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315 E Benbow Street Covina, CA 91722

4 Beds 2 Baths 1,691 sqft Built 1954

$724,900

List Price

$2,660

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

December 18, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1954
  • Price/Sqft : $428.68
  • 3 Days on Market
  • MLS # : 220011403
  • Updated Date : 12/19/2020 at 09:51
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,691 sqft
  • Baths : 2 full
Listing Agent

American Heritage Realty

Listing Agent's Description

Very charming mid century home with a raised foundation and an oversized double detached garage. 4 bedrooms and 2 bathroom ready for occupancy. Located in a beautiful neighborhood with tree lined streets in central Covina. First time on the market in 50 years. Conveniently located near dining, shopping, downtown Covina, the Goldline Metrolink Station, with nearby access to 10 and 210 freeways. Adding to the charm of this beautiful home is a remodeled kitchen with slow close cabinet doors and under cabinet lighting, upgraded bathrooms, presidential roofing, skylights, optional bonus room or 4th bedroom upstairs, original wood flooring on a 7000+ square foot lot. There is a private back yard, with mature landscaping and are all on drip or sprinklers. Gazebo with lighting is perfect for entertaining. Complementing the utility cost is solar that includes 2 expensive Tesla batteries for back up in the event of a power outage. Buyers may want to investigate converting the garage to an AUS for added significant income

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: 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
Ben Lomond Elementary School Primary Regular 467 17 5
Las Palmas Middle School Middle Regular 870 35 4
Northview High School High Regular 1,346 54 6

Ben Lomond Elementary School

  • Education Level: Primary
  • # of students: 467
  • # of teachers: 17
5
GreatSchools Rating

Las Palmas Middle School

  • Education Level: Middle
  • # of students: 870
  • # of teachers: 35
4
GreatSchools Rating

Northview High School

  • Education Level: High
  • # of students: 1,346
  • # of teachers: 54
6
GreatSchools Rating
 

$652,410$797,390$724,900

PURCHASE PRICE

$2,394$2,926$2,660

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,660
EXPENSES Loan Payment -$2,675
Property Tax -$787
Property Insurance -$68
Property Management Fees -$130
CASH FLOW
-$999

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.

$724,900

PROJECTED PRICE

$2,660

PROJECTED RENT

0.37%

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

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$197,849

INVESTMENT

$197,849

Down Payment
$181,225
Rehab Estimate
$5,750
Closing Costs
$10,874

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,675

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $181,225
Loan Amount $543,675
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$759

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,660

    LIST RENT
  • $1.57

    LIST RENT PER SQFT
  • $2,777

    COMP ESTIMATED VALUE
  • $1.64

    COMP AVG. RENT PER SQFT
Comps Range
$2,300
1$2,3002$2,4003$2,5004$2,6005$2,660
$2,660
RENT COMPS ANALYSIS
  • 315 E Benbow Street Covina, CA 5
    • 4 beds 2 baths ∙ 1,691 Sqft ∙ Built 1954 4 beds 2 baths ∙ 1,691 Sqft ∙ Built 1954
    • Rent
    • Rent Per SQFT
    •  
    • $2,660
    • $1.57
    •  
  • 4925 N Brightview Drive Covina, CA 1
    • 3 beds 2 baths ∙ 1,505 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,505 Sqft ∙ Built 1954
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.53
    •  
  • 607 E Algrove Street Covina, CA 2
    • 3 beds 2 baths ∙ 1,477 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,477 Sqft ∙ Built 1955
    LEASED 09/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.62
    •  
  • 329 E Edna Place Covina, CA 3
    • 4 beds 2 baths ∙ 1,470 Sqft ∙ Built 1955 4 beds 2 baths ∙ 1,470 Sqft ∙ Built 1955
    LEASED 06/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.70
    •  
  • 457 E Benwood Street Covina, CA 4
    • 3 beds 2 baths ∙ 1,514 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,514 Sqft ∙ Built 1955
    LEASED 08/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.72
    •  
PROPERTY LISTING DETAILS
Dave Walter
American Heritage Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: 220011403
Last Updated: 12/19/2020
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