2229 Hancock St · Los Angeles, CA 90031

$785,000

1 bd · 1.0 ba · 594 sqft · MultiFamily public records · 25 Days on market

Built 1920 9,899 sqft lot

---

Why this score? — see what drove the D+ 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 +15.5/30.0
• ARV discount +7.5/15.0
• DSCR +4.8/10.0
• 1% rule +4.1/10.0
• Rent growth +3.8/5.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• 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: 4 units. confirmed

Listing remarks

Lincoln Heights fourplex , ONE UNIT DELIVERED VACANT NOW HURRY !Rare opportunity featuring 4 detached standalone bungalow-style homes on an expansive 9,899 sq ft LARD3-zoned lot in rapidly evolving Northeast Los Angeles. Unlike traditional apartment-style properties, each unit enjoys its own separate structure, creating a more private residential feel perfect for future Owner-Users and tenants alike . The property offers a wide central driveway, excellent unit separation, and strong value-add potential with 1 Unit VACANT and Future Owner establishing Residency in the 2 bedroom unit ! The property consists of one 2-bedroom unit and three 1-bedroom units totaling approximately 2,394 sq ft of

Key facts

• Expansive lot
• Centrally located
• 9,899 sq ft lot

Tags

• EXPANSIVE LOT
• WIDE CENTRAL DRIVEWAY
• CENTRALLY LOCATED

Property features AI

Finance

• Other: Four separate buildings comprising four total units; Total building area reported as 2,394
• Financial info: Gross scheduled income: $42,840; Gross income: $42,840; Total actual rent currently: $3,570; Net operating income: $29,020; Operating expenses: $13,812; Expenses detail includes insurance and utilities (insurance $4,000; water/sewer $1,800; trash $1,800); Rent control applies; Tenant pays gas and electricity; Vacancy allowance: 0
• HOA & community: Community features include biking, street lighting, sidewalks and an urban setting

Exterior

• Parking: Assigned parking spaces; Driveway parking; Each unit shown with 2 garage spaces
• Security: Accessible parking available
• Utilities: Public sewer; District/public water; Separate gas and electric meters for units (4 gas meters, 4 electric meters); One separate water meter for the property
• Home design: Single-story building; No shared/common walls; Has a view; Entry level: 1
• Construction: Composition roof; Property built (year source: assessor)
• Exterior features: No pool; Front yard; Walkstreet; Near public transit; Park nearby

Interior

• Kitchen: Gas cooktop; Gas range
• Bedrooms: Combination of one- and two-bedroom units (unit mix includes 1-bed and 2-bed units)
• Flooring: Vinyl flooring; Laminate flooring
• Bathrooms: All units have one full bathroom
• Heating & cooling: Wall heaters; Wall/window air conditioning
• Interior features: One-level layout; All bedrooms on ground level; Screens on windows; Entry at ground level
• Laundry & utility: No on-site laundry listed

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 3×1bd/1.0ba units multifamily listed at $785k.

Deal economics

• At list price, monthly cash flow is $320 ($4k/yr) — positive. Per door: $80/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 $711k (9.4% below list).
• Recommended offer: $711k (9.4% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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-, crime F, cost of living 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.
• Zoned schools: Griffin Avenue Elementary (335 students, 93% FRL); Florence Nightingale Middle (790 students, 93% FRL); Woodrow Wilson Senior High (math 23% / reading 59%, grade F, #502 of 1,170 statewide, top 43%, 1,406 students, 93% FRL) — zoned schools average 93% FRL vs 67% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.1%/yr); 126 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $7,113/mo this rent would consume 135% of the median local household income ($63k/yr) (locally 2683% 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 $5k of loan paydown is wiped out by about $24k 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 25 days — a 2% lower offer ($773k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y 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 1920 — expect roof / HVAC / electrical / plumbing capex.
• 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.

Recommended offer $711,300 (9.4% 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 1920 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.91% ✗
• Cap rate: 6.78%
• Cash-on-cash: 1.75%
• DSCR: 1.08
• GRM: 9.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.11% rent growth · sell at horizon

5-year hold

• IRR: -11.2%
• Equity multiple: 0.58×
• Total profit: $-91,389
• Equity at exit: $117,046

10-year hold

• IRR: 0.8%
• Equity multiple: 1.06×
• Total profit: $12,828
• Equity at exit: $67,872

Cash invested: $219,800 (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 90031

• Rents YoY: 5.1%
• Active inventory: 126
• Price-to-rent: 31.6×

Monthly cashflow live

• Estimated rent: $7,113 high
• Mortgage (P&I): −$4,117
• Tax from tax record: −$856 /mo · $10,270/yr
• Insurance: −$327
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,494
• Net cashflow: $320

