1301 N Cordova St

Burbank, CA 91505

$1,049,000C

12 bd · 9.0 ba · 1,925 sqft · Built 1948 · MultiFamily · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $11,666/mo
• Mortgage (P&I): −$5,501
• Tax + insurance: −$1,748
• HOA: −$0
• Vac / Maint / Mgmt: −$2,450
• Net cashflow: $1,967/mo
• Annual: $23,601/yr
• Cap rate: 8.54%
• Cash-on-cash: 8.04%
• DSCR: 1.36
• 1% rule: 1.11%
• Cash to close: $293,720

Investor read

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $1.05M. Condition is rated fair.
• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $656/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $1.05M).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $31k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#174 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, employment A, commute A-; Watch: health & safety C-, crime F, cost of living F.
• Burbank Unified (urban): math 43% / reading 60% proficiency, ranked #128 of 517 in CA (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.7%/yr); 57 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 8.5% vs local median 1.8% in Burbank — 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 $11,666/mo this rent would consume 127% of the median local household income ($110k/yr) (locally 1749% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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 1948 — 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 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — dated and worn
• Major: bathroom fixtures — outdated and in poor condition
• Major: interior walls — pink walls with peeling paint