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1358 E Fairgrove Avenue West Covina, CA 91792

3 Beds 2 Baths 1,250 sqft Built 1973

$489,000

List Price

$2,030

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1973
  • Price/Sqft : $391.20
  • 41 Days on Market
  • MLS # : TR20249588
  • Updated Date : 01/06/2021 at 15:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,250 sqft
  • Baths : 1 full , 1 half
Listing Agent

Homecoin.com

Listing Agent's Description

New New New!!! New Central Air Conditioner; New laminating Wood Flooring; New Interior Painting; Kitchen with new range/oven, new dishwasher, new cabinets, new counter tops, new tiles, new refrigerator (included); New windows with wooden shutters; New patio sliding door with new shade window; New/remodeled bathrooms with new sinks and new toilets; Laundry with new cabinets and washer & dryer (included); Bedrooms with new custom closets. Open Floor Plan, airy and bright. Close To All Amenities, Shopping, Restaurants etc. Most Sought after Woodside Townhomes Of West Covina. Go see this property, you will not be disappointed.

SEE MORE

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: Amar-Lark Ellen

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $159k622k

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

Neighborhood: Amar-Lark Ellen

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21600180020002200240026002800Rent in $14552941

* 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
Northam Elementary School Primary Regular 520 23 4
Northam Elementary School Middle Regular 520 23 4
Nogales High School High Regular 1,959 84 5

Northam Elementary School

  • Education Level: Primary
  • # of students: 520
  • # of teachers: 23
4
GreatSchools Rating

Northam Elementary School

  • Education Level: Middle
  • # of students: 520
  • # of teachers: 23
4
GreatSchools Rating

Nogales High School

  • Education Level: High
  • # of students: 1,959
  • # of teachers: 84
5
GreatSchools Rating
 

$440,100$537,900$489,000

PURCHASE PRICE

$1,827$2,233$2,030

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,030
EXPENSES Loan Payment -$1,698
Property Tax -$554
Property Insurance -$57
HOA -$266
Property Management Fees -$99
CASH FLOW
-$645

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.

$489,000

PROJECTED PRICE

$2,030

PROJECTED RENT

0.42%

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$200k$400k$600k$800k$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$12k-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$135,335

INVESTMENT

$135,335

Down Payment
$122,250
Rehab Estimate
$5,750
Closing Costs
$7,335

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,698

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $122,250
Loan Amount $366,750
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$196

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,030

    LIST RENT
  • $1.62

    LIST RENT PER SQFT
  • $2,072

    COMP ESTIMATED VALUE
  • $1.66

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,0303$2,0504$2,1005$2,345
$2,345
RENT COMPS ANALYSIS
  • 1358 E Fairgrove Avenue West Covina, CA 2
    • 3 beds 2 baths ∙ 1,250 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,250 Sqft ∙ Built 1973
    • Rent
    • Rent Per SQFT
    •  
    • $2,030
    • $1.62
    •  
  • 1310 Peppertree Circle West Covina, CA 1
    • 3 beds 2 baths ∙ 1,152 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,152 Sqft ∙ Built 1972
    LEASED 09/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.74
    •  
  • 1322 E Fairgrove Avenue West Covina, CA 3
    • 3 beds 2 baths ∙ 1,250 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,250 Sqft ∙ Built 1973
    LEASED 01/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $1.64
    •  
  • 1690 Bridgeport West Covina, CA 4
    • 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1984 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1984
    LEASED 05/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.56
    •  
  • 1747 Bridgeport West Covina, CA 5
    • 3 beds 3 baths ∙ 1,389 Sqft ∙ Built 1986 3 beds 3 baths ∙ 1,389 Sqft ∙ Built 1986
    LEASED 06/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,345
    • $1.69
    •  
PROPERTY LISTING DETAILS
Jonathan Minerick
Homecoin.com
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: TR20249588
Last Updated: 01/06/2021
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