Break-even live

Break-even rent $6,708

Max offer price $785,000

Occupancy floor 90%

Sensitivity live

Price	-10% $764	-5% $542	+0% $320	+5% $98	+10% $-125
Rent	-10% $-242	-5% $39	+0% $320	+5% $601	+10% $882
Rate	-1.0pp $715	-0.5pp $519	base $320	+0.5pp $116	+1.0pp $-91

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$2,069
▸ 3× units	1	1	$5,043
Total (4 units)			$7,113

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: $196,250
• Closing costs: $23,550
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3020 Altura St Apt 3 Lincoln Heights, CA	1.0	1.0	600	$1,850	$3.08	24d	1	0.30mi
2422 Sichel St Los Angeles, CA	1.0	1.0	680	$1,895	$2.79	26d	1	0.32mi
2431 Sichel St Apt 204 Los Angeles, CA	—	1.0	500	$1,500	$3.00	26d	1	0.36mi
3421 N Mission Rd Lincoln Heights, CA	—	1.0	700	$1,495	$2.14	19d	1	0.37mi
2819 1/2 Altura St Los Angeles, CA	2.0	1.0	720	$2,250	$3.12	1d	1	0.38mi
2205 Daly St Unit G Lincoln Heights, CA	1.0	1.0	700	$1,800	$2.57	1d	1	0.38mi
2349 Lincoln Park Ave Los Angeles, CA	1.0	1.0	600	$1,795	$2.99	45d	1	0.40mi
2532 Daly St Los Angeles, CA	—	1.0	325	$1,074	$3.31	16d	3	0.52mi
323 S Avenue 20 Los Angeles, CA	1.0	1.0	599	$2,287	$3.82	45d	1	0.56mi
323 1/4 South Avenue 20 Los Angeles, CA	1.0	1.0	599	$2,287	$3.82	45d	1	0.56mi
141 S Avenue 22 Los Angeles, CA	2.0	1.0	750	$1,950	$2.60	45d	1	0.59mi
1743 Sichel St Los Angeles, CA	1.0	1.0	450	$1,530	$3.40	1d	1	0.60mi
2814 Sichel St Los Angeles, CA	—	1.0	500	$1,695	$3.39	21d	1	0.64mi
2814 Sichel St Unit 3 Lincoln Heights, CA	—	1.0	500	$1,695	$3.39	26d	1	0.64mi
1709 Sichel St Unit 1711 Lincoln Heights, CA	1.0	1.0	702	$2,150	$3.06	5d	1	0.66mi
1740 Workman St Unit 214 Lincoln Heights, CA	1.0	1.0	650	$1,750	$2.69	21d	1	0.66mi
1740 Workman St Unit 101 Lincoln Heights, CA	1.0	1.0	650	$1,850	$2.85	21d	1	0.66mi
1740 Workman St Unit 105 Lincoln Heights, CA	1.0	1.0	650	$1,725	$2.65	45d	1	0.66mi
1734 Workman St Unit 311 Lincoln Heights, CA	1.0	1.0	650	$1,775	$2.73	45d	1	0.67mi
2020 Barranca St Los Angeles, CA	3.0	1.0–3.0	705	$2,228	$3.16	5d	13	0.82mi
2620 Commodore St Los Angeles, CA	1.0	1.0	600	$1,800	$3.00	45d	1	0.83mi
144 East Avenue 33 Unit 3 Los Angeles, CA	1.0	1.0	700	$1,650	$2.36	20d	1	0.84mi
360 W Avenue 26 #323 Los Angeles, CA	—	1.0	630	$2,250	$3.57	45d	1	0.91mi
131 West Avenue 34 Lincoln Heights, CA	2.0	1.0–2.0	869	$4,092	$4.71	0d	179	0.97mi
1529 Tremont St Unit 1/2 Los Angeles, CA	1.0	1.0	650	$1,750	$2.69	1d	1	1.01mi
1041 N Cummings St Los Angeles, CA	1.0	1.0	707	$2,150	$3.04	26d	1	1.04mi
2573 1/2 Lancaster Ave Unit 2522 Los Angeles, CA	1.0	1.0	500	$2,200	$4.40	9d	1	1.05mi
1126 Cornwell St Los Angeles, CA	1.0–2.0	1.0–2.0	920	$2,495	$2.71	1d	3	1.05mi
1030 Brittania St Los Angeles, CA	1.0	1.0	500	$1,775	$3.55	45d	1	1.05mi
1063 N Chicago St Unit 8 Los Angeles, CA	—	1.0	350	$1,500	$4.29	45d	1	1.05mi
1220 1/4 N Soto St Los Angeles, CA	1.0	1.0	525	$1,549	$2.95	9d	1	1.09mi
2416 Chelsea St Unit & 1216 Los Angeles, CA	1.0	1.0	525	$1,604	$3.06	1d	1	1.09mi
2416 Chelsea St Unit 2406 Los Angeles, CA	1.0	1.0	525	$1,549	$2.95	26d	1	1.09mi
2416 Chelsea St Unit 1222 Los Angeles, CA	1.0	1.0	525	$1,549	$2.95	1d	1	1.09mi
3607 Griffin Ave Los Angeles, CA	1.0	1.0	700	$1,850	$2.64	45d	1	1.10mi
3607 Griffin Ave Unit 3 Los Angeles, CA	1.0	1.0	500	$1,850	$3.70	21d	1	1.10mi
4321 Beagle St Los Angeles, CA	1.0	1.0	630	$1,850	$2.94	22d	1	1.14mi
200 Mesnager St #1247 Los Angeles, CA	1.0	1.0	502	$2,750	$5.47	4d	2	1.15mi
200 Mesnager St Los Angeles, CA	1.0–2.0	1.0–2.0	803	$2,443	$3.04	0d	63	1.15mi
3907 Berenice Pl Los Angeles, CA	1.0	1.0	750	$3,595	$4.79	45d	1	1.17mi

