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17029 E Coolfield Drive Covina, CA 91722

4 Beds 2 Baths 1,450 sqft Built 1955

$585,000

List Price

$2,380

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

January 03, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1955
  • Price/Sqft : $403.45
  • 2 Days on Market
  • MLS # : MB20264003
  • Updated Date : 01/02/2021 at 16:30
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,450 sqft
  • Baths : 2 full
Listing Agent

United Brokers Realty

Listing Agent's Description

Gorgeous home in the beautiful city of Covina, conveniently located in between the 10 and 210 freeways. This 4 bedroom 2 bath features a nice size front yard with plenty of parking space. This home is located close to schools, shopping and transportation.

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: 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
Lark Ellen Elementary School Primary Regular 411 17 NA
Las Palmas Middle School Middle Regular 870 35 4
Northview High School High Regular 1,346 54 6

Lark Ellen Elementary School

  • Education Level: Primary
  • # of students: 411
  • # of teachers: 17
NA
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
 

$526,500$643,500$585,000

PURCHASE PRICE

$2,142$2,618$2,380

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,380
EXPENSES Loan Payment -$2,158
Property Tax -$635
Property Insurance -$62
Property Management Fees -$117
CASH FLOW
-$592

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.

$585,000

PROJECTED PRICE

$2,380

PROJECTED RENT

0.41%

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$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$160,775

INVESTMENT

$160,775

Down Payment
$146,250
Rehab Estimate
$5,750
Closing Costs
$8,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,158

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $146,250
Loan Amount $438,750
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$5,791

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,380

    LIST RENT
  • $1.64

    LIST RENT PER SQFT
  • $2,581

    COMP ESTIMATED VALUE
  • $1.78

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,3803$2,5504$2,5505$2,600
$2,600
RENT COMPS ANALYSIS
  • 17029 E Coolfield Drive Covina, CA 2
    • 4 beds 2 baths ∙ 1,450 Sqft ∙ Built 1955 4 beds 2 baths ∙ 1,450 Sqft ∙ Built 1955
    • Rent
    • Rent Per SQFT
    •  
    • $2,380
    • $1.64
    •  
  • 16631 E Masline Street Covina, CA 1
    • 3 beds 1 baths ∙ 1,300 Sqft ∙ Built 1955 3 beds 1 baths ∙ 1,300 Sqft ∙ Built 1955
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.77
    •  
  • 1150 W Queenside Drive Covina, CA 3
    • 3 beds 3 baths ∙ 1,332 Sqft ∙ Built 1957 3 beds 3 baths ∙ 1,332 Sqft ∙ Built 1957
    LEASED 02/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.91
    •  
  • 4937 N Clydebank Avenue Covina, CA 4
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1955
    LEASED 08/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $1.82
    •  
  • 578 N Houser Covina, CA 5
    • 3 beds 1 baths ∙ 1,609 Sqft ∙ Built 1957 3 beds 1 baths ∙ 1,609 Sqft ∙ Built 1957
    LEASED 02/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.62
    •  
PROPERTY LISTING DETAILS
Jesus Diaz
United Brokers Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: MB20264003
Last Updated: 01/02/2021
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