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17061 E Fredkin Drive Covina, CA 91722

4 Beds 2 Baths 1,697 sqft Built 1955

$725,000

List Price

$3,130

$2.9K - $3.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1955
  • Price/Sqft : $427.22
  • 4 Days on Market
  • MLS # : 532760
  • Updated Date : 03/05/2021 at 11:13
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,697 sqft
  • Baths : 2 full
Listing Agent

Ggm Real Estate

Listing Agent's Description

Turn key, remodeled home. 4 bedroom 2 bath. Spacious backyard. No expense spared with the updates. Paid off solar. As you step through the front door, a custom iron door brings you into the main living space with real hardwood flooring. The kitchen has all modern updates with new cabinets, countertops and custom shutters. Both bathrooms have been updated with tile and new vanities. All bedrooms have newer carpet and paint. The garage floor has epoxy to keep your garage looking new and a brand new insulated garage door. In the back there is a custom pergola and an Alumawood patio cover for parties or family gathering. This one really is move in ready. Association Amenities: None # of RV Spaces: 0 Special Features: BN,NONE Lot Location Type: Standard Location Landscaping: Sprinklers Special Features: Garage Door Opener # of Attached Spaces: 2 # of Detached Spaces: 0

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)
  • 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
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
 

$652,500$797,500$725,000

PURCHASE PRICE

$2,817$3,443$3,130

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,130
EXPENSES Loan Payment -$2,518
Property Tax -$787
Property Insurance -$68
Property Management Fees -$153
CASH FLOW
-$397

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.

$725,000

PROJECTED PRICE

$3,130

PROJECTED RENT

0.43%

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$500k$1.0M$1.5M$2.0M$2.5M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k$20k$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$197,875

INVESTMENT

$197,875

Down Payment
$181,250
Rehab Estimate
$5,750
Closing Costs
$10,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$2,518

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $181,250
Loan Amount $543,750
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$21,402

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,130

    LIST RENT
  • $1.84

    LIST RENT PER SQFT
  • $2,787

    COMP ESTIMATED VALUE
  • $1.64

    COMP AVG. RENT PER SQFT
Comps Range
$2,400
1$2,4002$2,6003$2,8004$2,9005$3,130
$3,130
RENT COMPS ANALYSIS
  • 17061 E Fredkin Drive Covina, CA 5
    • 4 beds 2 baths ∙ 1,697 Sqft ∙ Built 1955 4 beds 2 baths ∙ 1,697 Sqft ∙ Built 1955
    • Rent
    • Rent Per SQFT
    •  
    • $3,130
    • $1.84
    •  
  • 724 N Elspeth Way Covina, CA 1
    • 3 beds 2 baths ∙ 1,490 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,490 Sqft ∙ Built 1953
    LEASED 09/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.61
    •  
  • 578 N Houser Covina, CA 2
    • 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
    •  
  • 4108 N Ellen Drive Covina, CA 3
    • 3 beds 2 baths ∙ 1,741 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,741 Sqft ∙ Built 1954
    LEASED 11/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.61
    •  
  • 308 S Armel Drive Covina, CA 4
    • 3 beds 3 baths ∙ 1,679 Sqft ∙ Built 1954 3 beds 3 baths ∙ 1,679 Sqft ∙ Built 1954
    LEASED 09/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.73
    •  
PROPERTY LISTING DETAILS
Michael Snyder
Ggm Real Estate
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 532760
Last Updated: 03/05/2021
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