Listing history 24 events

1. 2026-06-21
   days on market $785,000 Active 25 DOM
2. 2026-06-18
   days on market $785,000 Active 22 DOM
3. 2026-06-17
   days on market $785,000 Active 21 DOM
4. 2026-06-16
   days on market $785,000 Active 20 DOM
5. 2026-06-15
   days on market $785,000 Active 19 DOM
6. 2026-06-13
   days on market $785,000 Active 17 DOM
7. 2026-06-09
   days on market $785,000 Active 13 DOM
8. 2026-06-08
   days on market $785,000 Active 12 DOM
9. 2026-06-07
   days on market $785,000 Active 11 DOM
10. 2026-06-04
    days on market $785,000 Active 8 DOM
11. 2026-06-03
    days on market $785,000 Active 7 DOM
12. 2026-06-02
    days on market $785,000 Active 6 DOM
13. 2026-06-01
    days on market $785,000 Active 5 DOM
14. 2026-05-31
    days on market $785,000 Active 4 DOM
15. 2026-05-27
    listed $785,000 Active
16. 2023-04-25
    price
17. 2023-01-17
    price
18. 2022-11-16
    listed Active
19. 2022-07-01
    price
20. 2022-05-26
    listed Active
21. 2022-01-11
    listed Active
22. 2021-11-08
    listed Active
23. 2021-05-24
    soldstatus $745,000
24. 1989-08-01
    soldstatus $260,000

ⓘ 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: $10,270 · $856/mo
• Projected year-2 tax: $10,270 · $856/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 ≥96°F today · 22 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 11 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $85,356
• − Mortgage interest: −$43,972
• − Property taxes: −$10,270
• − Insurance: −$3,925
• − Repairs & maintenance: −$6,828
• − Management: −$6,828
• − Depreciation: −$22,836
• Taxable loss: −$9,304
• Est. tax savings @ 24.0%: +$2,233
• After-tax cash flow: $6,070/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): 36,127
• Household income: $63,090
• Rent vs Own: 68.6% rent · 31.4% own
• Severe rent burden: 2683.0

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 0.57)
• Race & ethnicity: Hispanic / Latino 57% Asian 29% Two or more races 11% White 9% Native American 2% Black 2%
• Hispanic origin (detail): Mexican 40%
• Common ancestry: Italian 1% Slovak 1%
• Foreign-born: 46% · Canada, China, Vietnam
• Languages at home: 26% English-only · Spanish 48% Chinese 14% Other Asian/Pacific 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: ▼ -762.68%
• Current HPI: 523.6412
• Rent YoY: ▲ 5.11%
• 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

+201.9% since first listed

10 events — show timeline

• 2026-05-27 Listed $785,000 CRMLS
• 2023-04-25 Price Changed — TheMLS
• 2023-01-17 Price Changed — TheMLS
• 2022-11-16 Listed — TheMLS
• 2022-07-01 Price Changed — TheMLS
• 2022-05-26 Listed — TheMLS
• 2022-01-11 Listed — TheMLS
• 2021-11-08 Listed — TheMLS
• 2021-05-24 Sold (Public Records) $745,000 Public Records
• 1989-08-01 Sold (Public Records) $260,000 Public Records

Property tax history

+4.8%/yr

Latest (2025): $10,270 · +1.4% YoY. Source: county tax records.