324 Witmer St · Los Angeles, CA 90017

$2,100,000

80 bd · 20.0 ba · 11,088 sqft · MultiFamily public records · 4 Days on market

Built 1923 7,594 sqft lot

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Rent growth +2.0/5.0
• Appreciation +1.3/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 20 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

TRUSTEE SALE!!! No court confirmation needed. Huge upside potential, large units in redeveloping downtown L. A. area. Great opportunity to invest for the long term and excellent opportunity to cash in on the appreciation. Four units have been upgraded! Each unit individually metered. Property ideal for 1031 exchange. OWNER FINANCING!!! Pending cancellation of a full price offer!

Key facts

• Community laundry
• Value-add complex
• 7,594 sq ft lot

Tags

• VALUE-ADD COMPLEX
• COMMUNITY LAUNDRY
• MASTER METERED FOR GAS

What this means for you Summary

Snapshot

• This is a 16×4bd/20.0ba + 4×1bd/1.0ba units multifamily listed at $2.10M.

Deal economics

• At list price, monthly cash flow is $47k ($565k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($78k rent vs $2.10M).
• Cap rate 33.2% 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 soft (-1.9%/yr); 125 active listings in the ZIP; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $78,196/mo this rent would consume 1780% of the median local household income ($53k/yr) (locally 4819% 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 $15k of loan paydown is wiped out by about $63k 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $588k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 21y 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

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• 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 $2,100,000

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 1923 — 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 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?
6. 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?
7. 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.
8. 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.
9. 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: 3.72% ✓
• Cap rate: 33.21%
• Cash-on-cash: 96.13%
• DSCR: 5.28
• GRM: 2.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 93.6%
• Equity multiple: 5.14×
• Total profit: $2,431,940
• Equity at exit: $313,117

10-year hold

• IRR: 95.8%
• Equity multiple: 9.67×
• Total profit: $5,100,385
• Equity at exit: $181,570

Cash invested: $588,000 (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 90017

• Home prices YoY: -2.3%
• Rents YoY: -1.9%
• Active inventory: 125
• Price-to-rent: 39.5×

Monthly cashflow live

• Estimated rent: $78,196 high
• Mortgage (P&I): −$11,013
• Tax from tax record: −$2,783 /mo · $33,392/yr
• Insurance: −$875
• HOA: −$0
• Vacancy / Maint / Mgmt: −$16,421
• Net cashflow: $47,105

Break-even live

Break-even rent $18,570

Max offer price $2,100,000

Occupancy floor 35%

Sensitivity live

Price	-10% $48,293	-5% $47,699	+0% $47,105	+5% $46,510	+10% $45,916
Rent	-10% $40,927	-5% $44,016	+0% $47,105	+5% $50,193	+10% $53,282
Rate	-1.0pp $48,162	-0.5pp $47,639	base $47,105	+0.5pp $46,560	+1.0pp $46,007

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

Units	Beds	Baths	Est. rent
▸ 16× units	4	20	$70,928
▸ 4× units	1	1	$7,264
Total (20 units)			$78,196

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: $525,000
• Closing costs: $63,000
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2024-08-09
   status Pending
2. 2024-08-05
   listed $2,100,000 Active
3. 2018-04-25
   soldstatus $2,330,000
4. 2015-02-27
   soldstatus $1,595,000
5. 2006-07-07
   soldstatus $1,285,000 382-char remark

   Show marketing remark (382 chars)

   TRUSTEE SALE!!! No court confirmation needed. Huge upside potential, large units in redeveloping downtown L. A. area. Great opportunity to invest for the long term and excellent opportunity to cash in on the appreciation. Four units have been upgraded! Each unit individually metered. Property ideal for 1031 exchange. OWNER FINANCING!!! Pending cancellation of a full price offer!

6. 2006-07-07
   soldstatus $1,285,000

   Show marketing remark (382 chars)

   TRUSTEE SALE!!! No court confirmation needed. Huge upside potential, large units in redeveloping downtown L. A. area. Great opportunity to invest for the long term and excellent opportunity to cash in on the appreciation. Four units have been upgraded! Each unit individually metered. Property ideal for 1031 exchange. OWNER FINANCING!!! Pending cancellation of a full price offer!

