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2051 E Idahome Street West Covina, CA 91791

3 Beds 1 Baths 1,288 sqft Built 1954

$568,800

List Price

$2,230

$2K - $2.5K

Rent Est.

PROPERTY INFO

November 18, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1954
  • Price/Sqft : $441.61
  • 5 Days on Market
  • MLS # : CV20242505
  • Updated Date : 11/18/2020 at 14:46
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,288 sqft
  • Baths : 1 full
Listing Agent

Exp Realty Of California Inc

Listing Agent's Description

Welcome Home to Your Cute Cottage Home in West Covina! Features Include: 3 Bedrooms, 2 Bathrooms, Original Hardwood Flooring in Living Room/Dining/Hallway/Bedrooms, Re-Piped in 2001, Fireplace in Living Room, 50s Charm Kitchen, Forced Air Heating, Spacious Backyard Area, and Open Deck Patio Area. This home is ready for its new owner to create their own masterpiece. Ideally located within walking distance to the Eastland Shopping Center, Restaurants, Schools, Churches, and Public Parks. Easy Access to the 10-San Bernardino Freeway.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
Workman Avenue Elementary School Primary Regular 522 21 7
Traweek Middle School Middle Regular 849 33 5
Covina High School High Regular 1,337 52 6

Workman Avenue Elementary School

  • Education Level: Primary
  • # of students: 522
  • # of teachers: 21
7
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
 

$511,920$625,680$568,800

PURCHASE PRICE

$2,007$2,453$2,230

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,230
EXPENSES Loan Payment -$2,099
Property Tax -$600
Property Insurance -$58
Property Management Fees -$109
CASH FLOW
-$636

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.

$568,800

PROJECTED PRICE

$2,230

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

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$156,482

INVESTMENT

$156,482

Down Payment
$142,200
Rehab Estimate
$5,750
Closing Costs
$8,532

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,099

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $142,200
Loan Amount $426,600
See What Happens When You Reinvest Cash Flow

1.25

YEARS SAVED

$3,738

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,230

    LIST RENT
  • $1.73

    LIST RENT PER SQFT
  • $2,299

    COMP ESTIMATED VALUE
  • $1.79

    COMP AVG. RENT PER SQFT
Comps Range
$2,230
1$2,2302$2,4003$2,5004$2,5005$2,600
$2,600
RENT COMPS ANALYSIS
  • 2051 E Idahome Street West Covina, CA 1
    • 3 beds 1 baths ∙ 1,288 Sqft ∙ Built 1954 3 beds 1 baths ∙ 1,288 Sqft ∙ Built 1954
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,230
    • $1.73
    •  
  • 523 S Aldenville Avenue Covina, CA 2
    • 3 beds 1 baths ∙ 1,313 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,313 Sqft ∙ Built 1953
    property image
    LEASED 09/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.83
    •  
  • 405 W Dexter Street Covina, CA 3
    • 3 beds 1 baths ∙ 1,460 Sqft ∙ Built 1954 3 beds 1 baths ∙ 1,460 Sqft ∙ Built 1954
    property image
    LEASED 11/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.71
    •  
  • 725 N Neil Street West Covina, CA 4
    • 3 beds 2 baths ∙ 1,422 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,422 Sqft ∙ Built 1954
    property image
    LEASED 09/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.76
    •  
  • 759 S Fircroft Avenue Covina, CA 5
    • 3 beds 1 baths ∙ 1,414 Sqft ∙ Built 1955 3 beds 1 baths ∙ 1,414 Sqft ∙ Built 1955
    property image
    LEASED 07/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.84
    •  
PROPERTY LISTING DETAILS
Monica Campbell
Exp Realty Of California Inc
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20242505
Last Updated: 11/18/2020
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