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1140 E Adams Park Drive Covina, CA 91724

4 Beds 3 Baths 2,904 sqft Built 1993

$825,000

List Price

$3,350

$3.1K - $3.6K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $284.09
  • 12 Days on Market
  • MLS # : WS20220680
  • Updated Date : 12/16/2020 at 11:30
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,904 sqft
  • Baths : 3 full
Listing Agent

Fairview Realty, Inc.

Listing Agent's Description

Beautiful single family home located in a wonderful gated community built by Lewis homes in the city of Covina. This wonderful 4 bedroom 3 bath home features a modern open floor plan with an updated kitchen with marble counters and center island, a spacious family room with fire place, large master retreat with dual side fire place, additional den currently used as a 5th bedroom Home is situated on a large lot with many flourishing fruit trees and exotic flowers. Great location. Close to Sonrise Christian School, parks, shopping, and restaurants. A must see.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

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
Badillo Elementary School Primary Regular 467 21 6
Badillo Elementary School Middle Regular 467 21 6
Charter Oak High School High Regular 1,735 61 6

Badillo Elementary School

  • Education Level: Primary
  • # of students: 467
  • # of teachers: 21
6
GreatSchools Rating

Badillo Elementary School

  • Education Level: Middle
  • # of students: 467
  • # of teachers: 21
6
GreatSchools Rating

Charter Oak High School

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

$742,500$907,500$825,000

PURCHASE PRICE

$3,015$3,685$3,350

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,350
EXPENSES Loan Payment -$3,044
Property Tax -$832
Property Insurance -$97
HOA -$150
Property Management Fees -$164
CASH FLOW
-$938

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.

$825,000

PROJECTED PRICE

$3,350

PROJECTED RENT

0.41%

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$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530-$15k-$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$224,375

INVESTMENT

$224,375

Down Payment
$206,250
Rehab Estimate
$5,750
Closing Costs
$12,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$3,044

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $206,250
Loan Amount $618,750
See What Happens When You Reinvest Cash Flow

1.08

YEARS SAVED

$4,798

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,350

    LIST RENT
  • $1.15

    LIST RENT PER SQFT
  • $3,674

    COMP ESTIMATED VALUE
  • $1.27

    COMP AVG. RENT PER SQFT
Comps Range
$3,300
1$3,3002$3,3503$3,800
$3,800
RENT COMPS ANALYSIS
  • 1140 E Adams Park Drive Covina, CA 2
    • 4 beds 3 baths ∙ 2,904 Sqft ∙ Built 1993 4 beds 3 baths ∙ 2,904 Sqft ∙ Built 1993
    • Rent
    • Rent Per SQFT
    •  
    • $3,350
    • $1.15
    •  
  • 110 Horseshoe Circle West Covina, CA 1
    • 4 beds 3 baths ∙ 2,792 Sqft ∙ Built 1982 4 beds 3 baths ∙ 2,792 Sqft ∙ Built 1982
    LEASED 08/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $1.18
    •  
  • 1408 Paseo Manzana San Dimas, CA 3
    • 4 beds 3 baths ∙ 2,809 Sqft ∙ Built 1977 4 beds 3 baths ∙ 2,809 Sqft ∙ Built 1977
    LEASED 10/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,800
    • $1.35
    •  
PROPERTY LISTING DETAILS
Vincent Chen
Fairview Realty, Inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: WS20220680
Last Updated: 12/16/2020
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