14696 Rayen · Los Angeles, CA 91402

$4,880,000

47 bd · 46.0 ba · 19,370 sqft · MultiFamily public records · 201 Days on market

Built 1964 0.53 ac lot $252/sqft · 32% below area Est $7345k · 34% under

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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 +23.2/30.0
• ARV discount +15.0/15.0
• DSCR +7.4/10.0
• 1% rule +5.9/10.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 27 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

We are pleased to present the opportunity to acquire a 27-unit value-add multifamily, located in Panorama City. Built in 1964, the subject property is located at one of the most desirable rental markets in San Fernando Valley, and it offers an excellent unit mix with the majority of the 2-bedroom units. Selected units are renovated. The ownership has completed the seismic retrofitting. The roof was replaced in 2024. SCEP PASSED IN CURRENT.

Key facts

• Renovated units
• Seismic retrofitting
• 27 unit multifamily

Tags

• 27 UNIT MULTIFAMILY
• VALUE ADD MULTIFAMILY
• RENOVATED UNITS
• SEISMIC RETROFITTING
• ROOF REPLACED

What this means for you Summary

Snapshot

• This is a 27 × 2-bed/1-bath units multifamily listed at $4.88M.

Deal economics

• At list price, monthly cash flow is $9k ($106k/yr) — positive. Per door: $326/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($53k rent vs $4.88M).
• Recommended offer: $4.29M (12.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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.

Location & tenants

• 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.
• Market conditions: Rents rising (+1.9%/yr); 84 active listings in the ZIP; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $53,309/mo this rent would consume 1115% of the median local household income ($57k/yr) (locally 5301% 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 $34k of loan paydown is wiped out by about $146k 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 201 days — a 12% lower offer ($4.29M) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 19y 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.

Risks & watch-outs

• 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.

Recommended offer $4,294,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 201 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.09% ✓
• Cap rate: 8.46%
• Cash-on-cash: 7.74%
• DSCR: 1.34
• GRM: 7.6

CMA / ARV

• ARV (median comp): $7,345,034
• List price: $4,880,000
• Delta: -33.56%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.88% rent growth · sell at horizon

5-year hold

• IRR: -5.7%
• Equity multiple: 0.79×
• Total profit: $-288,600
• Equity at exit: $727,624

10-year hold

• IRR: 2.5%
• Equity multiple: 1.17×
• Total profit: $234,977
• Equity at exit: $421,933

Cash invested: $1,366,400 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City Los Angeles: 0 Strongly Tenant-Friendly · D+22

LARSO + JCEO 2023; relocation for substantial remodel evictions.

Methodology + full state rankings →

ZIP-level market 91402

• Rents YoY: 1.9%
• Active inventory: 84
• Price-to-rent: 206.0×

Monthly cashflow live

• Estimated rent: $53,309 high
• Mortgage (P&I): −$25,591
• Tax from tax record: −$5,681 /mo · $68,168/yr
• Insurance: −$2,033
• HOA: −$0
• Vacancy / Maint / Mgmt: −$11,195
• Net cashflow: $8,809

Break-even live

Break-even rent $42,159

Max offer price $4,880,000

Occupancy floor 78%

Sensitivity live

Price	-10% $11,571	-5% $10,190	+0% $8,809	+5% $7,428	+10% $6,046
Rent	-10% $4,597	-5% $6,703	+0% $8,809	+5% $10,915	+10% $13,020
Rate	-1.0pp $11,266	-0.5pp $10,050	base $8,809	+0.5pp $7,544	+1.0pp $6,258

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

Units	Beds	Baths	Est. rent
▸ 27× units	2	1	$53,298
Total (27 units)			$53,309

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: $1,220,000
• Closing costs: $146,400
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-21
   days on market $4,880,000 Active 201 DOM
2. 2026-06-18
   days on market $4,880,000 Active 198 DOM
3. 2026-06-17
   days on market $4,880,000 Active 197 DOM
4. 2026-06-16
   days on market $4,880,000 Active 196 DOM
5. 2026-06-15
   days on market $4,880,000 Active 195 DOM
6. 2026-06-13
   days on market $4,880,000 Active 193 DOM
7. 2026-06-09
   days on market $4,880,000 Active 189 DOM
8. 2026-06-08
   days on market $4,880,000 Active 188 DOM
9. 2026-06-07
   days on market $4,880,000 Active 187 DOM
10. 2026-06-04
    days on market $4,880,000 Active 184 DOM
11. 2026-06-03
    days on market $4,880,000 Active 183 DOM
12. 2026-06-02
    days on market $4,880,000 Active 182 DOM
13. 2026-06-01
    days on market $4,880,000 Active 181 DOM
14. 2026-05-31
    days on market $4,880,000 Active 180 DOM
15. 2025-12-02
    listed $4,880,000 Active 443-char remark

    Show marketing remark (443 chars)

    We are pleased to present the opportunity to acquire a 27-unit value-add multifamily, located in Panorama City. Built in 1964, the subject property is located at one of the most desirable rental markets in San Fernando Valley, and it offers an excellent unit mix with the majority of the 2-bedroom units. Selected units are renovated. The ownership has completed the seismic retrofitting. The roof was replaced in 2024. SCEP PASSED IN CURRENT.

