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1523 E Rio Verde Drive West Covina, CA 91791

3 Beds 2 Baths 1,212 sqft Built 1953

$595,000

List Price

$2,410

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
January 02, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1953
  • Price/Sqft : $490.92
  • 3 Days on Market
  • MLS # : CV21000168
  • Updated Date : 01/01/2021 at 18:55
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,212 sqft
  • Baths : 2 full
Listing Agent

Kw Vision

Listing Agent's Description

Pull up to this beautifully maintained 1953 home, with charming curb appeal. Walk into the open floor plan, to be stunned by the beauty of the wood beamed ceilings, and large floor to ceiling picture windows, lending ample light, and the interior just being painted throughout. A great benefit of this home, is the added family room off the main living area that also offers a 3/4 updated bathroom. The kitchen has been updated, and has a brand new stainless steel dishwasher and stove, and plenty of storage space. The private hallway to the bedrooms, has a door to separate the living space from the bedroom area, each room filled with character, and windows. Windows have been updated and have a hidden screen feature. The full bathroom was recently updated and services the three bedrooms with direct access from the hallway. The back yard is large and great for entertaining. The back fence was recently painted, along with the eves and trim around the exterior of the house. Backyard also has fruit trees, and a beautiful covered patio, this home has been well cared for and is ready for its next owners! Extra updated features are a newer roof, updated electrical panel, two new water heaters, and the dry walled garage! Don’t miss it, this home won’t last.

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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Walnut Creek

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $178k622k

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

Neighborhood: Walnut Creek

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21600180020002200240026002800Rent in $14642941

* 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
Cameron Elementary School Primary Regular 481 20 5
Hollencrest Middle School Middle Regular 774 30 7
Edgewood High School High Regular 831 33 7

Cameron Elementary School

  • Education Level: Primary
  • # of students: 481
  • # of teachers: 20
5
GreatSchools Rating

Hollencrest Middle School

  • Education Level: Middle
  • # of students: 774
  • # of teachers: 30
7
GreatSchools Rating

Edgewood High School

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

$535,500$654,500$595,000

PURCHASE PRICE

$2,169$2,651$2,410

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,410
EXPENSES Loan Payment -$2,195
Property Tax -$610
Property Insurance -$56
Property Management Fees -$118
CASH FLOW
-$569

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.

$595,000

PROJECTED PRICE

$2,410

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.48%
Appreciation Year (1-5) 7.8%
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-$10k-$5.0k$0.0$5.0k$10k$15k

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$163,425

INVESTMENT

$163,425

Down Payment
$148,750
Rehab Estimate
$5,750
Closing Costs
$8,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,195

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $148,750
Loan Amount $446,250
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$7,638

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,410

    LIST RENT
  • $1.99

    LIST RENT PER SQFT
  • $2,139

    COMP ESTIMATED VALUE
  • $1.77

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,4003$2,4104$2,6005$2,600
$2,600
RENT COMPS ANALYSIS
  • 1523 E Rio Verde Drive West Covina, CA 3
    • 3 beds 2 baths ∙ 1,212 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,212 Sqft ∙ Built 1953
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,410
    • $1.99
    •  
  • 711 S Vanderwell Avenue West Covina, CA 1
    • 3 beds 1 baths ∙ 1,309 Sqft ∙ Built 1952 3 beds 1 baths ∙ 1,309 Sqft ∙ Built 1952
    property image
    LEASED 12/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.76
    •  
  • 1041 E Merced Avenue West Covina, CA 2
    • 3 beds 1 baths ∙ 1,362 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,362 Sqft ∙ Built 1953
    property image
    LEASED 02/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.76
    •  
  • 1037 S Valinda Avenue West Covina, CA 4
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1951 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1951
    property image
    LEASED 07/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.73
    •  
  • 411 S Cherrywood Street West Covina, CA 5
    • 3 beds 2 baths ∙ 1,438 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,438 Sqft ∙ Built 1953
    property image
    LEASED 09/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.81
    •  
PROPERTY LISTING DETAILS
Sarah Dykema
Kw Vision
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV21000168
Last Updated: 01/01/2021
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