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1464 N Fairvalley Avenue Covina, CA 91722

3 Beds 1 Baths 1,404 sqft Built 1951

$605,000

List Price

$2,560

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1951
  • Price/Sqft : $430.91
  • 11 Days on Market
  • MLS # : DW21024167
  • Updated Date : 02/12/2021 at 14:33
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,404 sqft
  • Baths : 1 full
Listing Agent

Corcoran Global Living

Listing Agent's Description

Nice family home very centrally located. Close proximity to 210 and 10 Freeways. Nice long drive way,long enough for RV parking,which leads to a 2 car detached garage. It features Central air conditioning, plus a nice brick fireplace in the living room. In ground pool and spa. One of the bedrooms does not have a closet.Assesor show it as a 3 bedroom 1.75 bath home. Buyers to do their do diligence. Ready for a quick escrow.

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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: 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
Ben Lomond Elementary School Primary Regular 467 17 5
Las Palmas Middle School Middle Regular 870 35 4
Northview High School High Regular 1,346 54 6

Ben Lomond Elementary School

  • Education Level: Primary
  • # of students: 467
  • # of teachers: 17
5
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
 

$544,500$665,500$605,000

PURCHASE PRICE

$2,304$2,816$2,560

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,560
EXPENSES Loan Payment -$2,101
Property Tax -$654
Property Insurance -$61
Property Management Fees -$125
CASH FLOW
-$381

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.

$605,000

PROJECTED PRICE

$2,560

PROJECTED RENT

0.42%

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$1.8M

PROJECTED ANNUAL CASH FLOW

11530-$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$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$166,075

INVESTMENT

$166,075

Down Payment
$151,250
Rehab Estimate
$5,750
Closing Costs
$9,075

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,101

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $151,250
Loan Amount $453,750
See What Happens When You Reinvest Cash Flow

3

YEARS SAVED

$14,528

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,560

    LIST RENT
  • $1.82

    LIST RENT PER SQFT
  • $2,569

    COMP ESTIMATED VALUE
  • $1.83

    COMP AVG. RENT PER SQFT
Comps Range
$2,350
1$2,3502$2,5603$2,6004$2,6005$2,800
$2,800
RENT COMPS ANALYSIS
  • 1464 N Fairvalley Avenue Covina, CA 2
    • 3 beds 1 baths ∙ 1,404 Sqft ∙ Built 1951 3 beds 1 baths ∙ 1,404 Sqft ∙ Built 1951
    • Rent
    • Rent Per SQFT
    •  
    • $2,560
    • $1.82
    •  
  • 18852 E Galatea Street Azusa, CA 1
    • 3 beds 2 baths ∙ 1,254 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,254 Sqft ∙ Built 1956
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.87
    •  
  • 1267 N Albertson Avenue Covina, CA 3
    • 3 beds 2 baths ∙ 1,424 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,424 Sqft ∙ Built 1955
    LEASED 02/05/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.83
    •  
  • 457 E Benwood Street Covina, CA 4
    • 3 beds 2 baths ∙ 1,514 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,514 Sqft ∙ Built 1955
    LEASED 08/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.72
    •  
  • 360 E Hurst Street Covina, CA 5
    • 3 beds 1 baths ∙ 1,470 Sqft ∙ Built 1955 3 beds 1 baths ∙ 1,470 Sqft ∙ Built 1955
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.90
    •  
PROPERTY LISTING DETAILS
Santos Venegas
Corcoran Global Living
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: DW21024167
Last Updated: 02/12/2021
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