7. 2006-07-05
   soldstatus $1,285,000
8. 2006-06-19
   historical 382-char remark

   Show marketing remark (382 chars)

   TRUSTEE SALE!!! No court confirmation needed. Huge upside potential, large units in redeveloping downtown L. A. area. Great opportunity to invest for the long term and excellent opportunity to cash in on the appreciation. Four units have been upgraded! Each unit individually metered. Property ideal for 1031 exchange. OWNER FINANCING!!! Pending cancellation of a full price offer!

9. 2006-02-24
   historical
10. 2006-01-30
    historical

    Show marketing remark (382 chars)

    TRUSTEE SALE!!! No court confirmation needed. Huge upside potential, large units in redeveloping downtown L. A. area. Great opportunity to invest for the long term and excellent opportunity to cash in on the appreciation. Four units have been upgraded! Each unit individually metered. Property ideal for 1031 exchange. OWNER FINANCING!!! Pending cancellation of a full price offer!

11. 2006-01-30
    listed $1,390,000 382-char remark

    Show marketing remark (382 chars)

    TRUSTEE SALE!!! No court confirmation needed. Huge upside potential, large units in redeveloping downtown L. A. area. Great opportunity to invest for the long term and excellent opportunity to cash in on the appreciation. Four units have been upgraded! Each unit individually metered. Property ideal for 1031 exchange. OWNER FINANCING!!! Pending cancellation of a full price offer!

12. 2006-01-13
    historical
13. 2005-11-23
    listed
14. 2005-11-23
    listed $1,390,000
15. 2005-07-21
    listed
16. 2003-01-13
    soldstatus $660,000
17. 1992-03-03
    soldstatus $560,000

ⓘ 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: $33,392 · $2,783/mo
• Projected year-2 tax: $33,392 · $2,783/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 6/10 Major 7 d/yr ≥93°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 8 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $938,352
• − Mortgage interest: −$117,633
• − Property taxes: −$33,392
• − Insurance: −$10,500
• − Repairs & maintenance: −$75,068
• − Management: −$75,068
• − Depreciation: −$61,091
• Taxable income: $565,601
• Est. tax owed @ 24.0%: −$135,744
• After-tax cash flow: $429,511/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): 30,172
• Household income: $52,717
• Rent vs Own: 94.3% rent · 5.7% own
• Severe rent burden: 4819.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Hispanic / Latino 56% Asian 18% Black 13% White 11% Two or more races 9% Native American 1%
• Hispanic origin (detail): Mexican 28%
• Common ancestry: Slovak 1% Lithuanian 1% Italian 1%
• Foreign-born: 44% · Canada, South Korea, China
• Languages at home: 34% English-only · Spanish 48% Korean 9% Chinese 3%

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: ▼ -7.36%
• Current HPI: 308.6973
• Rent YoY: ▼ -1.91%
• 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

+275.0% since first listed

17 events — show timeline

• 2024-08-09 Pending — TheMLS
• 2024-08-05 Listed $2,100,000 TheMLS
• 2018-04-25 Sold (Public Records) $2,330,000 Public Records
• 2015-02-27 Sold (Public Records) $1,595,000 Public Records
• 2006-07-07 Sold (Public Records) $1,285,000 Public Records
• 2006-07-07 Sold (MLS) $1,285,000 TheMLS
• 2006-07-05 Sold (Public Records) $1,285,000 Public Records
• 2006-06-19 Delisted — TheMLS
• 2006-02-24 Listing Removed — CRMLS
• 2006-01-30 Listed $1,390,000 TheMLS
• 2006-01-30 Delisted — TheMLS
• 2006-01-13 Delisted — TheMLS
• 2005-11-23 Listed $1,390,000 CRMLS
• 2005-11-23 Listed — TheMLS
• 2005-07-21 Listed — TheMLS
• 2003-01-13 Sold (Public Records) $660,000 Public Records
• 1992-03-03 Sold (Public Records) $560,000 Public Records

Property tax history

+4.0%/yr

Latest (2025): $33,392 · +1.4% YoY. Source: county tax records.