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1135 N Barston Avenue Covina, CA 91724

3 Beds 2 Baths 1,133 sqft Built 1972

$395,000

List Price

$2,160

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
December 23, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1972
  • Price/Sqft : $348.63
  • 5 Days on Market
  • MLS # : CV20261805
  • Updated Date : 12/23/2020 at 13:43
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,133 sqft
  • Baths : 1 full , 1 half
Listing Agent

Century 21 Marty Rodriguez

Listing Agent's Description

Attention first time homebuyers! This charming condo could be your future home! Located within the Woodscape Townhomes Association, this home offers a desirable location and great HOA amenities, including a pool, BBQ area, and outdoor picnic area. As you make your way into the condo, you are welcomed with a bright and open floor plan that will make you feel right at home. Natural sunlight beams throughout the living room, making it the perfect area to lounge and relax. As you make your way past the dining area, you reach the beautifully remodeled kitchen with tile flooring and Quartz countertops. The first level is complete with a lovely patio area and remodeled guest bathroom. Upstairs boasts 3 great-sized bedrooms and a remodeled hall bathroom. Ready to start making memories in your new home? Give our team a call today and be the first to schedule a private showing!

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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: Covina

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $187k622k

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

Neighborhood: Covina

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21600180020002200240026002800Rent in $14182941

* 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
Glen Oak Elementary School Primary Regular 449 19 6
Glen Oak Elementary School Middle Regular 449 19 6
Charter Oak High School High Regular 1,735 61 6

Glen Oak Elementary School

  • Education Level: Primary
  • # of students: 449
  • # of teachers: 19
6
GreatSchools Rating

Glen Oak Elementary School

  • Education Level: Middle
  • # of students: 449
  • # of teachers: 19
6
GreatSchools Rating

Charter Oak High School

  • Education Level: High
  • # of students: 1,735
  • # of teachers: 61
6
GreatSchools Rating
 

$355,500$434,500$395,000

PURCHASE PRICE

$1,944$2,376$2,160

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,160
EXPENSES Loan Payment -$1,457
Property Tax -$412
Property Insurance -$55
HOA -$355
Property Management Fees -$106
CASH FLOW
-$225

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.

$395,000

PROJECTED PRICE

$2,160

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.48%
Appreciation Year (1-5) 6.2%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$110,425

INVESTMENT

$110,425

Down Payment
$98,750
Rehab Estimate
$5,750
Closing Costs
$5,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,457

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $98,750
Loan Amount $296,250
See What Happens When You Reinvest Cash Flow

3.17

YEARS SAVED

$12,125

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,160

    LIST RENT
  • $1.91

    LIST RENT PER SQFT
  • $1,873

    COMP ESTIMATED VALUE
  • $1.65

    COMP AVG. RENT PER SQFT
Comps Range
$2,160
1$2,1602$2,2003$2,3004$2,300
$2,300
RENT COMPS ANALYSIS
  • 1135 N Barston Avenue Covina, CA 1
    • 3 beds 2 baths ∙ 1,133 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,133 Sqft ∙ Built 1972
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,160
    • $1.91
    •  
  • 20292 E Arrow Covina, CA 2
    • 4 beds 2 baths ∙ 1,353 Sqft ∙ Built 1980 4 beds 2 baths ∙ 1,353 Sqft ∙ Built 1980
    property image
    LEASED 01/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.63
    •  
  • 1204 N Sunflower Avenue Covina, CA 3
    • 3 beds 3 baths ∙ 1,384 Sqft ∙ Built 1990 3 beds 3 baths ∙ 1,384 Sqft ∙ Built 1990
    property image
    LEASED 11/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.66
    •  
  • 1842 E Covina Boulevard Covina, CA 4
    • 3 beds 2 baths ∙ 1,377 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,377 Sqft ∙ Built 1985
    property image
    LEASED 11/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.67
    •  
PROPERTY LISTING DETAILS
Marty Rodriguez
Century 21 Marty Rodriguez
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20261805
Last Updated: 12/23/2020
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