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1103 W Merced Avenue West Covina, CA 91790

3 Beds 2 Baths 1,469 sqft Built 1958

$670,000

List Price

$2,520

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

January 21, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1958
  • Price/Sqft : $456.09
  • 5 Days on Market
  • MLS # : CV21004288
  • Updated Date : 01/23/2021 at 21:46
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,469 sqft
  • Baths : 2 full
Listing Agent

Bestarting Group Corp

Listing Agent's Description

This is what you have been waiting for. After entering the circular driveway, you will be greeted with a fully renovated single story 3 bedroom, 2 bath home. The open floor plan boasts an eat-in kitchen that shares a two-sided fireplace with the adjacent living room. The kitchen has been beautifully comes with upgraded dark wood cabinets, granite countertops, custom tiled backsplash, stainless steel sink and appliances. Beautiful wood laminate flooring throughout the living areas and plush carpeting in the bedrooms. Both the interior and exterior of the home have been painted in neutral colors. The spacious backyard is an absolute entertainer's dream come true. It includes a sparkling pool, grass lawns, an area you can put your BBQ grill and patio furniture. Conveniently located and close to school, DMV, hospital, shopping, and freeway. This house will not last.

SEE MORE

MARKET HIGHLIGHTS

  • As part of Southern California area, Los Angeles market inherits all the benefits from the area.
  • Los Angeles has been awarded the 2028 Olympics under a funding commitment of $88 billion to upgrade the transportation infrastructure connecting disparate pockets of the metro area. This is expected to produce additional employment in the coming years. (BCG, 2018)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)
  • Southern California produces more technology PhDs per year than any other region in the country and many of the higher educated students stay within Souther California contributing to readily available workforce skills making the area more attractive than Silicon Valley (BCG, 2018)
  • Southern California has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (USMayors.org, 2018)
  • Headquarters to several Fortune 500 companies: Amgen, Farmers Insurance, Walt Disney, Avery Dennison, Activision Blizzard, CBRE Group, Edison International, Molina Healthcare, First American Financial, Pacific Life, Qualcomm and Sempra Energy (Fortune, 2018)
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 2018)
  • The area has major technology nodes of excellence: Los Angeles (Media and entertainment); Pasadena (High-tech engineering, data analytics); Riverside (Agtech, transportation/ distribution); San Diego (Healthcare, biotech, wireless communications); Irvine (Medtech, cyber security); El Segundo (Aerospace and defense IT, space transport) [BCG, 2018]

PRICE & RENT TRENDS

Neighborhood: Valinda

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $153k622k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Valinda

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $13962941

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Wescove Elementary School Primary Regular 324 16 NA
Walnut Grove Intermediate School Middle Regular 383 21 6
Edgewood High School High Regular 831 33 7

Wescove Elementary School

  • Education Level: Primary
  • # of students: 324
  • # of teachers: 16
NA
GreatSchools Rating

Walnut Grove Intermediate School

  • Education Level: Middle
  • # of students: 383
  • # of teachers: 21
6
GreatSchools Rating

Edgewood High School

  • Education Level: High
  • # of students: 831
  • # of teachers: 33
7
GreatSchools Rating
 

$603,000$737,000$670,000

PURCHASE PRICE

$2,268$2,772$2,520

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,520
EXPENSES Loan Payment -$2,327
Property Tax -$686
Property Insurance -$63
Property Management Fees -$123
CASH FLOW
-$680

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$670,000

PROJECTED PRICE

$2,520

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 8.4%
Maintenance Year (1-5) 8.00%
Vacancy 4.14%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$183,300

INVESTMENT

$183,300

Down Payment
$167,500
Rehab Estimate
$5,750
Closing Costs
$10,050

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,327

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $167,500
Loan Amount $502,500
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$4,296

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $2,520

    LIST RENT
  • $1.72

    LIST RENT PER SQFT
  • $2,516

    COMP ESTIMATED VALUE
  • $1.71

    COMP AVG. RENT PER SQFT
Comps Range
$2,500
1$2,5002$2,5203$2,6004$2,6755$2,700
$2,700
RENT COMPS ANALYSIS
  • 1103 W Merced Avenue West Covina, CA 2
    • 3 beds 2 baths ∙ 1,469 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,469 Sqft ∙ Built 1958
    • Rent
    • Rent Per SQFT
    •  
    • $2,520
    • $1.72
    •  
  • 1817 W Doublegrove Street West Covina, CA 1
    • 3 beds 2 baths ∙ 1,512 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,512 Sqft ∙ Built 1955
    LEASED 01/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.65
    •  
  • 1037 S Valinda Avenue West Covina, CA 3
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1951 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1951
    LEASED 07/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.73
    •  
  • 1327 W Randall Way West Covina, CA 4
    • 3 beds 2 baths ∙ 1,525 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,525 Sqft ∙ Built 1959
    LEASED 10/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,675
    • $1.75
    •  
  • 614 E Barbara Avenue West Covina, CA 5
    • 3 beds 2 baths ∙ 1,570 Sqft ∙ Built 1947 3 beds 2 baths ∙ 1,570 Sqft ∙ Built 1947
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.72
    •  
PROPERTY LISTING DETAILS
Zhenchen Wan
Bestarting Group Corp
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV21004288
Last Updated: 01/23/2021
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