Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

223 S Wilbur Avenue Covina, CA 91724

4 Beds 3 Baths 2,044 sqft Built 1963

$765,000

List Price

$2,900

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1963
  • Price/Sqft : $374.27
  • 11 Days on Market
  • MLS # : CV20228140
  • Updated Date : 11/05/2020 at 09:54
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,044 sqft
  • Baths : 3 full
Listing Agent

Compass

Listing Agent's Description

Turnkey COVINA home situated on a quiet cul-de-sac in the highly acclaimed Charter Oak area. As soon as you arrive, you’ll notice the tremendous curb appeal as palm trees welcome you into this inviting home. The dual pane windows throughout are flanked by decorative shutters on the outside and plantation shutters inside. Spacious and beautiful, the home features 4 bedrooms and 2.5 bathrooms. The versatile floorplan has plenty of room for entertaining. Upon entry is a formal living area or oversized dining room that flows into a comfortable family room, all of which feature hardwood floors. An added bonus room can facilitate a home office, playroom, dining area or sitting room. The kitchen showcases stainless steel appliances, granite counters, gas cooktop, built in microwave, a double oven and opens to the breakfast nook with a matching granite table. Relax after a long day in the completely renovated owner’s suite with a barn door leading into a stunning bathroom. From the owner’s suite escape to the backyard oasis. An in-ground spa, water feature, lighted palm trees, TV, speakers and cabana sitting area give you a relaxing resort feel. Maintained and improved over the years the home also has full copper plumbing, crown molding, recessed lights, ceiling fans, new paint and ample storage. Distinguished Charter Oak school district with elementary, middle and high schools minutes away. This home will not disappoint!

SEE MORE

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: Covina

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $187k622k

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

Neighborhood: Covina

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21600180020002200240026002800Rent in $14182941

* 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
Badillo Elementary School Primary Regular 467 21 6
Badillo Elementary School Middle Regular 467 21 6
Charter Oak High School High Regular 1,735 61 6

Badillo Elementary School

  • Education Level: Primary
  • # of students: 467
  • # of teachers: 21
6
GreatSchools Rating

Badillo Elementary School

  • Education Level: Middle
  • # of students: 467
  • # of teachers: 21
6
GreatSchools Rating

Charter Oak High School

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

$688,500$841,500$765,000

PURCHASE PRICE

$2,610$3,190$2,900

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,900
EXPENSES Loan Payment -$2,823
Property Tax -$772
Property Insurance -$76
Property Management Fees -$142
CASH FLOW
-$913

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.

$765,000

PROJECTED PRICE

$2,900

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.48%
Appreciation Year (1-5) 6.2%
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$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

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

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$208,475

INVESTMENT

$208,475

Down Payment
$191,250
Rehab Estimate
$5,750
Closing Costs
$11,475

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,823

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $191,250
Loan Amount $573,750
See What Happens When You Reinvest Cash Flow

0.92

YEARS SAVED

$3,501

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,900

    LIST RENT
  • $1.42

    LIST RENT PER SQFT
  • $3,010

    COMP ESTIMATED VALUE
  • $1.47

    COMP AVG. RENT PER SQFT
Comps Range
$2,500
1$2,5002$2,8003$2,9004$2,9955$3,150
$3,150
RENT COMPS ANALYSIS
  • 223 S Wilbur Avenue Covina, CA 3
    • 4 beds 3 baths ∙ 2,044 Sqft ∙ Built 1963 4 beds 3 baths ∙ 2,044 Sqft ∙ Built 1963
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.42
    •  
  • 1688 E Palm Drive Covina, CA 1
    • 4 beds 2 baths ∙ 1,857 Sqft ∙ Built 1962 4 beds 2 baths ∙ 1,857 Sqft ∙ Built 1962
    LEASED 11/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.35
    •  
  • 1461 E Wanamaker Drive Covina, CA 2
    • 3 beds 2 baths ∙ 1,993 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,993 Sqft ∙ Built 1972
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.40
    •  
  • 210 N Rimhurst Avenue Covina, CA 4
    • 4 beds 2 baths ∙ 1,890 Sqft ∙ Built 1972 4 beds 2 baths ∙ 1,890 Sqft ∙ Built 1972
    LEASED 10/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $1.58
    •  
  • 1309 Paseo Valle Covina, CA 5
    • 3 beds 2 baths ∙ 2,018 Sqft ∙ Built 1975 3 beds 2 baths ∙ 2,018 Sqft ∙ Built 1975
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,150
    • $1.56
    •  
PROPERTY LISTING DETAILS
Jeffrey Hughes
Compass
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20228140
Last Updated: 11/05/2020
BESbswy