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1608 Aspen Village Way West Covina, CA 91791

3 Beds 3 Baths 1,652 sqft Built 1974

$518,888

List Price

$2,460

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1974
  • Price/Sqft : $314.10
  • 75 Days on Market
  • MLS # : TR20170498
  • Updated Date : 10/30/2020 at 19:33
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,652 sqft
  • Baths : 2 full , 1 half
Listing Agent

Era Prime Properties

Listing Agent's Description

PRICED REDUCED!!! Seller is motivated!!! Wonderful home located in the much desirable Aspen Village complex in West Covina. This end unit was recently remodeled with newer laminate flooring, newer carpet, quartz counter tops in the kitchen and bathrooms. The kitchen also has new stove, microwave, dishwasher and stainless steel sink. The home has been freshly painted inside. Recessed lighting has been installed throughout most of the home. The living room also has a cathedral style ceiling with a sliding door which offers a view and access to the walking trail and bubbling creek behind the home. The living room also features a gas fireplace. Besides the 3 bedrooms upstairs, downstairs has an office/den room and an indoor laundry room. The upgrades and remodeling improvements are too many to list and must be seen to be fully appreciated. Some include the new air conditioning unit, the new furnace and the new water heater. The 2 car garage, although separate, is located almost directly across from the front door. The community has a swimming pool and spa, and a wonderful club house for a variety of activities. There are also walking trails and bubbling brooks with mini waterfalls throughout the community. After seeing the home it is worth it to take a walk around the community to see all the flora as well. It may feel like taking a relaxing walk through a quiet forest.

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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: Azusa-Cameron

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600k650k700k750k800k850kPrice in $184k856k

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

Neighborhood: Azusa-Cameron

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q216001800200022002400260028003000320034003600Rent in $15053697

* 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
 

$466,999$570,777$518,888

PURCHASE PRICE

$2,214$2,706$2,460

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,460
EXPENSES Loan Payment -$1,914
Property Tax -$532
Property Insurance -$67
HOA -$495
Property Management Fees -$121
CASH FLOW
-$669

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.

$518,888

PROJECTED PRICE

$2,460

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.56%
Appreciation Year (1-5) 5.5%
Maintenance Year (1-5) 8.00%
Vacancy 5.05%
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

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$143,255

INVESTMENT

$143,255

Down Payment
$129,722
Rehab Estimate
$5,750
Closing Costs
$7,783

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,914

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $129,722
Loan Amount $389,166
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$590

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,460

    LIST RENT
  • $1.49

    LIST RENT PER SQFT
  • $2,627

    COMP ESTIMATED VALUE
  • $1.59

    COMP AVG. RENT PER SQFT
Comps Range
$2,350
1$2,3502$2,4603$2,5504$2,7005$2,800
$2,800
RENT COMPS ANALYSIS
  • 1608 Aspen Village Way West Covina, CA 2
    • 3 beds 3 baths ∙ 1,652 Sqft ∙ Built 1974 3 beds 3 baths ∙ 1,652 Sqft ∙ Built 1974
    • Rent
    • Rent Per SQFT
    •  
    • $2,460
    • $1.49
    •  
  • 1900 Jasmine Circle West Covina, CA 1
    • 4 beds 3 baths ∙ 1,543 Sqft ∙ Built 1992 4 beds 3 baths ∙ 1,543 Sqft ∙ Built 1992
    LEASED 02/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.52
    •  
  • 2148 Cameron Avenue E West Covina, CA 3
    • 3 beds 1 baths ∙ 1,609 Sqft ∙ Built 1963 3 beds 1 baths ∙ 1,609 Sqft ∙ Built 1963
    LEASED 09/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.58
    •  
  • 802 S Hollenbeck Street West Covina, CA 4
    • 3 beds 2 baths ∙ 1,649 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,649 Sqft ∙ Built 1977
    LEASED 02/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.64
    •  
  • 1034 S Hillward Avenue West Covina, CA 5
    • 3 beds 1 baths ∙ 1,733 Sqft ∙ Built 1957 3 beds 1 baths ∙ 1,733 Sqft ∙ Built 1957
    LEASED 10/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.62
    •  
PROPERTY LISTING DETAILS
Hemang Mehta
Era Prime Properties
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: TR20170498
Last Updated: 10/30/2020
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