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1511 S Sheffield Avenue West Covina, CA 91790

4 Beds 2 Baths 1,570 sqft Built 1958

$530,000

List Price

$2,670

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

January 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1958
  • Price/Sqft : $337.58
  • 4 Days on Market
  • MLS # : PV21003854
  • Updated Date : 01/07/2021 at 17:12
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,570 sqft
  • Baths : 2 full
Listing Agent

West Shores Realty, Inc.

Listing Agent's Description

Amazing opportunity to buy at an affordpable price in this highly sought after West Covina Neighborhood. The 4 bed 2 bath home sits on a wide and quiet street and boasts a large front yard and a lot size that is 8,826 square feet! The entrance opens to a large living room, dining area, large windows, sliding glass doors and open kitchen. The spacious Kitchen opens to the laundry room that includes washer and dryer hookups making multi-tasking chores a breeze. From there the living room opens to your large backyard including covered patio where you can host BBQ’s and get-togethers w/ friends and family. Cookouts and entertaining will be a cinch. Home hasn’t been on the market for many decades. Needs a little TLC and buyers with vision to bring it to 2021 standards but has great bones and floorplan. Calling all investors and handyman buyers looking to make this home their own. Come see for yourself before it flies off the market! SOLD AS-IS. Seller will not offer any repairs or credits.

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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: Valinda

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $153k622k

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

Neighborhood: Valinda

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $13962941

* 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
California Elementary School Primary Regular 408 18 5
California Elementary School Middle Regular 408 18 5
Edgewood High School High Regular 831 33 7

California Elementary School

  • Education Level: Primary
  • # of students: 408
  • # of teachers: 18
5
GreatSchools Rating

California Elementary School

  • Education Level: Middle
  • # of students: 408
  • # of teachers: 18
5
GreatSchools Rating

Edgewood High School

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

$477,000$583,000$530,000

PURCHASE PRICE

$2,403$2,937$2,670

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,670
EXPENSES Loan Payment -$1,841
Property Tax -$543
Property Insurance -$65
Property Management Fees -$131
CASH FLOW
$90

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$530,000

PROJECTED PRICE

$2,670

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 8.4%
Maintenance Year (1-5) 8.00%
Vacancy 4.14%
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$0.0$5.0k$10k$15k$20k$25k

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$146,200

INVESTMENT

$146,200

Down Payment
$132,500
Rehab Estimate
$5,750
Closing Costs
$7,950

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,841

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $132,500
Loan Amount $397,500
See What Happens When You Reinvest Cash Flow

7.5

YEARS SAVED

$51,217

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,670

    LIST RENT
  • $1.7

    LIST RENT PER SQFT
  • $2,626

    COMP ESTIMATED VALUE
  • $1.67

    COMP AVG. RENT PER SQFT
Comps Range
$2,400
1$2,4002$2,5003$2,6704$2,6755$2,700
$2,700
RENT COMPS ANALYSIS
  • 1511 S Sheffield Avenue West Covina, CA 3
    • 4 beds 2 baths ∙ 1,570 Sqft ∙ Built 1958 4 beds 2 baths ∙ 1,570 Sqft ∙ Built 1958
    • Rent
    • Rent Per SQFT
    •  
    • $2,670
    • $1.70
    •  
  • 1134 Molinar La Puente, CA 1
    • 4 beds 2 baths ∙ 1,533 Sqft ∙ Built 1955 4 beds 2 baths ∙ 1,533 Sqft ∙ Built 1955
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.57
    •  
  • 1817 W Doublegrove Street West Covina, CA 2
    • 3 beds 2 baths ∙ 1,512 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,512 Sqft ∙ Built 1955
    LEASED 01/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.65
    •  
  • 1327 W Randall Way West Covina, CA 4
    • 3 beds 2 baths ∙ 1,525 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,525 Sqft ∙ Built 1959
    LEASED 10/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,675
    • $1.75
    •  
  • 614 E Barbara Avenue West Covina, CA 5
    • 3 beds 2 baths ∙ 1,570 Sqft ∙ Built 1947 3 beds 2 baths ∙ 1,570 Sqft ∙ Built 1947
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.72
    •  
PROPERTY LISTING DETAILS
Richard Magana
West Shores Realty, Inc.
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PV21003854
Last Updated: 01/07/2021
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