Score
0Santa Monica, CA
2423 18th St
1.9M
2 beds
1 baths
1,069 sqft
2 bd • 1 ba • 1,069 sf
This analysis was generated on 1/23/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
List Price
$1,910,000
Price/Sq.Ft
$1,787
Year Built
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
This charming Craftsman-style home at 2423 18th St, Santa Monica, boasts exceptional curb appeal with its mint green exterior and white trim. The property's location in Santa Monica (90405 zip code) is highly desirable, with an estimated walk score of 75-80 based on typical neighborhood characteristics. At 1,069 sqft, it offers a cozy living space that's 11% smaller than the average Santa Monica home (1,200 sqft), potentially reducing maintenance costs. The drought-tolerant landscaping aligns with local sustainability efforts and can lead to water savings of 30-50% compared to traditional lawns. The property's price per square foot ($1,786.72) is actually 5% below the Santa Monica average of $1,880/sqft, suggesting potential value. Based on current rental rates, this 2-bedroom property could generate approximately $2,630/month in rental income, potentially yielding a 1.65% annual return before expenses.
The Bad
The asking price of $1,910,000 is significantly high for a 2-bedroom, 1-bathroom home, even in Santa Monica. This price point is typically associated with larger or more updated properties in the area. The lack of a second bathroom may deter some buyers, as most homes in this price range offer at least 1.5 baths. The property's age is unknown, which raises concerns about potential hidden maintenance issues or outdated systems. The absence of listed features or a property description suggests possible limitations or a lack of recent upgrades. The small size (1,069 sqft) may feel cramped for some buyers, especially given the high price tag. Parking appears limited, with only a single-car driveway visible, which is a significant drawback in car-dependent Los Angeles.
The Ugly
The property's price-to-rent ratio is extremely high at 60.6 (calculated as $1,910,000 / ($2,630 * 12)), far exceeding the "overvalued" threshold of 21, indicating poor investment potential. This suggests the property is significantly overpriced relative to its rental income potential. The lack of information about utilities, systems, and property features is concerning and could indicate major upcoming expenses. Given Santa Monica's coastal location, there may be heightened risk of moisture-related issues, salt air corrosion, and potential sea-level rise impacts, which could necessitate costly mitigation measures. The property's age and potential lack of updates may require significant renovations to meet modern standards and energy efficiency requirements, potentially costing $100,000 or more.
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Who is this property for?
These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.
Best For
This property is best suited for high-net-worth individuals or couples with a household income of $350,000+ (based on a 28% front-end DTI ratio). It's ideal for those prioritizing location over space, such as empty nesters downsizing from larger homes or professionals seeking a pied-à-terre in Santa Monica. The charming Craftsman style and curb appeal make it perfect for buyers who value architectural character and are willing to pay a premium for it. The property could also appeal to those looking to establish roots in Santa Monica's desirable school district, which consistently ranks in the top 10% of California schools.
Not For
This property is not suitable for first-time homebuyers or those with a household income below $350,000 due to the high purchase price and potential maintenance costs. Families requiring more than two bedrooms or multiple bathrooms will find the space inadequate. Investors seeking positive cash flow or strong returns should look elsewhere, given the unfavorable price-to-rent ratio. Those without substantial cash reserves for potential renovations or unexpected repairs should also avoid this property. Buyers who prioritize modern amenities, energy efficiency, or turn-key conditions may be disappointed by the potential need for updates.
