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1843 S Tonopah Avenue West Covina, CA 91790

3 Beds 2 Baths 1,473 sqft Built 1957

$624,900

List Price

$2,450

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
February 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1957
  • Price/Sqft : $424.24
  • 7 Days on Market
  • MLS # : PF21035419
  • Updated Date : 02/22/2021 at 15:38
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,473 sqft
  • Baths : 2 full
Listing Agent

Redfin Corporation

Listing Agent's Description

Welcome home to this 1950's charmer! Situated on over 9,000 square feet is this 3 bed, 2 bath home in a coveted neighborhood of West Covina. Featuring vaulted wood ceilings, fireplace, large family room which opens up to the kitchen and dining area, and a formal living room. Bedrooms are generously sized and share 2 hall baths. The sizeable backyard is perfect for outdoor activities or large gatherings. Near entertainment, dining, and shopping.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Sunset

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $172k622k

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

Neighborhood: Sunset

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21600180020002200240026002800Rent in $14442941

* 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
Edgewood Middle School Middle Regular 593 24 4
Edgewood High School High Regular 831 33 7
West Covina High School High Regular 2,426 97 7

Edgewood Middle School

  • Education Level: Middle
  • # of students: 593
  • # of teachers: 24
4
GreatSchools Rating

Edgewood High School

  • Education Level: High
  • # of students: 831
  • # of teachers: 33
7
GreatSchools Rating

West Covina High School

  • Education Level: High
  • # of students: 2,426
  • # of teachers: 97
7
GreatSchools Rating
 

$562,410$687,390$624,900

PURCHASE PRICE

$2,205$2,695$2,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,450
EXPENSES Loan Payment -$2,171
Property Tax -$640
Property Insurance -$63
Property Management Fees -$120
CASH FLOW
-$543

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.

$624,900

PROJECTED PRICE

$2,450

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.48%
Appreciation Year (1-5) 5.2%
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$171,349

INVESTMENT

$171,349

Down Payment
$156,225
Rehab Estimate
$5,750
Closing Costs
$9,374

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,171

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $156,225
Loan Amount $468,675
See What Happens When You Reinvest Cash Flow

1.75

YEARS SAVED

$7,236

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,450

    LIST RENT
  • $1.66

    LIST RENT PER SQFT
  • $2,464

    COMP ESTIMATED VALUE
  • $1.67

    COMP AVG. RENT PER SQFT
Comps Range
$2,450
1$2,4502$2,5003$2,6754$2,7005$2,800
$2,800
RENT COMPS ANALYSIS
  • 1843 S Tonopah Avenue West Covina, CA 1
    • 3 beds 2 baths ∙ 1,473 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,473 Sqft ∙ Built 1957
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.66
    •  
  • 1817 W Doublegrove Street West Covina, CA 2
    • 3 beds 2 baths ∙ 1,512 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,512 Sqft ∙ Built 1955
    property image
    LEASED 01/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.65
    •  
  • 1327 W Randall Way West Covina, CA 3
    • 3 beds 2 baths ∙ 1,525 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,525 Sqft ∙ Built 1959
    property image
    LEASED 10/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,675
    • $1.75
    •  
  • 721 Broadmoor Avenue La Puente, CA 4
    • 4 beds 3 baths ∙ 1,600 Sqft ∙ Built 1959 4 beds 3 baths ∙ 1,600 Sqft ∙ Built 1959
    property image
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.69
    •  
  • 1334 Ardilla Avenue La Puente, CA 5
    • 3 beds 2 baths ∙ 1,750 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,750 Sqft ∙ Built 1956
    property image
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.60
    •  
PROPERTY LISTING DETAILS
Charlene Hoang
Redfin Corporation
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PF21035419
Last Updated: 02/22/2021
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