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2602 E Myra Court West Covina, CA 91792

4 Beds 3 Baths 1,925 sqft Built 1979

$679,988

List Price

$3,010

$2.8K - $3.3K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1979
  • Price/Sqft : $353.24
  • 4 Days on Market
  • MLS # : BB21008948
  • Updated Date : 01/15/2021 at 10:39
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,925 sqft
  • Baths : 3 full
Listing Agent

Redfin Corporation

Listing Agent's Description

Lovely West Covina Two Story Home!!! This spacious dwelling is conveniently located close to schools, shopping and freeways. Perched on a lovely cul-de-sac street, this property offers views from both the front and back vantage points. The home has been freshly painted and offers new wood like flooring and carpeting. This updated property features modern light fixtures, canned lighting and remodeled bathrooms. With 4 bedrooms, including a primary bedroom en suite, and 3 bathrooms, this charming house has plenty of space for a growing family. Looking for a peaceful place to enjoy a morning cup of coffee or an evening glass of wine? Look no further. The primary bedroom has a large balcony with views of the hills. A perfect place for a tranquil getaway. Want to plant that garden or have a place for outdoor fun? The large backyard of this home can accommodate. Come see if this amazing property is the next place that you will call HOME!!!

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: Woodside

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $184k622k

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

Neighborhood: Woodside

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21600180020002200240026002800Rent in $14392941

* 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
Stanley G. Oswalt Elementary School Primary Regular 993 43 8
Stanley G. Oswalt Elementary School Middle Regular 993 43 8
Nogales High School High Regular 1,959 84 5

Stanley G. Oswalt Elementary School

  • Education Level: Primary
  • # of students: 993
  • # of teachers: 43
8
GreatSchools Rating

Stanley G. Oswalt Elementary School

  • Education Level: Middle
  • # of students: 993
  • # of teachers: 43
8
GreatSchools Rating

Nogales High School

  • Education Level: High
  • # of students: 1,959
  • # of teachers: 84
5
GreatSchools Rating
 

$611,989$747,987$679,988

PURCHASE PRICE

$2,709$3,311$3,010

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,010
EXPENSES Loan Payment -$2,362
Property Tax -$721
Property Insurance -$74
Property Management Fees -$147
CASH FLOW
-$294

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.

$679,988

PROJECTED PRICE

$3,010

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

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
11530$0.0$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k$25k

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$185,947

INVESTMENT

$185,947

Down Payment
$169,997
Rehab Estimate
$5,750
Closing Costs
$10,200

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$2,362

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $169,997
Loan Amount $509,991
See What Happens When You Reinvest Cash Flow

4.08

YEARS SAVED

$25,834

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,010

    LIST RENT
  • $1.56

    LIST RENT PER SQFT
  • $3,056

    COMP ESTIMATED VALUE
  • $1.59

    COMP AVG. RENT PER SQFT
Comps Range
$2,790
1$2,7902$2,9003$3,0104$3,1005$3,300
$3,300
RENT COMPS ANALYSIS
  • 2602 E Myra Court West Covina, CA 3
    • 3 beds 3 baths ∙ 1,925 Sqft ∙ Built 1979 3 beds 3 baths ∙ 1,925 Sqft ∙ Built 1979
    • Rent
    • Rent Per SQFT
    •  
    • $3,010
    • $1.56
    •  
  • 18970 Cedar Ridge Court Walnut, CA 1
    • 4 beds 2 baths ∙ 1,812 Sqft ∙ Built 1985 4 beds 2 baths ∙ 1,812 Sqft ∙ Built 1985
    LEASED 01/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,790
    • $1.54
    •  
  • 864 N Lorri Way Walnut, CA 2
    • 4 beds 3 baths ∙ 1,752 Sqft ∙ Built 1986 4 beds 3 baths ∙ 1,752 Sqft ∙ Built 1986
    LEASED 08/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.66
    •  
  • 19330 Castillo Court Walnut, CA 4
    • 4 beds 3 baths ∙ 2,082 Sqft ∙ Built 1983 4 beds 3 baths ∙ 2,082 Sqft ∙ Built 1983
    LEASED 11/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,100
    • $1.49
    •  
  • 623 Running Deer Road Walnut, CA 5
    • 4 beds 3 baths ∙ 1,990 Sqft ∙ Built 1985 4 beds 3 baths ∙ 1,990 Sqft ∙ Built 1985
    LEASED 09/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $1.66
    •  
PROPERTY LISTING DETAILS
Karen Ulloa
Redfin Corporation
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: BB21008948
Last Updated: 01/15/2021
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