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1706 E Mardina Street West Covina, CA 91791

3 Beds 2 Baths 1,130 sqft Built 1951

$590,000

List Price

$2,320

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
March 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1951
  • Price/Sqft : $522.12
  • 5 Days on Market
  • MLS # : CV21062132
  • Updated Date : 03/25/2021 at 05:14
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,130 sqft
  • Baths : 2 full
Listing Agent

Re/max Top Producers

Listing Agent's Description

Beautiful well kept property in desirable area of West Covina. Convenient located close to shopping centers, restaurants and the 10 freeway. The formal entry leads to a spacious living room. The kitchen has granite counter tops. This beauty is perfect for entertaining your friends and family. The large patio and backyard are perfect for outdoor living or just relaxing after a long day. HURRY, THIS WON'T LAST!! Beware of dogs in the back yard.

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: Freeway Corridor

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $178k622k

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

Neighborhood: Freeway Corridor

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21600180020002200240026002800Rent in $14672941

* 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
Rowland Avenue Elementary School Primary Regular 525 22 8
Traweek Middle School Middle Regular 849 33 5
Covina High School High Regular 1,337 52 6

Rowland Avenue Elementary School

  • Education Level: Primary
  • # of students: 525
  • # of teachers: 22
8
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
 

$531,000$649,000$590,000

PURCHASE PRICE

$2,088$2,552$2,320

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,320
EXPENSES Loan Payment -$2,049
Property Tax -$622
Property Insurance -$54
Property Management Fees -$114
CASH FLOW
-$519

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.

$590,000

PROJECTED PRICE

$2,320

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.48%
Appreciation Year (1-5) 7.3%
Maintenance Year (1-5) 8.00%
Vacancy 4.69%
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$162,100

INVESTMENT

$162,100

Down Payment
$147,500
Rehab Estimate
$5,750
Closing Costs
$8,850

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,049

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $147,500
Loan Amount $442,500
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$6,499

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,320

    LIST RENT
  • $2.05

    LIST RENT PER SQFT
  • $2,019

    COMP ESTIMATED VALUE
  • $1.79

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,3203$2,4004$2,600
$2,600
RENT COMPS ANALYSIS
  • 1706 E Mardina Street West Covina, CA 2
    • 3 beds 2 baths ∙ 1,130 Sqft ∙ Built 1951 3 beds 2 baths ∙ 1,130 Sqft ∙ Built 1951
    • Rent
    • Rent Per SQFT
    •  
    • $2,320
    • $2.05
    •  
  • 711 S Vanderwell Avenue West Covina, CA 1
    • 3 beds 1 baths ∙ 1,309 Sqft ∙ Built 1952 3 beds 1 baths ∙ 1,309 Sqft ∙ Built 1952
    LEASED 12/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.76
    •  
  • 1041 E Merced Avenue West Covina, CA 3
    • 3 beds 1 baths ∙ 1,362 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,362 Sqft ∙ Built 1953
    LEASED 02/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.76
    •  
  • 759 S Fircroft Avenue Covina, CA 4
    • 3 beds 1 baths ∙ 1,414 Sqft ∙ Built 1955 3 beds 1 baths ∙ 1,414 Sqft ∙ Built 1955
    LEASED 07/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.84
    •  
PROPERTY LISTING DETAILS
Joaquin Recio
Re/max Top Producers
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV21062132
Last Updated: 03/25/2021
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