16. 2025-11-30
    historical
17. 2025-07-08
    historical $1,750
18. 2025-07-04
    listed $1,750
19. 2025-05-09
    historical $1,750
20. 2025-03-31
    price $5,300,000
21. 2025-01-19
    listed $5,800,000 Active
22. 2025-01-16
    historical $1,750
23. 2025-01-09
    listed $1,750
24. 2024-12-08
    historical $1,750
25. 2024-12-08
    listed $1,750
26. 2024-11-07
    historical $1,750
27. 2024-11-05
    listed $1,750
28. 2024-11-02
    listed $1,700
29. 2024-10-13
    historical $1,700
30. 2024-09-05
    listed $1,700
31. 2024-06-12
    historical $1,875
32. 2024-05-30
    listed $1,875
33. 2024-04-13
    historical $1,525
34. 2024-03-21
    listed $1,525
35. 2017-02-14
    soldstatus $4,700,000 Closed
36. 2017-02-14
    soldstatus $4,700,000
37. 2017-02-14
    soldstatus $4,700,000
38. 2016-11-18
    status Pending
39. 2016-11-10
    status Backup Offers Accepted
40. 2016-10-25
    listed $4,799,000 Active
41. 2016-10-25
    listed $4,799,000
42. 2012-08-09
    historical Expired
43. 2012-04-17
    listed Active
44. 2008-07-23
    soldstatus $2,695,000
45. 2008-07-22
    soldstatus $2,695,000
46. 2007-11-27
    historical
47. 2007-10-08
    listed $2,795,000
48. 1993-12-23
    soldstatus $440,000
49. 1988-12-16
    soldstatus $1,335,000
50. 1988-12-16
    soldstatus $1,335,000

ⓘ 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: $68,168 · $5,681/mo
• Projected year-2 tax: $68,168 · $5,681/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥98°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $639,708
• − Mortgage interest: −$273,356
• − Property taxes: −$68,168
• − Insurance: −$24,400
• − Repairs & maintenance: −$51,177
• − Management: −$51,177
• − Depreciation: −$141,964
• Taxable income: $29,467
• Est. tax owed @ 24.0%: −$7,072
• After-tax cash flow: $98,634/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: Los Angeles Unified
• NCES district ID: 0622710
• Math proficiency: 29% ▼ -4.00%
• Reading proficiency: 54% ▲ 10.00%
• Median HH income: $50,403
• Composite: 35.67/100
• National rank: #4875
• State rank: #223 of 517 in CA

Livability — Los Angeles

• Score: 68/100
• State rank: #273
• US rank: #9237

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Los Angeles, CA
• County: Los Angeles County · 9,444,647 people
• City population: 3,838,149
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 65,754
• Household income: $57,369
• Rent vs Own: 66.4% rent · 33.6% own
• Severe rent burden: 5301.0

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: Predominantly Hispanic (70%)
• Race & ethnicity: Hispanic / Latino 70% Asian 15% White 12% Two or more races 9% Black 3%
• Hispanic origin (detail): Mexican 44%
• Common ancestry: Scotch-Irish 1%
• Foreign-born: 50% · Canada, Vietnam
• Languages at home: 19% English-only · Spanish 63% Tagalog/Filipino 8% Other Indo-European 5%

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: ▼ -628.36%
• Current HPI: 530.4255
• Rent YoY: ▲ 1.88%
• 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

+265.5% since first listed

36 events — show timeline

• 2025-12-02 Listed $4,880,000 CRMLS
• 2025-11-30 Listing Removed — CRMLS
• 2025-07-08 Rental Removed $1,750 LEASESTAR
• 2025-07-04 Listed for Rent $1,750 LEASESTAR
• 2025-05-09 Rental Removed $1,750 LEASESTAR
• 2025-03-31 Price Changed $5,300,000 CRMLS
• 2025-01-19 Listed $5,800,000 CRMLS
• 2025-01-16 Rental Removed $1,750 RENTALBEAST
• 2025-01-09 Listed for Rent $1,750 RENTALBEAST
• 2024-12-08 Rental Removed $1,750 RENTALBEAST
• 2024-12-08 Listed for Rent $1,750 RENTALBEAST
• 2024-11-07 Rental Removed $1,750 RENTALBEAST
• 2024-11-05 Listed for Rent $1,750 LEASESTAR
• 2024-11-02 Listed for Rent $1,700 RENTALBEAST
• 2024-10-13 Rental Removed $1,700 RENTALBEAST
• 2024-09-05 Listed for Rent $1,700 RENTALBEAST
• 2024-06-12 Rental Removed $1,875 LEASESTAR
• 2024-05-30 Listed for Rent $1,875 LEASESTAR
• 2024-04-13 Rental Removed $1,525 LEASESTAR
• 2024-03-21 Listed for Rent $1,525 LEASESTAR
• 2017-02-14 Sold (Public Records) $4,700,000 Public Records
• 2017-02-14 Sold (MLS) $4,700,000 SDMLS
• 2017-02-14 Sold (MLS) $4,700,000 TheMLS
• 2016-11-18 Pending — TheMLS
• 2016-11-10 Pending — TheMLS
• 2016-10-25 Listed $4,799,000 TheMLS
• 2016-10-25 Listed $4,799,000 SDMLS
• 2012-08-09 Delisted — TheMLS
• 2012-04-17 Listed — TheMLS
• 2008-07-23 Sold (Public Records) $2,695,000 Public Records
• 2008-07-22 Sold (MLS) $2,695,000 TheMLS
• 2007-11-27 Delisted — TheMLS
• 2007-10-08 Listed $2,795,000 TheMLS
• 1993-12-23 Sold (Public Records) $440,000 Public Records
• 1988-12-16 Sold (Public Records) $1,335,000 Public Records
• 1988-12-16 Sold (Public Records) $1,335,000 Public Records

Property tax history

+10.2%/yr

Latest (2025): $68,168 · +1.4% YoY. Source: county tax records.