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1212 N Larkin Drive Covina, CA 91722

3 Beds 1 Baths 1,048 sqft Built 1955

$590,000

List Price

$2,230

$2K - $2.5K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
March 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1955
  • Price/Sqft : $562.98
  • 3 Days on Market
  • MLS # : CV21063832
  • Updated Date : 03/26/2021 at 20:38
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,048 sqft
  • Baths : 1 full
Listing Agent

Re/max Masters Realty

Listing Agent's Description

Home Sweet Home! Here it is, the perfect starter home or rental. This home has been upgraded throughout the years. Three spacious bedrooms, nice size bathroom. Enjoy the open living room and dining area. Kitchen has a large window, where you can look out at the large backyard, the perfect size to add a pool for those hot California days. Also a very spacious patio perfect for barbecues and enjoying the sunrise with morning coffee. This home includes a detached 2-car garage and a long driveway perfect for multiple cars. Recently installed split type air-conditioning units in each bedroom, living room & dining room for individual comfort and energy efficiency. Laundry in garage. This home is conveniently located near shopping centers, minutes from 10 fwy, 210 fwy and even the 57 fwy. Great for almost any commute. Oak tree may be protected by State of California. Prospective buyer should check with City of Covina.

SEE MORE

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: 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
Cypress Elementary School Primary Regular 644 27 6
Las Palmas Middle School Middle Regular 870 35 4
Northview High School High Regular 1,346 54 6

Cypress Elementary School

  • Education Level: Primary
  • # of students: 644
  • # of teachers: 27
6
GreatSchools Rating

Las Palmas Middle School

  • Education Level: Middle
  • # of students: 870
  • # of teachers: 35
4
GreatSchools Rating

Northview High School

  • Education Level: High
  • # of students: 1,346
  • # of teachers: 54
6
GreatSchools Rating
 

$531,000$649,000$590,000

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 -$2,049
Property Tax -$640
Property Insurance -$52
Property Management Fees -$109
CASH FLOW
-$621

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.

$590,000

PROJECTED PRICE

$2,230

PROJECTED RENT

0.38%

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$1.4M$1.6M

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$162,100

INVESTMENT

$162,100

Down Payment
$147,500
Rehab Estimate
$5,750
Closing Costs
$8,850

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,049

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $147,500
Loan Amount $442,500
See What Happens When You Reinvest Cash Flow

1.17

YEARS SAVED

$3,049

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
  • $2.13

    LIST RENT PER SQFT
  • $1,962

    COMP ESTIMATED VALUE
  • $1.87

    COMP AVG. RENT PER SQFT
Comps Range
$2,230
1$2,2302$2,3003$2,3504$2,4005$2,500
$2,500
RENT COMPS ANALYSIS
  • 1212 N Larkin Drive Covina, CA 1
    • 3 beds 1 baths ∙ 1,048 Sqft ∙ Built 1955 3 beds 1 baths ∙ 1,048 Sqft ∙ Built 1955
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,230
    • $2.13
    •  
  • 16631 E Masline Street Covina, CA 2
    • 3 beds 1 baths ∙ 1,300 Sqft ∙ Built 1955 3 beds 1 baths ∙ 1,300 Sqft ∙ Built 1955
    property image
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.77
    •  
  • 18852 E Galatea Street Azusa, CA 3
    • 3 beds 2 baths ∙ 1,254 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,254 Sqft ∙ Built 1956
    property image
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.87
    •  
  • 5657 N Rockvale Avenue Azusa, CA 4
    • 4 beds 2 baths ∙ 1,220 Sqft ∙ Built 1954 4 beds 2 baths ∙ 1,220 Sqft ∙ Built 1954
    property image
    LEASED 02/24/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.97
    •  
  • 4509 N Linda Terrace Drive Covina, CA 5
    • 3 beds 2 baths ∙ 1,330 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,330 Sqft ∙ Built 1953
    property image
    LEASED 10/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.88
    •  
PROPERTY LISTING DETAILS
Ruth Queija
Re/max Masters Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV21063832
Last Updated: 03/26/2021
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