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16109 E Queenside Drive Covina, CA 91722

3 Beds 2 Baths 1,148 sqft Built 1954

$400,000

List Price

$2,250

$2K - $2.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1954
  • Price/Sqft : $348.43
  • 5 Days on Market
  • MLS # : IV21044162
  • Updated Date : 03/05/2021 at 18:56
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,148 sqft
  • Baths : 2 full
Listing Agent

The Western Group Real Estate

Listing Agent's Description

3 bedroom 2 bath home with two car attached garage. Great Covina location. Very desirable area. Close to shopping , restaurants , schools and freeway access. Major repairs are needed throughout. This could be a real gem when rehabbed. This property must be sold for all cash due to its condition. No loans may be placed against the property prior to close of escrow. All cash funds to be verified. No Hard money loans accepted.

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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)
  • 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]
  • 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)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (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 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: 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
Merwin Elementary School Primary Regular 417 18 6
Las Palmas Middle School Middle Regular 870 35 4
Northview High School High Regular 1,346 54 6

Merwin Elementary School

  • Education Level: Primary
  • # of students: 417
  • # of teachers: 18
6
GreatSchools Rating

Las Palmas Middle School

  • Education Level: Middle
  • # of students: 870
  • # of teachers: 35
4
GreatSchools Rating

Northview High School

  • Education Level: High
  • # of students: 1,346
  • # of teachers: 54
6
GreatSchools Rating
 

$360,000$440,000$400,000

PURCHASE PRICE

$2,025$2,475$2,250

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,250
EXPENSES Loan Payment -$1,389
Property Tax -$438
Property Insurance -$55
Property Management Fees -$110
CASH FLOW
$257

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.

$400,000

PROJECTED PRICE

$2,250

PROJECTED RENT

0.56%

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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$111,750

INVESTMENT

$111,750

Down Payment
$100,000
Rehab Estimate
$5,750
Closing Costs
$6,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,389

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $100,000
Loan Amount $300,000
See What Happens When You Reinvest Cash Flow

10.08

YEARS SAVED

$58,378

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,250

    LIST RENT
  • $1.96

    LIST RENT PER SQFT
  • $2,239

    COMP ESTIMATED VALUE
  • $1.95

    COMP AVG. RENT PER SQFT
Comps Range
$2,250
1$2,2502$2,3003$2,6504$2,8005$2,950
$2,950
RENT COMPS ANALYSIS
  • 16109 E Queenside Drive Covina, CA 1
    • 3 beds 2 baths ∙ 1,148 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,148 Sqft ∙ Built 1954
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.96
    •  
  • 16631 E Masline Street Covina, CA 2
    • 3 beds 1 baths ∙ 1,300 Sqft ∙ Built 1955 3 beds 1 baths ∙ 1,300 Sqft ∙ Built 1955
    property image
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.77
    •  
  • 1209 E Elgenia Avenue West Covina, CA 3
    • 3 beds 2 baths ∙ 1,343 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,343 Sqft ∙ Built 1955
    property image
    LEASED 01/13/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.97
    •  
  • 4126 N Walnuthaven Drive Covina, CA 4
    • 3 beds 2 baths ∙ 1,386 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,386 Sqft ∙ Built 1954
    property image
    LEASED 06/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $2.02
    •  
  • 1308 E Carlton Avenue West Covina, CA 5
    • 3 beds 2 baths ∙ 1,444 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,444 Sqft ∙ Built 1959
    property image
    LEASED 06/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $2.04
    •  
PROPERTY LISTING DETAILS
Craig Finlayson
The Western Group Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: IV21044162
Last Updated: 03/05/2021
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