In Echo Park these days, $500,000 will not even get you a single family residence with a yard anymore. Since September 26th of this year until this writing, the least expensive single family home north of Sunset Blvd. sold October 9th for $600,500-- according to the Westside MLS. 
That was a two bedroom, two bath home at 1625 Montana Street, built in 1922 and totally refurbished. It was listed with ACM Properties and sold in 30 days. According to Los Angeles County Assessor records, the house measures 1218 square feet, and the lot measures at 3861 square feet. With the recently renovated Echo Park Lake and easy access to downtown, it is no wonder Echo Park is in such high demand!