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1305 S Rimsdale Drive West Covina, CA 91791

4 Beds 2 Baths 1,513 sqft Built 1958

$610,000

List Price

$2,700

$2.5K - $3K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
October 28, 2020 RECENTLY ADDED
FACTS
  • Built In 1958
  • Price/Sqft : $403.17
  • 7 Days on Market
  • MLS # : CV20227392
  • Updated Date : 10/28/2020 at 12:02
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,513 sqft
  • Baths : 2 full
Listing Agent

Re/max Olympic

Listing Agent's Description

Great Opportunity for FIRST TIME BUYER, or Large Family home. Features 4 Bedrooms and 2 Bathrooms, Central Air conditioner, HUGE Backyard Home Has 9403 sqft LOT Perfect for entertaining, Beautiful Swimming Pool. This located in a Desirable neighborhood, near Schools, Parks, and Shopping Centers. This property is a must, SET YOUR APPOINTMENT TODAY.

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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: Azusa-Cameron

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $184k856k

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

Neighborhood: Azusa-Cameron

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q216001800200022002400260028003000320034003600Rent in $15053697

* 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
Merced Elementary School Primary Regular 543 22 9
Hollencrest Middle School Middle Regular 774 30 7
Edgewood High School High Regular 831 33 7

Merced Elementary School

  • Education Level: Primary
  • # of students: 543
  • # of teachers: 22
9
GreatSchools Rating

Hollencrest Middle School

  • Education Level: Middle
  • # of students: 774
  • # of teachers: 30
7
GreatSchools Rating

Edgewood High School

  • Education Level: High
  • # of students: 831
  • # of teachers: 33
7
GreatSchools Rating
 

$549,000$671,000$610,000

PURCHASE PRICE

$2,430$2,970$2,700

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,700
EXPENSES Loan Payment -$2,251
Property Tax -$625
Property Insurance -$64
Property Management Fees -$132
CASH FLOW
-$372

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.

$610,000

PROJECTED PRICE

$2,700

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 5.5%
Maintenance Year (1-5) 8.00%
Vacancy 5.05%
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$15k$20k

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$167,400

INVESTMENT

$167,400

Down Payment
$152,500
Rehab Estimate
$5,750
Closing Costs
$9,150

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$2,251

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $152,500
Loan Amount $457,500
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$20,854

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,700

    LIST RENT
  • $1.78

    LIST RENT PER SQFT
  • $2,652

    COMP ESTIMATED VALUE
  • $1.75

    COMP AVG. RENT PER SQFT
Comps Range
$2,400
1$2,4002$2,6003$2,6004$2,7005$2,975
$2,975
RENT COMPS ANALYSIS
  • 1305 S Rimsdale Drive West Covina, CA 4
    • 4 beds 2 baths ∙ 1,513 Sqft ∙ Built 1958 4 beds 2 baths ∙ 1,513 Sqft ∙ Built 1958
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.78
    •  
  • 1041 E Merced Avenue West Covina, CA 1
    • 3 beds 1 baths ∙ 1,362 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,362 Sqft ∙ Built 1953
    LEASED 02/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.76
    •  
  • 1037 S Valinda Avenue West Covina, CA 2
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1951 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1951
    LEASED 07/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.73
    •  
  • 16702 Holton St La Puente, CA 3
    • 4 beds 2 baths ∙ 1,550 Sqft ∙ Built 1953 4 beds 2 baths ∙ 1,550 Sqft ∙ Built 1953
    LEASED 01/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.68
    •  
  • 1009 S Terri Ann Drive West Covina, CA 5
    • 3 beds 2 baths ∙ 1,621 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,621 Sqft ∙ Built 1957
    LEASED 10/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,975
    • $1.84
    •  
PROPERTY LISTING DETAILS
Angeles Ascencio
Re/max Olympic
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20227392
Last Updated: 10/28/2020
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