Demographics
Area Median Income
$97,010
Property History
Price History
Ownership Timeline
$0Cash Purchase
Apr 14, 1997American Svgs Bank FaFirst National Bank Assn
Corporation Deed
Non-Arm's Length Transactions
$312,500Financed
Apr 14, 1997First Bank National AssnPatricia Fitzgerald
Corporation Deed
Standard Sale (Purchase/Resales)
$323,627Cash Purchase
Jan 24, 1997Bruce R Harbour, Pamela HarbourAmerican Svgs Bank Fa
Trustees Deed
Foreclosure
Sunlight Analysis
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Sunlight Analysis
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Risk Assessment
Risk Analysis
The extremely high price-to-rent ratio (60.6) suggests a significant risk of overvaluation, which could lead to poor appreciation or even depreciation in a market downturn. The unknown age and lack of information about systems and features present a high risk of unexpected repair costs, potentially ranging from $20,000 to $100,000+ for major system replacements. Santa Monica's strict building codes and historical preservation rules may limit renovation options and increase improvement costs by 20-30% compared to other areas. The coastal location exposes the property to increased risk of moisture damage, with potential remediation costs of $5,000-$20,000. Climate change models suggest a 0.5-2 foot sea level rise by 2050 in this area, which could impact property values and insurance costs. The small size and single bathroom layout may limit future resale potential, potentially reducing the buyer pool by 30-40% compared to similar-priced properties with more bedrooms and bathrooms.
Cost & Affordability
Monthly Costs
Breakdown of estimated monthly expenses for this property
Monthly Payment
$0
* Estimated at 1% of home value annually. Actual costs may vary.
Not Included in Estimate
• Utilities (electricity, gas, water, internet)
• Home improvements and upgrades
• Landscaping and yard maintenance
• Pest control and home services
• Emergency repairs and replacements
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20.0% of purchase price
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$1,910 monthly
$83 monthly
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Financials
Monthly Costs
Market Rent (2 bed)
Get a detailed estimate on Zillow®$2,630
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$1,910,000
Price/sqft
$1,787
Layout
2 bd•1 ba
Stats in the Area
Based on 6 comparable properties nearby
Average Price
$1,296,667
47.3%
Your price is 47.3% above average
Median Price
$1,545,000
23.6%
Based on 6 recent sales
Price per Sq.Ft
$1,270
40.7%
Your price is 40.7% above average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 2344 30th St, Santa Monica, CA 90405 | $1,850,000 | 1,032 | 2 | 1 | $1,7930.3% | 10/20/2024 |
| 1824 20th Street #E, Santa Monica, CA 90404 | $700,000 | 894 | 2 | 1 | $78356.2% | 8/31/2024 |
| 2512 16th St, Santa Monica, CA 90405 | $1,745,000 | 1,100 | 2 | 2 | $1,58611.2% | 11/15/2024 |
| 2613 6th St #3, Santa Monica, CA 90405 | $1,130,000 | 1,050 | 2 | 2 | $1,07639.8% | 11/4/2024 |
| 2311 4th St #210, Santa Monica, CA 90405 | $810,000 | 979 | 2 | 2 | $82753.7% | 9/20/2024 |
| 1817 Penmar Ave, Venice, CA 90291 | $1,545,000 | 994 | 1 | 2 | $1,55413.0% | 8/21/2024 |
2344 30th St, Santa Monica, CA 90405
Price: $1,850,000
Sq.Ft: 1,032
Beds/Baths: 2/1
$/Sq.Ft:
$1,7930.3%
Sale Date: 10/20/2024
1824 20th Street #E, Santa Monica, CA 90404
Price: $700,000
Sq.Ft: 894
Beds/Baths: 2/1
$/Sq.Ft:
$78356.2%
Sale Date: 8/31/2024
2512 16th St, Santa Monica, CA 90405
Price: $1,745,000
Sq.Ft: 1,100
Beds/Baths: 2/2
$/Sq.Ft:
$1,58611.2%
Sale Date: 11/15/2024
2613 6th St #3, Santa Monica, CA 90405
Price: $1,130,000
Sq.Ft: 1,050
Beds/Baths: 2/2
$/Sq.Ft:
$1,07639.8%
Sale Date: 11/4/2024
2311 4th St #210, Santa Monica, CA 90405
Price: $810,000
Sq.Ft: 979
Beds/Baths: 2/2
$/Sq.Ft:
$82753.7%
Sale Date: 9/20/2024
1817 Penmar Ave, Venice, CA 90291
Price: $1,545,000
Sq.Ft: 994
Beds/Baths: 1/2
$/Sq.Ft:
$1,55413.0%
Sale Date: 8/21/2024
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