1038 W 21st St · Los Angeles, CA 90007

$975,000

8 bd · 4.0 ba · 4,752 sqft · MultiFamily public records · 405 Days on market

Built 1914 6,507 sqft lot $205/sqft · 22% below area Est $1579k · 38% under

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Why this score? — see what drove the F 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).

• ARV discount +15.0/15.0
• Rent growth +4.0/5.0
• Cash flow +3.7/30.0
• Schools +3.6/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

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

Located just blocks from USC in the heart of Los Angeles, this prime investment property features two buildings: a front four-unit structure with 1-bedroom, 1-bath units, and a rear detached single-family home with 3 bedrooms and 2 baths. Ideal for student housing or long-term investment, it offers strong rental potential in a high-demand area. The seller complies with Los Angeles Rent Control regulations and provides tenant relocation credits up to the maximum allowed. A rare opportunity combining location, value, and income potential.

Key facts

• Two buildings
• Prime location
• Spacious layout

Tags

• INVESTMENT OPPORTUNITY
• PRIME LOCATION
• TWO BUILDINGS
• SPACIOUS LAYOUT

🏷️ Possibly a rental listed for sale. The $975,000 price doesn't fit this home's estimated sale value (~$1,579,177) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 8-bed/4.0-bath multifamily listed at $975k.

Deal economics

• At list price, monthly cash flow is $-3k ($-34k/yr) — negative.
• To cash-flow at today's rent, offer at most $473k (51.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $398k (59.2% below list).
• Recommended offer: $398k (59.2% below list) — sets the bar for 1% rule.
• Cap rate 2.8% 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-, 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 fast (+5.9%/yr); 82 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $3,978/mo this rent would consume 135% of the median local household income ($35k/yr) (locally 4179% 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 $7k of loan paydown is wiped out by about $29k 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 405 days — a 12% lower offer ($858k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 24y ago; this cycle's ask has dropped $325k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $255k; list at $975k implies a 282% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1914 — 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 $397,807 (59.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 405 days. Have you received any prior offers? Is the seller open to a 59% concession, seller financing, or rate buy-down credit?
3. Built in 1914 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
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: 0.41% ✗
• Cap rate: 2.79%
• Cash-on-cash: -12.49%
• DSCR: 0.44
• GRM: 20.4

CMA / ARV

• ARV (median comp): $1,579,177
• List price: $975,000
• Delta: -38.26%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1445 W 20th St	0.37mi	9/3.0 (+1)	4,098 (-14%)	6mo	$1,370,000	$334	46

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 5.88% rent growth · sell at horizon

5-year hold

• IRR: -37.1%
• Equity multiple: -0.20×
• Total profit: $-327,581
• Equity at exit: $145,376

10-year hold

• IRR: -39.5%
• Equity multiple: -0.72×
• Total profit: $-468,383
• Equity at exit: $84,300

Cash invested: $273,000 (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 90007

• Home prices YoY: -32.8%
• Rents YoY: 5.9%
• Active inventory: 82
• Price-to-rent: 20.4×

Monthly cashflow live

• Estimated rent: $3,978 medium
• Mortgage (P&I): −$5,113
• Tax from tax record: −$466 /mo · $5,592/yr
• Insurance: −$406
• HOA: −$0
• Vacancy / Maint / Mgmt: −$835
• Net cashflow: $-2,843

Break-even live

Break-even rent $7,576

Max offer price $472,845

Occupancy floor —

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: $243,750
• Closing costs: $29,250
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1325 W Adams Blvd Los Angeles, CA	8.0	6.0	4700	$800	$0.17	43d	1	0.49mi
2640 Menlo Ave Los Angeles, CA	2.0–9.0	2.0–7.5	2185	$10,886	$4.98	1d	2	0.56mi
2945 Raymond Ave Los Angeles, CA	7.0	3.0	4464	$9,975	$2.23	43d	1	1.10mi
1804 Westmoreland Blvd Los Angeles, CA	7.0	3.5	3671	$10,000	$2.72	24d	1	1.44mi

Listing history 37 events

1. 2026-06-18
   days on market $975,000 Active 405 DOM
2. 2026-06-17
   days on market $975,000 Active 404 DOM
3. 2026-06-16
   days on market $975,000 Active 403 DOM
4. 2026-06-15
   days on market $975,000 Active 402 DOM
5. 2026-06-13
   days on market $975,000 Active 400 DOM
6. 2026-06-09
   days on market $975,000 Active 396 DOM
7. 2026-06-08
   days on market $975,000 Active 395 DOM
8. 2026-06-07
   days on market $975,000 Active 394 DOM
9. 2026-06-04
   days on market $975,000 Active 391 DOM
10. 2026-06-03
    days on market $975,000 Active 390 DOM
11. 2026-06-02
    days on market $975,000 Active 389 DOM
12. 2026-06-01
    days on market $975,000 Active 388 DOM
13. 2026-05-31
    days on market $975,000 Active 387 DOM
14. 2025-08-27
    price $975,000 542-char remark

    Show marketing remark (542 chars)

    Located just blocks from USC in the heart of Los Angeles, this prime investment property features two buildings: a front four-unit structure with 1-bedroom, 1-bath units, and a rear detached single-family home with 3 bedrooms and 2 baths. Ideal for student housing or long-term investment, it offers strong rental potential in a high-demand area. The seller complies with Los Angeles Rent Control regulations and provides tenant relocation credits up to the maximum allowed. A rare opportunity combining location, value, and income potential.

