529 Sydney Drive 531, East Los Angeles, California 90022, East Los Angeles, 90022 - 5 bed, 2 bath
ACTIVE$850,000
529 Sydney Drive 531, East Los Angeles, California 90022
5Beds
2Baths
1,634Sqft
6,750Lot
Year Built
1965
Close
-
List price
$850K
Original List price
$904K
Price/Sqft
$520
HOA
-
Days on market
-
Sold On
-
MLS number
SR25103037
Home ConditionPoor
Features
ViewNeighborhood
About this home
We found 3 Cons,5 Pros. Rank: price - $850.0K(59th), sqft - 1634(24th), beds - 5(82th), baths - 2(71th).
Condition Rating
Poor
Built in 1965, this 60-year-old duplex shows significant age and wear on its exterior, consistent with a property that has not undergone major renovations in decades. The MLS listing itself highlights the 'Age of Property' as a weakness, noting a 'need for significant updates to plumbing, electrical systems, roofing, and overall aesthetics to meet modern standards.' It also points to 'Potential for Deferred Maintenance.' Without interior photos, particularly of the kitchen and bathrooms, it's highly probable that these key areas are severely outdated, requiring full replacement of fixtures, appliances, and finishes. The property requires substantial repairs and rehabilitation to bring it to modern living standards, aligning with the 'Poor' condition criteria.
Pros & Cons
Pros
Income-Generating Property: As a duplex, this property offers immediate potential for rental income, making it an attractive investment opportunity for cash flow or owner-occupancy with supplemental income.
Generous Lot Size: The 6,750 sqft lot provides ample outdoor space, potential for future expansion, or even additional dwelling units (ADUs) subject to local zoning regulations.
Price Adjustment: A significant price reduction from the original list price of $904,000 to $850,000 suggests a potential value opportunity or a motivated seller, offering room for negotiation.
Desirable Location: Located in East Los Angeles, the property benefits from a vibrant community, strong rental demand, and potential for appreciation in a growing urban area.
Flexible Layout/High Bedroom Count: With 5 bedrooms and 2 bathrooms, the property offers flexibility for various tenant configurations or larger families, potentially maximizing rental income per unit.
Cons
Age of Property: Built in 1965, the property is over 50 years old, which may indicate a need for significant updates to plumbing, electrical systems, roofing, and overall aesthetics to meet modern standards and tenant expectations.
Compact Interior Space: At 1,634 sqft for 5 bedrooms and 2 bathrooms, the individual room sizes may be relatively small, which could be a drawback for some tenants or owner-occupants seeking more spacious living areas.
Potential for Deferred Maintenance: Older income properties often come with a higher likelihood of deferred maintenance issues that may not be immediately visible, requiring thorough inspections and potential capital expenditures post-purchase.