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1112 W Teresa Street West Covina, CA 91790

3 Beds 2 Baths 1,331 sqft Built 1953

$625,000

List Price

$2,230

$2K - $2.5K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1953
  • Price/Sqft : $469.57
  • 3 Days on Market
  • MLS # : AR20231380
  • Updated Date : 11/06/2020 at 08:54
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,331 sqft
  • Baths : 2 full
Listing Agent

Re/max Premier Prop Arcadia

Listing Agent's Description

Immaculate family home in a desirable neighborhood in West Covina. Newly renovated with contemporary kitchen and bathrooms and is move-in ready. This stunning 3 bed 2 bath residence boasts outstanding curb appeal in addition to its gorgeous interior. Its spacious open floor plan and features including new windows, floors, recessed lightings, interior & exterior paint, and more will make you feel right at home! The large living room features new modern sliding doors with an abundance of natural light, and it leads you to back yard with a sparkling pool. The chef’s kitchen offers brand new cabinets, Quartz countertops, and stainless-steel appliances. Separate laundry room with built-in shelves which is perfect for your convenience. All 3 bathrooms are comfortable in size, including a Master suite with its own private full bathroom. The master bathroom has a classic vanity with dual sinks. Other features include central A/C, attached 2-car garage and wide driveway for parking. This home’s location is near Westfield Shopping malls, parks and conveniently located near schools, supermarkets & grocery stores, IKEA, plenty of tasty dining choices, recreation and more! This sweet home captures the California lifestyle of casual elegance. Easy access to the I-10, I-57 and I-605 Fwy.

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MARKET HIGHLIGHTS

  • 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]
  • 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)

PRICE & RENT TRENDS

Neighborhood: Freeway Corridor

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $178k622k

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

Neighborhood: Freeway Corridor

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21600180020002200240026002800Rent in $14672941

* 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
Rowland Avenue Elementary School Primary Regular 525 22 8
Traweek Middle School Middle Regular 849 33 5
Covina High School High Regular 1,337 52 6

Rowland Avenue Elementary School

  • Education Level: Primary
  • # of students: 525
  • # of teachers: 22
8
GreatSchools Rating

Traweek Middle School

  • Education Level: Middle
  • # of students: 849
  • # of teachers: 33
5
GreatSchools Rating

Covina High School

  • Education Level: High
  • # of students: 1,337
  • # of teachers: 52
6
GreatSchools Rating
 

$562,500$687,500$625,000

PURCHASE PRICE

$2,007$2,453$2,230

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,230
EXPENSES Loan Payment -$2,306
Property Tax -$659
Property Insurance -$59
Property Management Fees -$109
CASH FLOW
-$903

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 13% of earned rent to cover both maintenance and periods of vacancy.

$625,000

PROJECTED PRICE

$2,230

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.48%
Appreciation Year (1-5) 7.3%
Maintenance Year (1-5) 8.00%
Vacancy 4.69%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$171,375

INVESTMENT

$171,375

Down Payment
$156,250
Rehab Estimate
$5,750
Closing Costs
$9,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,306

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $156,250
Loan Amount $468,750
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$338

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,230

    LIST RENT
  • $1.68

    LIST RENT PER SQFT
  • $2,226

    COMP ESTIMATED VALUE
  • $1.67

    COMP AVG. RENT PER SQFT
Comps Range
$2,230
1$2,2302$2,3003$2,5004$2,5955$2,700
$2,700
RENT COMPS ANALYSIS
  • 1112 W Teresa Street West Covina, CA 1
    • 3 beds 2 baths ∙ 1,331 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,331 Sqft ∙ Built 1953
    • Rent
    • Rent Per SQFT
    •  
    • $2,230
    • $1.68
    •  
  • 711 S Vanderwell Avenue West Covina, CA 2
    • 3 beds 1 baths ∙ 1,309 Sqft ∙ Built 1952 3 beds 1 baths ∙ 1,309 Sqft ∙ Built 1952
    LEASED 12/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.76
    •  
  • 1120 S Shadydale Avenue West Covina, CA 3
    • 3 beds 2 baths ∙ 1,511 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,511 Sqft ∙ Built 1955
    LEASED 10/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.65
    •  
  • 1305 E Larkwood Street West Covina, CA 4
    • 4 beds 3 baths ∙ 1,578 Sqft ∙ Built 1951 4 beds 3 baths ∙ 1,578 Sqft ∙ Built 1951
    LEASED 11/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,595
    • $1.64
    •  
  • 225 N Broadmoor Avenue West Covina, CA 5
    • 3 beds 1 baths ∙ 1,642 Sqft ∙ Built 1952 3 beds 1 baths ∙ 1,642 Sqft ∙ Built 1952
    LEASED 10/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.64
    •  
PROPERTY LISTING DETAILS
Sharon Liu
Re/max Premier Prop Arcadia
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: AR20231380
Last Updated: 11/06/2020
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