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PROPERTY INFO
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
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Freeway Corridor
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
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
| 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
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$162,074
LOAN DETAILS
$2,176
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $147,475 |
| Loan Amount | $442,425 |
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
-
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
Wisdom Financial Services Inc
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: PW20235160
Last Updated: 11/14/2020
