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21039 E Covina Boulevard Covina, CA 91724

3 Beds 2 Baths 1,750 sqft Built 1955

$695,000

List Price

$2,610

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 1955
  • Price/Sqft : $397.14
  • 6 Days on Market
  • MLS # : 20653562
  • Updated Date : 10/29/2020 at 22:54
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,750 sqft
  • Baths : 2 full
Listing Agent

Hbc Realty

Listing Agent's Description

First time on the market in 46 years! Lots of opportunity and possibilities on this expansive almost half acre corner lot. 3 bed 2 bath main house, attached bonus room with bath, and HUGE detached garage ready to be made into an ADU. Walking distance to schools and places of worship.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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: Charter Oak

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $182k622k

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

Neighborhood: Charter Oak

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21600180020002200240026002800Rent in $14162941

* 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
Glen Oak Elementary School Primary Regular 449 19 6
Glen Oak Elementary School Middle Regular 449 19 6
Charter Oak High School High Regular 1,735 61 6

Glen Oak Elementary School

  • Education Level: Primary
  • # of students: 449
  • # of teachers: 19
6
GreatSchools Rating

Glen Oak Elementary School

  • Education Level: Middle
  • # of students: 449
  • # of teachers: 19
6
GreatSchools Rating

Charter Oak High School

  • Education Level: High
  • # of students: 1,735
  • # of teachers: 61
6
GreatSchools Rating
 

$625,500$764,500$695,000

PURCHASE PRICE

$2,349$2,871$2,610

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,610
EXPENSES Loan Payment -$2,564
Property Tax -$726
Property Insurance -$69
Property Management Fees -$128
CASH FLOW
-$878

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.

$695,000

PROJECTED PRICE

$2,610

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.48%
Appreciation Year (1-5) 6.3%
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$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

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

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$189,925

INVESTMENT

$189,925

Down Payment
$173,750
Rehab Estimate
$5,750
Closing Costs
$10,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,564

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $173,750
Loan Amount $521,250
See What Happens When You Reinvest Cash Flow

0.58

YEARS SAVED

$1,827

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,610

    LIST RENT
  • $1.49

    LIST RENT PER SQFT
  • $2,774

    COMP ESTIMATED VALUE
  • $1.59

    COMP AVG. RENT PER SQFT
Comps Range
$2,610
1$2,6102$2,7003$2,8004$2,9005$3,150
$3,150
RENT COMPS ANALYSIS
  • 21039 E Covina Boulevard Covina, CA 1
    • 3 beds 2 baths ∙ 1,750 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,750 Sqft ∙ Built 1955
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,610
    • $1.49
    •  
  • 1630 Bonnie Cove Avenue Glendora, CA 2
    • 3 beds 2 baths ∙ 1,624 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,624 Sqft ∙ Built 1959
    property image
    LEASED 07/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.66
    •  
  • 1809 E Sachs Place Covina, CA 3
    • 4 beds 2 baths ∙ 1,778 Sqft ∙ Built 1957 4 beds 2 baths ∙ 1,778 Sqft ∙ Built 1957
    property image
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.57
    •  
  • 659 N Garsden Avenue Covina, CA 4
    • 4 beds 1 baths ∙ 1,866 Sqft ∙ Built 1957 4 beds 1 baths ∙ 1,866 Sqft ∙ Built 1957
    property image
    LEASED 07/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.55
    •  
  • 1309 Paseo Valle Covina, CA 5
    • 3 beds 2 baths ∙ 2,018 Sqft ∙ Built 1975 3 beds 2 baths ∙ 2,018 Sqft ∙ Built 1975
    property image
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,150
    • $1.56
    •  
PROPERTY LISTING DETAILS
Nima Fathi
Hbc Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 20653562
Last Updated: 10/29/2020
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