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208 N Morris Avenue West Covina, CA 91790

3 Beds 2 Baths 1,323 sqft Built 1952

$574,900

List Price

$2,210

$2K - $2.4K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1952
  • Price/Sqft : $434.54
  • 9 Days on Market
  • MLS # : CV20241476
  • Updated Date : 12/10/2020 at 14:48
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,323 sqft
  • Baths : 2 full
Listing Agent

Realty Masters & Associates

Listing Agent's Description

This is the home you've been waiting for!! Completely remodeled California Bungalow situated on an ideal corner lot; located in a great neighborhood! This Turn-Key home features gorgeous refinished hardwood floors, recessed lighting, stunning gourmet kitchen with coffee bar, newer central AC/Heating, and much, much more! Offering 3 good sized bedrooms, completely remodeled bathrooms with walk-in showers, and a large family room; this home is sure to tick all the boxes. Interior laundry room just off the kitchen, detached garage with personal AC unit, and an entertainers backyard with plenty of grass. Take advantage of the abundant amount of parking both in the driveway, garage, and additional gated RV parking area. You don't want to miss out on this home!!

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MARKET HIGHLIGHTS

  • 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)
  • 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]

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
Monte Vista Elementary School Primary Regular 563 25 6
Monte Vista Elementary School Middle Regular 563 25 6
Edgewood High School High Regular 831 33 7

Monte Vista Elementary School

  • Education Level: Primary
  • # of students: 563
  • # of teachers: 25
6
GreatSchools Rating

Monte Vista Elementary School

  • Education Level: Middle
  • # of students: 563
  • # of teachers: 25
6
GreatSchools Rating

Edgewood High School

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

$517,410$632,390$574,900

PURCHASE PRICE

$1,989$2,431$2,210

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,210
EXPENSES Loan Payment -$2,121
Property Tax -$589
Property Insurance -$59
Property Management Fees -$108
CASH FLOW
-$667

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.

$574,900

PROJECTED PRICE

$2,210

PROJECTED RENT

0.38%

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$158,099

INVESTMENT

$158,099

Down Payment
$143,725
Rehab Estimate
$5,750
Closing Costs
$8,624

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,121

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $143,725
Loan Amount $431,175
See What Happens When You Reinvest Cash Flow

1.08

YEARS SAVED

$3,103

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,210

    LIST RENT
  • $1.67

    LIST RENT PER SQFT
  • $2,213

    COMP ESTIMATED VALUE
  • $1.67

    COMP AVG. RENT PER SQFT
Comps Range
$2,210
1$2,2102$2,4003$2,5004$2,5805$2,700
$2,700
RENT COMPS ANALYSIS
  • 208 N Morris Avenue West Covina, CA 1
    • 3 beds 2 baths ∙ 1,323 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,323 Sqft ∙ Built 1952
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,210
    • $1.67
    •  
  • 1901 W Devers Street West Covina, CA 2
    • 3 beds 1 baths ∙ 1,402 Sqft ∙ Built 1960 3 beds 1 baths ∙ 1,402 Sqft ∙ Built 1960
    property image
    LEASED 09/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.71
    •  
  • 1120 S Shadydale Avenue West Covina, CA 3
    • 3 beds 2 baths ∙ 1,511 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,511 Sqft ∙ Built 1955
    property image
    LEASED 10/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.65
    •  
  • 14835 Clydewood Street Baldwin Park, CA 4
    • 3 beds 2 baths ∙ 1,529 Sqft ∙ Built 1949 3 beds 2 baths ∙ 1,529 Sqft ∙ Built 1949
    property image
    LEASED 08/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,580
    • $1.69
    •  
  • 225 N Broadmoor Avenue West Covina, CA 5
    • 3 beds 1 baths ∙ 1,642 Sqft ∙ Built 1952 3 beds 1 baths ∙ 1,642 Sqft ∙ Built 1952
    property image
    LEASED 10/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.64
    •  
PROPERTY LISTING DETAILS
Aaron Stel
Realty Masters & Associates
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20241476
Last Updated: 12/10/2020
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