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1140 E Elgenia Avenue West Covina, CA 91790

3 Beds 2 Baths 1,368 sqft Built 1955

$589,900

List Price

$2,260

$2K - $2.5K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1955
  • Price/Sqft : $431.21
  • 7 Days on Market
  • MLS # : PW20235160
  • Updated Date : 11/14/2020 at 12:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,368 sqft
  • Baths : 2 full
Listing Agent

Wisdom Financial Services Inc

Listing Agent's Description

This GEM of an SFR is a great 3-bedroom home, placed in the desired serene neighborhood of West Covina, and resides in the Covina school district. When you enter, you will find the original Oakwood floors in excellent condition that were actually hiding from the owner for years. You will also admire the beautifully maintained landscaping. This home can have room for a new ADU = (accessory dwelling unit) with such a large lot. The kitchen is designed with rich wood cabinets and inviting natural lighting. This lovely home has 3 Bedrooms and 2 Baths with 1,368 sqft of living space, but one of the rooms can be used as an office/den. This home has a modern touch at the same time, keeping some of those traditional feels. Enjoy family and guests in the spacious living room and a permitted addition off of the kitchen at about 192 extra sqft. The home has a nice flow with a recent lite rehab, all new windows with a view of the picturesque backyard - new roof - new electrical box - water softeners and backyard deck/porch. Relax outdoors and get ready for the family BBQs. Open and spacious. Run, don't walk, and come by and see it for yourself! This magnificent property will sell quickly. Location, location just minutes from the 10 & 215 fwy for those commutes West or East.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

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
Grovecenter Elementary School Primary Regular 489 22 7
Traweek Middle School Middle Regular 849 33 5
Covina High School High Regular 1,337 52 6

Grovecenter Elementary School

  • Education Level: Primary
  • # of students: 489
  • # of teachers: 22
7
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
 

$530,910$648,890$589,900

PURCHASE PRICE

$2,034$2,486$2,260

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,260
EXPENSES Loan Payment -$2,176
Property Tax -$622
Property Insurance -$60
Property Management Fees -$111
CASH FLOW
-$709

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.

$589,900

PROJECTED PRICE

$2,260

PROJECTED RENT

0.38%

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-$10k-$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$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$162,074

INVESTMENT

$162,074

Down Payment
$147,475
Rehab Estimate
$5,750
Closing Costs
$8,849

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,176

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $147,475
Loan Amount $442,425
See What Happens When You Reinvest Cash Flow

0.75

YEARS SAVED

$2,337

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,260

    LIST RENT
  • $1.65

    LIST RENT PER SQFT
  • $2,257

    COMP ESTIMATED VALUE
  • $1.65

    COMP AVG. RENT PER SQFT
Comps Range
$2,260
1$2,2602$2,4003$2,5504$2,7005$2,900
$2,900
RENT COMPS ANALYSIS
  • 1140 E Elgenia Avenue West Covina, CA 1
    • 3 beds 2 baths ∙ 1,368 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,368 Sqft ∙ Built 1955
    • Rent
    • Rent Per SQFT
    •  
    • $2,260
    • $1.65
    •  
  • 724 N Elspeth Way Covina, CA 2
    • 3 beds 2 baths ∙ 1,490 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,490 Sqft ∙ Built 1953
    LEASED 09/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.61
    •  
  • 1618 E Shamwood Street West Covina, CA 3
    • 3 beds 2 baths ∙ 1,577 Sqft ∙ Built 1951 3 beds 2 baths ∙ 1,577 Sqft ∙ Built 1951
    LEASED 01/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.62
    •  
  • 225 N Broadmoor Avenue West Covina, CA 4
    • 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
    •  
  • 308 S Armel Drive Covina, CA 5
    • 3 beds 3 baths ∙ 1,679 Sqft ∙ Built 1954 3 beds 3 baths ∙ 1,679 Sqft ∙ Built 1954
    LEASED 09/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.73
    •  
PROPERTY LISTING DETAILS
Albert Williams
Wisdom Financial Services Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW20235160
Last Updated: 11/14/2020
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