15. 2025-08-08
    price $1,100,000 542-char remark

    Show marketing remark (542 chars)

    Located just blocks from USC in the heart of Los Angeles, this prime investment property features two buildings: a front four-unit structure with 1-bedroom, 1-bath units, and a rear detached single-family home with 3 bedrooms and 2 baths. Ideal for student housing or long-term investment, it offers strong rental potential in a high-demand area. The seller complies with Los Angeles Rent Control regulations and provides tenant relocation credits up to the maximum allowed. A rare opportunity combining location, value, and income potential.

16. 2025-05-09
    listed $1,300,000 Active 542-char remark

    Show marketing remark (542 chars)

    Located just blocks from USC in the heart of Los Angeles, this prime investment property features two buildings: a front four-unit structure with 1-bedroom, 1-bath units, and a rear detached single-family home with 3 bedrooms and 2 baths. Ideal for student housing or long-term investment, it offers strong rental potential in a high-demand area. The seller complies with Los Angeles Rent Control regulations and provides tenant relocation credits up to the maximum allowed. A rare opportunity combining location, value, and income potential.

17. 2024-05-30
    historical
18. 2024-05-01
    price $1,375,000
19. 2024-04-15
    price $1,400,000
20. 2023-12-27
    listed $1,450,888 Active
21. 2022-12-31
    historical
22. 2022-09-28
    status Active
23. 2022-08-02
    price $1,420,000
24. 2020-10-13
    price $1,250,000
25. 2020-09-30
    listed $1,350,000 Active
26. 2020-09-23
    price $1,350,000
27. 2020-09-23
    historical
28. 2003-05-14
    soldstatus $255,000
29. 2003-02-09
    historical
30. 2002-10-18
    listed $289,000
31. 2002-10-10
    historical
32. 2002-09-11
    listed $289,000
33. 2002-08-31
    historical
34. 2002-08-30
    listed $289,000
35. 2002-08-03
    historical
36. 2002-05-04
    listed $319,000
37. 1978-09-15
    soldstatus $78,000

ⓘ 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: $5,592 · $466/mo
• Projected year-2 tax: $7,410 · $618/mo
• Expected delta: +$1,818/yr (+$151/mo · 32.5%)

ⓘ 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 ≥90°F today · 22 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $47,737
• − Mortgage interest: −$54,615
• − Property taxes: −$5,592
• − Insurance: −$4,875
• − Repairs & maintenance: −$3,819
• − Management: −$3,819
• − Depreciation: −$28,364
• Taxable loss: −$53,347
• Est. tax savings @ 24.0%: +$12,803
• After-tax cash flow: $-21,308/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): 38,715
• Household income: $35,378
• Rent vs Own: 90.2% rent · 9.8% own
• Severe rent burden: 4179.0

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 0.66)
• Race & ethnicity: Hispanic / Latino 53% Asian 18% White 17% Two or more races 14% Black 8% Native American 1%
• Hispanic origin (detail): Mexican 29%
• Common ancestry: Romanian 1% Scotch-Irish 1% Iranian 1%
• Foreign-born: 41% · Canada, China, South Korea
• Languages at home: 37% English-only · Spanish 45% Chinese 7% 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: ▼ -225.40%
• Current HPI: 460.9539
• Rent YoY: ▲ 5.88%
• 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

+1150.0% since first listed

24 events — show timeline

• 2025-08-27 Price Changed $975,000 CRMLS
• 2025-08-08 Price Changed $1,100,000 CRMLS
• 2025-05-09 Listed $1,300,000 CRMLS
• 2024-05-30 Listing Removed — CRMLS
• 2024-05-01 Price Changed $1,375,000 CRMLS
• 2024-04-15 Price Changed $1,400,000 CRMLS
• 2023-12-27 Listed $1,450,888 CRMLS
• 2022-12-31 Listing Removed — CRMLS
• 2022-09-28 Relisted — CRMLS
• 2022-08-02 Price Changed $1,420,000 CRMLS
• 2020-10-13 Price Changed $1,250,000 CRMLS
• 2020-09-30 Listed $1,350,000 CRMLS
• 2020-09-23 Price Changed $1,350,000 CRMLS
• 2020-09-23 Coming Soon — CRMLS
• 2003-05-14 Sold (Public Records) $255,000 Public Records
• 2003-02-09 Listing Removed — CRMLS
• 2002-10-18 Listed $289,000 CRMLS
• 2002-10-10 Listing Removed — CRMLS
• 2002-09-11 Listed $289,000 CRMLS
• 2002-08-31 Listing Removed — CRMLS
• 2002-08-30 Listed $289,000 CRMLS
• 2002-08-03 Listing Removed — CRMLS
• 2002-05-04 Listed $319,000 CRMLS
• 1978-09-15 Sold (Public Records) $78,000 Public Records

Property tax history

+1.8%/yr

Latest (2025): $5,592 · +2.2% YoY. Source: county tax records.