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1513 E Grovecenter Street Covina, CA 91724

3 Beds 2 Baths 1,753 sqft Built 1957

$675,000

List Price

$2,560

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 21, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1957
  • Price/Sqft : $385.05
  • 2 Days on Market
  • MLS # : CV20261615
  • Updated Date : 02/20/2021 at 15:43
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,753 sqft
  • Baths : 2 full
Listing Agent

In Home Realty

Listing Agent's Description

Great buy in the City Of Covina, Look no more!! This great quiet family friendly neighborhood is centrally located near grocery stores, shopping, dining, recreational parks, the foothills and in the Prestige Charter Oak School District. Dive into the pool during those hot summer days. As you walk in this cozy home an open living room that leads into a formal dining room. With a little update and TLC this home will be ready for your family.. Schedule your viewing fast as this one wont last....it is ready for a new family to come in and call it a home.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)
  • 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]
  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 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)

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
Royal Oak Middle School Middle Regular 720 30 6
Charter Oak High School High Regular 1,735 61 6

Royal Oak Middle School

  • Education Level: Middle
  • # of students: 720
  • # of teachers: 30
6
GreatSchools Rating

Charter Oak High School

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

$607,500$742,500$675,000

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 -$2,345
Property Tax -$681
Property Insurance -$69
Property Management Fees -$125
CASH FLOW
-$660

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.

$675,000

PROJECTED PRICE

$2,560

PROJECTED RENT

0.38%

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$184,625

INVESTMENT

$184,625

Down Payment
$168,750
Rehab Estimate
$5,750
Closing Costs
$10,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,345

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $168,750
Loan Amount $506,250
See What Happens When You Reinvest Cash Flow

1.42

YEARS SAVED

$5,123

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
  • $1.46

    LIST RENT PER SQFT
  • $2,792

    COMP ESTIMATED VALUE
  • $1.59

    COMP AVG. RENT PER SQFT
Comps Range
$2,560
1$2,5602$2,8003$2,9954$2,9955$3,150
$3,150
RENT COMPS ANALYSIS
  • 1513 E Grovecenter Street Covina, CA 1
    • 3 beds 2 baths ∙ 1,753 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,753 Sqft ∙ Built 1957
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,560
    • $1.46
    •  
  • 1809 E Sachs Place Covina, CA 2
    • 4 beds 2 baths ∙ 1,778 Sqft ∙ Built 1957 4 beds 2 baths ∙ 1,778 Sqft ∙ Built 1957
    property image
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.57
    •  
  • 210 N Rimhurst Avenue Covina, CA 3
    • 4 beds 2 baths ∙ 1,890 Sqft ∙ Built 1972 4 beds 2 baths ∙ 1,890 Sqft ∙ Built 1972
    property image
    LEASED 10/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $1.58
    •  
  • 20244 E Covina Hills Road Covina, CA 4
    • 4 beds 2 baths ∙ 1,808 Sqft ∙ Built 1954 4 beds 2 baths ∙ 1,808 Sqft ∙ Built 1954
    property image
    LEASED 05/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $1.66
    •  
  • 1309 Paseo Valle Covina, CA 5
    • 3 beds 2 baths ∙ 2,018 Sqft ∙ Built 1975 3 beds 2 baths ∙ 2,018 Sqft ∙ Built 1975
    property image
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,150
    • $1.56
    •  
PROPERTY LISTING DETAILS
Gabriel Lopez
In Home Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20261615
Last Updated: 02/20/2021
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