Cheryl Riley

Cheryl Riley

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$510,000

($150,401 down)
FHA

505 S Lorena Street, Los Angeles, CA 90063

2
2
774 sqft
PITI Monthly
$2,618.71 /mo

Listing courtesy of: Irene Lopez, HomeLife Platinum Realty

Assumed Rate

2.96%
7.15%

Principal & Interest

$1,643 /mo
$2,646 /mo

What's Special

INVESTORS
DINING
SPACIOUS
CHARMING
RENTAL INCOME

Why Rent When You Can Own in the beautiful City of Los Angeles. Step into the world of homeownership with this charming Craftsman-style gem in the heart of Boyle Heights! Offering **2 bedrooms, 1.75 baths**, and a spacious layout, this home is the perfect opportunity for first-time buyers or savvy investors ready to plant roots in one of LA's most vibrant neighborhoods. Inside, you'll find tile flooring throughout, a generous kitchen with ample cabinetry, and a separate dining room ideal for dinners with friends and family. The lower level basement boasts high-ceiling and provides flexible space—use it for storage, a creative studio, or even additional living space. Situated in an "Enterprise Zone", this property may qualify for special benefits and offers potential to add an ADU (Accessory Dwelling Unit)—a rare chance to expand or generate rental income. ***At a price point rarely seen in Los Angeles, this is your chance to stop renting and start building equity! Don’t miss this incredible opportunity—schedule your showing today! Please note, parking is available on the street—ideal for those who enjoy a simpler lifestyle or use public transit.

... Show more

Assumption Snapshot

Type of Loan
FHA
Interest Rate
2.96
Remaining Loan Term
26 years, 3 months
Monthly PITI
$2,618.71/mo
Estimated Loan Balance
$360,353
Cash to close
$150,401
Interest Paid
$41,774

Facts & Features

Interior

Bedrooms & Bathrooms
  • Bedrooms: 2
  • Bathrooms: 2
Cooling & Heating
  • Cooling: None
  • Heating: WallFurnace
Features
  • Materials: Stucco
  • Community: Unknown
  • Has Fireplace: No
  • Fireplace Features: None
  • Flooring: Tile

Exterior

Fencing
  • Fencing: ChainLink, Wood, WroughtIron
Roof
  • Roof: Shingle
Parking
  • Garage: No
  • Garage Spaces: 0
  • Carport: No
  • Carport Spaces:
Water
  • Sewer: PublicSewer
  • Water Source: Public
Pool
  • Has Pool: No
  • Pool Features: None

Construction

Type & Style
  • Stories: 1
  • Home type: SingleFamilyResidence
  • Architectural Style: Craftsman
Materials
  • Stucco
  • Roof: Shingle
Condition
  • Year Built: 1906
Details
  • Builder:

Community & HOA

Community
  • Subdivision:
  • Features: Curbs, Sidewalks
HOA
  • Has HOA: No
Location
  • Region: Los Angeles

Financial Details

  • Price per Sqft: $658.91
  • Tax Annual Amount: $6375
  • On Market Date: 2025-04-09T00:00:00.000Z
Inquire about this property

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Savings Calculator

Current cash to close is $150,401 (29%)
You can enter any amount below - secondary financing will cover the difference if needed.
29%
$

You cover the entire equity of $150,401!

Enter a smaller amount if you prefer to use secondary financing.

Loan Breakdown

Assumed Mortgage2.96% Sellers Rate
$359,599
Your Cash$150,401
Total Purchase Price:$510,000

Assumed vs Traditional Mortgage

Assumed @ 2.96%
$1,643/mo
Traditional @ 7.15%
$2,745/mo
You save $1,101/month ($13,217/year)

*Secondary financing rates are an estimated value based on input

MLS ID: CV25077925

Listing From:

Last updated: 2025-04-12T20:38:16.000Z

© , CRMLS. All rights reserved. Information deemed to be reliable but not guaranteed. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. IDX information is provided exclusively for consumers’ personal, non-commercial use and that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed to be accurate. Listing information updated daily.

Assumed Rate

2.96%
7.15%

Principal & Interest

$1,643 /mo
$2,646 /mo
Inquire about this property

We will reach out to you with more details

Apply to Assume

Fill out an application to explore financing options for assuming this loan.

Apply now

Savings Calculator

Current cash to close is $150,401 (29%)
You can enter any amount below - secondary financing will cover the difference if needed.
29%
$

You cover the entire equity of $150,401!

Enter a smaller amount if you prefer to use secondary financing.

Loan Breakdown

Assumed Mortgage2.96% Sellers Rate
$359,599
Your Cash$150,401
Total Purchase Price:$510,000

Assumed vs Traditional Mortgage

Assumed @ 2.96%
$1,643/mo
Traditional @ 7.15%
$2,745/mo
You save $1,101/month ($13,217/year)

*Secondary financing rates are an estimated value based on input

Follow Us
American Allstar Realty
Agent/Broker
Cheryl RileyAmerican Allstar Realty(602) 353-7375cheryl.m.riley@gmail.comMLS BR655878000

© Listing Service, All rights reserved. The data relating to real estate for sale on this website comes in part from the Listing Service. Real estate listings held by brokerage firms other than American Allstar Realty are marked with the Listing Service logo and detailed information about them includes the name of the listing brokers. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Listing Service shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless.

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