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16636 E Benwood Street Covina, CA 91722

3 Beds 1 Baths 936 sqft Built 1953

$515,000

List Price

$2,010

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1953
  • Price/Sqft : $550.21
  • 9 Days on Market
  • MLS # : CV20256579
  • Updated Date : 12/18/2020 at 20:40
CONSTRUCTION
  • Beds : 3
  • Floor Size : 936 sqft
  • Baths : 1 full
Listing Agent

Royal Homes & Loans

Listing Agent's Description

This house is great for the first time home buyer! The kitchen and bathroom have been updated and there is new vinyl flooring in the living area and tile in the kitchen and bath. There is a large enclosed patio room off the kitchen and living room that is not part of the square footage. The buyer will have to satisfy themselves for permits. The new cement driveway leads to a detached garage which is perfect for you to create additional living space. The outside needs a lot of TLC. With a good offer the owner is willing to paint the exterior of the house and the buyer can choose their own color scheme. The landscaping will have to be your project!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$463,500$566,500$515,000

PURCHASE PRICE

$1,809$2,211$2,010

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,010
EXPENSES Loan Payment -$1,900
Property Tax -$564
Property Insurance -$50
Property Management Fees -$99
CASH FLOW
-$603

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.

$515,000

PROJECTED PRICE

$2,010

PROJECTED RENT

0.39%

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$142,225

INVESTMENT

$142,225

Down Payment
$128,750
Rehab Estimate
$5,750
Closing Costs
$7,725

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,900

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $128,750
Loan Amount $386,250
See What Happens When You Reinvest Cash Flow

1

YEARS SAVED

$2,513

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,010

    LIST RENT
  • $2.15

    LIST RENT PER SQFT
  • $1,685

    COMP ESTIMATED VALUE
  • $1.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,580
1$1,5802$2,0103$2,2004$2,250
$2,250
RENT COMPS ANALYSIS
  • 16636 E Benwood Street Covina, CA 2
    • 3 beds 1 baths ∙ 936 Sqft ∙ Built 1953 3 beds 1 baths ∙ 936 Sqft ∙ Built 1953
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,010
    • $2.15
    •  
  • 5158 N Burwood Avenue Covina, CA 1
    • 4 beds 2 baths ∙ 1,065 Sqft ∙ Built 1955 4 beds 2 baths ∙ 1,065 Sqft ∙ Built 1955
    property image
    LEASED 03/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,580
    • $1.48
    •  
  • 16802 E Groverdale Street Covina, CA 3
    • 3 beds 1 baths ∙ 1,080 Sqft ∙ Built 1954 3 beds 1 baths ∙ 1,080 Sqft ∙ Built 1954
    property image
    LEASED 10/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $2.04
    •  
  • 15047 Chetney Drive Baldwin Park, CA 4
    • 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,200 Sqft ∙ Built 1950
    property image
    LEASED 07/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.88
    •  
PROPERTY LISTING DETAILS
Donna Dance
Royal Homes & Loans
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20256579
Last Updated: 12/18/2020
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