: −$2,495
• Est. tax savings @ 24.0%: +$599
• After-tax cash flow: $16,483/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: Pasadena Unified
• NCES district ID: 0629940
• Math proficiency: 42% ▲ 7.00%
• Reading proficiency: 60% ▲ 15.00%
• Median HH income: $73,762
• Composite: 45.82/100
• National rank: #2557
• State rank: #123 of 517 in CA

Livability — Altadena

• Score: 72/100
• State rank: #179
• US rank: #5939

Category grades

Amenities F Commute A+ Cost of living F Crime A- Employment A+ Housing C+ Health & safety D User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Altadena, CA
• County: Los Angeles County · 9,444,647 people
• City population: 35,475
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 35,475
• Household income: $134,903
• Rent vs Own: 20.1% rent · 79.9% own
• Severe rent burden: 733.0

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: Highly diverse neighborhood (Simpson 0.73)
• Race & ethnicity: White 37% Hispanic / Latino 29% Black 20% Two or more races 17% Asian 6% Native American 1%
• Hispanic origin (detail): Mexican 19%
• Common ancestry: Romanian 3% Slovak 2% Lithuanian 2%
• Foreign-born: 19% · Canada, Jamaica, China
• Languages at home: 71% English-only · Spanish 22% Other Indo-European 3% Chinese 1%

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: ▼ -1325.60%
• Current HPI: 384.317
• Rent YoY: ▲ 2.80%
• 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

-21.2% since first listed

10 events — show timeline

• 2026-06-02 Listed $1,095,000 CRMLS
• 2026-05-31 Listing Removed — CRMLS
• 2026-03-27 Relisted — CRMLS
• 2026-03-16 Contingent — CRMLS
• 2026-02-02 Price Changed $1,095,000 CRMLS
• 2025-12-07 Listed $1,215,000 CRMLS
• 2025-12-02 Listing Removed — CRMLS
• 2025-08-06 Price Changed $1,215,000 CRMLS
• 2025-07-14 Price Changed $1,295,000 CRMLS
• 2025-06-06 Listed $1,390,000 CRMLS

Property tax history

+4.2%/yr

Latest (2025): $3,036 · +17.8% YoY. Source: county tax records.