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1348 E Loma Vista Street West Covina, CA 91790

3 Beds 1 Baths 1,600 sqft Built 1954

$699,000

List Price

$2,590

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1954
  • Price/Sqft : $436.88
  • 3 Days on Market
  • MLS # : PW21009910
  • Updated Date : 01/16/2021 at 05:12
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,600 sqft
  • Baths : 1 full
Listing Agent

Berkshire Hathaway Homeservice

Listing Agent's Description

Wow! Outstanding 3 Bedroom Pool Home in West Covina. Large Living Room with Fireplace, Upgraded Kitchen with Granite Counter Tops and Free Standing Stainless Steel Range and Oven, Eating Area, Separate Laundry Room, Large Bonus Room (Currently a Home Fitness Center), 2 Upgraded Bathrooms. Master Bedroom has a Brand New Bathroom with Marble Shower Stall. Guest Bathroom has Granite Counter Tops. Massive Car Port over Concrete Driveway. Beautiful Back Yard with Pool, Hot Tub, Large Covered Patio and Concrete Decking. Wood Deck Patio Adjacent to Pool with Sliding Glass Door Enters a Bedroom. Central Air Condition and Forced Air Heating. Lots of Storage Space. Newer Composition Roof. All of this on a Fine Cul-De-Sac. Walking Distance to Rowland Elementary School. Easy access to Freeway and West Covina Shopping Center.

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: 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
Rowland Avenue Elementary School Primary Regular 525 22 8
Traweek Middle School Middle Regular 849 33 5
Covina High School High Regular 1,337 52 6

Rowland Avenue Elementary School

  • Education Level: Primary
  • # of students: 525
  • # of teachers: 22
8
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
 

$629,100$768,900$699,000

PURCHASE PRICE

$2,331$2,849$2,590

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,590
EXPENSES Loan Payment -$2,428
Property Tax -$737
Property Insurance -$66
Property Management Fees -$127
CASH FLOW
-$767

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.

$699,000

PROJECTED PRICE

$2,590

PROJECTED RENT

0.37%

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$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530-$15k-$10k-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$190,985

INVESTMENT

$190,985

Down Payment
$174,750
Rehab Estimate
$5,750
Closing Costs
$10,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,428

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $174,750
Loan Amount $524,250
See What Happens When You Reinvest Cash Flow

1

YEARS SAVED

$2,915

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,590

    LIST RENT
  • $1.62

    LIST RENT PER SQFT
  • $2,624

    COMP ESTIMATED VALUE
  • $1.64

    COMP AVG. RENT PER SQFT
Comps Range
$2,550
1$2,5502$2,5903$2,7504$2,8005$2,900
$2,900
RENT COMPS ANALYSIS
  • 1348 E Loma Vista Street West Covina, CA 2
    • 3 beds 1 baths ∙ 1,600 Sqft ∙ Built 1954 3 beds 1 baths ∙ 1,600 Sqft ∙ Built 1954
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,590
    • $1.62
    •  
  • 1618 E Shamwood Street West Covina, CA 1
    • 3 beds 2 baths ∙ 1,577 Sqft ∙ Built 1951 3 beds 2 baths ∙ 1,577 Sqft ∙ Built 1951
    property image
    LEASED 01/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.62
    •  
  • 227 N Hartley Street West Covina, CA 3
    • 3 beds 2 baths ∙ 1,723 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,723 Sqft ∙ Built 1954
    property image
    LEASED 10/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.60
    •  
  • 441 N Osborn Avenue West Covina, CA 4
    • 4 beds 2 baths ∙ 1,734 Sqft ∙ Built 1953 4 beds 2 baths ∙ 1,734 Sqft ∙ Built 1953
    property image
    LEASED 09/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.61
    •  
  • 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
    property image
    LEASED 09/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.73
    •  
PROPERTY LISTING DETAILS
Fred Salas
Berkshire Hathaway Homeservice
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PW21009910
Last Updated: 01/16/2021
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