423 E 108TH St, Los Angeles, CA 90061

Property Description

Built by a contractor as his primary residence, this two-unit property offers a low-maintenance investment opportunity with high returns. Developed over the years, it received the care and attention that only a licensed contractor would give to the property he lives in. Past some minor natural wear, there is sturdy craftsmanship. The rear unit was built new, from top to bottom, in 2018 and includes central AC and a 2-car garage, among other features. The front house was updated and expanded over the years, with significant upgrades done in 2016, including a new 25-year-grade roof, windows, copper plumbing, new electrical, main-drain line, new concrete driveway, and more. The front-house upgrades alone are estimated at over $90K. The property even has separate water meters, a not common feature due to the high installation cost. All other utilities are also separately metered and paid by the tenants. Each property has its own address (423 & 425). They both have washer and dryer hookups. Both units are occupied with fully cooperating tenants with no pending complaints and no missed rent payments. No rent control. Sold with tenants. Combined monthly Rent: $4,400. Gross Rent Multiplier: 14. This property is ready for a buyer looking for a well-built, low maintenance real estate investment in an area where the median price for single-family homes has increased by over 260% in the past ten years, way above average for Los Angeles.