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16029 E Elgenia Street Covina, CA 91722

3 Beds 2 Baths 1,933 sqft Built 1955

$740,000

List Price

$2,760

$2.5K - $3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 10, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1955
  • Price/Sqft : $382.82
  • 6 Days on Market
  • MLS # : IV21046908
  • Updated Date : 03/09/2021 at 18:22
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,933 sqft
  • Baths : 2 full
Listing Agent

Were Real Estate

Listing Agent's Description

Welcome to 16029 E Elgenia Street! Charming single-story Covina home JUST HIT THE MARKET! The home has been kept in excellent condition and really shows off the character of the home. Big open living room with fireplace. The kitchen has been renovated less then a month ago with a solid white Corian counter tops, custom cabinats and drawers, and a dining area with lots of natural light. This home has 3 great-sized bedrooms, 2 full, speciaus bathrooms, the garage has been converted into an extra family room/games room and laundry room. RV parking access, Backyard has a great view of the Azusa mountains with covered patio and storage shed! Close to grocery stores, restaurants, shopping centers, and schools!

SEE MORE

MARKET HIGHLIGHTS

  • 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.
  • 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]
  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Vincent

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $153k622k

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

Neighborhood: Vincent

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $13822941

* 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
Manzanita Elementary School Primary Regular 256 12 7
Traweek Middle School Middle Regular 849 33 5
Covina High School High Regular 1,337 52 6

Manzanita Elementary School

  • Education Level: Primary
  • # of students: 256
  • # of teachers: 12
7
GreatSchools Rating

Traweek Middle School

  • Education Level: Middle
  • # of students: 849
  • # of teachers: 33
5
GreatSchools Rating

Covina High School

  • Education Level: High
  • # of students: 1,337
  • # of teachers: 52
6
GreatSchools Rating
 

$666,000$814,000$740,000

PURCHASE PRICE

$2,484$3,036$2,760

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,760
EXPENSES Loan Payment -$2,570
Property Tax -$788
Property Insurance -$74
Property Management Fees -$135
CASH FLOW
-$807

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.

$740,000

PROJECTED PRICE

$2,760

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 8.5%
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-$15k-$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$201,850

INVESTMENT

$201,850

Down Payment
$185,000
Rehab Estimate
$5,750
Closing Costs
$11,100

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,570

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $185,000
Loan Amount $555,000
See What Happens When You Reinvest Cash Flow

1.08

YEARS SAVED

$3,192

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,760

    LIST RENT
  • $1.43

    LIST RENT PER SQFT
  • $3,001

    COMP ESTIMATED VALUE
  • $1.55

    COMP AVG. RENT PER SQFT
Comps Range
$2,600
1$2,6002$2,7603$2,8004$2,8005$2,800
$2,800
RENT COMPS ANALYSIS
  • 16029 E Elgenia Street Covina, CA 2
    • 3 beds 2 baths ∙ 1,933 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,933 Sqft ∙ Built 1955
    • Rent
    • Rent Per SQFT
    •  
    • $2,760
    • $1.43
    •  
  • 4136 N Foxdale Avenue Covina, CA 1
    • 3 beds 2 baths ∙ 1,813 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,813 Sqft ∙ Built 1950
    LEASED 10/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.43
    •  
  • 441 N Osborn Avenue West Covina, CA 3
    • 4 beds 2 baths ∙ 1,734 Sqft ∙ Built 1953 4 beds 2 baths ∙ 1,734 Sqft ∙ Built 1953
    LEASED 09/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.61
    •  
  • 4108 N Ellen Drive Covina, CA 4
    • 3 beds 2 baths ∙ 1,741 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,741 Sqft ∙ Built 1954
    LEASED 11/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.61
    •  
  • 1227 E Marbury Street West Covina, CA 5
    • 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 1954 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 1954
    LEASED 08/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.56
    •  
PROPERTY LISTING DETAILS
Alex Juarez
Were Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21046908
Last Updated: 03/09/2021
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