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PROPERTY INFO
FACTS
- Single Family
- Built In 1971
- Price/Sqft : $385.55
- 5 Days on Market
- MLS # : TR20264422
- Updated Date : 01/02/2021 at 13:42
CONSTRUCTION
- Beds : 3
- Floor Size : 1,600 sqft
- Baths : 3 full
Listing Agent
Irn Realty
Listing Agent's Description
Wonderful West Covina property conveniently located within a few minutes drive to shopping and restaurants. This two story house features 4 bedrooms and 3.5 bathrooms with two car garage. Entering the front door, you are greeted by the living room and bonus room to be converted 4th bedroom with bath and shower. There is additional half bathroom next to the Laundry room with washer and dryer hookups also house's furnace and water heater. The kitchen is certainly inviting with wood cabinets, open dining-room, French sliding door, fireplace and open windows overviewing the backyard. Taking advantage of the large master bedroom with bath & shower, nice closets. The laminated wood flooring through the upstairs and second floor. The attached two garage features an extra garage door, giving direct access to the backyard carport for additional parking if need. It is customized storage in garage. it's centrally located to shopping, restaurant, schools, public transportation and freeways.
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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: Woodside
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Woodside
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $2,640 |
| EXPENSES | Loan Payment | -$2,276 |
| Property Tax | -$697 | |
| Property Insurance | -$66 | |
| HOA | -$25 | |
| Property Management Fees | -$129 | |
|
CASH FLOW
-$554
|
||
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.
$616,880
PROJECTED PRICE
$2,640
PROJECTED RENT
0.43%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 4.48% |
| Appreciation Year (1-5) | 6.0% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 4.69% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$169,223
LOAN DETAILS
$2,276
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $154,220 |
| Loan Amount | $462,660 |
2
YEARS SAVED
$9,333
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,640
LIST RENT -
$1.65
LIST RENT PER SQFT
-
$2,604
COMP ESTIMATED VALUE -
$1.63
COMP AVG. RENT PER SQFT
Comps Range
-
1961 Greenleaf Drive West Covina, CA 2
- 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 1971 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 1971
- Rent
- Rent Per SQFT
- $2,640
- $1.65
-
2612 Paseo Olivas West Covina, CA 1
- 3 beds 2 baths ∙ 1,502 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,502 Sqft ∙ Built 1978
LEASED 06/01/20- Rent
- Rent Per SQFT
- $2,350
- $1.56
-
2647 Evelyn Avenue West Covina, CA 3
- 3 beds 2 baths ∙ 1,683 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,683 Sqft ∙ Built 1976
LEASED 02/27/20- Rent
- Rent Per SQFT
- $2,650
- $1.57
-
2004 Delores Street West Covina, CA 4
- 3 beds 2 baths ∙ 1,683 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,683 Sqft ∙ Built 1976
LEASED 06/06/20- Rent
- Rent Per SQFT
- $2,800
- $1.66
-
2421 E Alicia Street West Covina, CA 5
- 3 beds 2 baths ∙ 1,683 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,683 Sqft ∙ Built 1977
LEASED 07/19/20- Rent
- Rent Per SQFT
- $2,900
- $1.72
PROPERTY LISTING DETAILS
Irn Realty
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: TR20264422
Last Updated: 01/02/2021
