Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

1318 E Covina Boulevard Covina, CA 91724

3 Beds 1 Baths 1,265 sqft Built 1950

$549,000

List Price

$2,340

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 18, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1950
  • Price/Sqft : $433.99
  • 5 Days on Market
  • MLS # : CV20241039
  • Updated Date : 11/18/2020 at 21:19
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,265 sqft
  • Baths : 1 full
Listing Agent

Realty World All Stars

Listing Agent's Description

Don't miss out on this great starter home or investment property. This 3 bed 1 bath 1265 sq ft home on a large 7443 sq ft lot, sits back off the street on a private drive. It has been recently painted on the exterior and shows beautifully. Step inside to the large family room with hardwood floors, surround sound wired and ceiling fan. The bedrooms are good size with large closets, ceiling fans and original hardwood floors in 2 of them. The bathroom is huge, with a tub/shower combo that was updated with new tile, dual sink vanity and a separate area for the toilet. Kitchen is roomy and has a eat in area. Just beyond the kitchen is the laundry room. The backyard is perfect for entertaining with a covered patio, concrete that runs the back and side of home. Large grass area and a tuff shed for all the toys. There is a detached 2 car garage with tons of storage. If you are looking for a good school district, look no more. CHARTER OAK SCHOOL DISTRICT!!! Centrally located between the 10 and 210 freeways, schools, Eastland shopping center and metro train station. Book your showing now, as it will not last at this price!

SEE MORE

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
Cedargrove Elementary School Primary Regular 778 30 6
Cedargrove Elementary School Middle Regular 778 30 6
Charter Oak High School High Regular 1,735 61 6

Cedargrove Elementary School

  • Education Level: Primary
  • # of students: 778
  • # of teachers: 30
6
GreatSchools Rating

Cedargrove Elementary School

  • Education Level: Middle
  • # of students: 778
  • # of teachers: 30
6
GreatSchools Rating

Charter Oak High School

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

$494,100$603,900$549,000

PURCHASE PRICE

$2,106$2,574$2,340

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,340
EXPENSES Loan Payment -$2,026
Property Tax -$597
Property Insurance -$58
Property Management Fees -$115
CASH FLOW
-$455

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.

$549,000

PROJECTED PRICE

$2,340

PROJECTED RENT

0.43%

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$15k

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$151,235

INVESTMENT

$151,235

Down Payment
$137,250
Rehab Estimate
$5,750
Closing Costs
$8,235

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,026

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $137,250
Loan Amount $411,750
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$10,520

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,340

    LIST RENT
  • $1.85

    LIST RENT PER SQFT
  • $2,078

    COMP ESTIMATED VALUE
  • $1.64

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,3403$2,4004$2,5005$2,600
$2,600
RENT COMPS ANALYSIS
  • 1318 E Covina Boulevard Covina, CA 2
    • 3 beds 1 baths ∙ 1,265 Sqft ∙ Built 1950 3 beds 1 baths ∙ 1,265 Sqft ∙ Built 1950
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,340
    • $1.85
    •  
  • 4925 N Brightview Drive Covina, CA 1
    • 3 beds 2 baths ∙ 1,505 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,505 Sqft ∙ Built 1954
    property image
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.53
    •  
  • 607 E Algrove Street Covina, CA 3
    • 3 beds 2 baths ∙ 1,477 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,477 Sqft ∙ Built 1955
    property image
    LEASED 09/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.62
    •  
  • 329 E Edna Place Covina, CA 4
    • 4 beds 2 baths ∙ 1,470 Sqft ∙ Built 1955 4 beds 2 baths ∙ 1,470 Sqft ∙ Built 1955
    property image
    LEASED 06/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.70
    •  
  • 457 E Benwood Street Covina, CA 5
    • 3 beds 2 baths ∙ 1,514 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,514 Sqft ∙ Built 1955
    property image
    LEASED 08/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.72
    •  
PROPERTY LISTING DETAILS
Wyndee Clements
Realty World All Stars
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20241039
Last Updated: 11/18/2020
BESbswy