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PROPERTY INFO
FACTS
- Single Family
- Built In 1964
- Price/Sqft : $424.40
- 2 Days on Market
- MLS # : DW21015245
- Updated Date : 01/23/2021 at 19:48
CONSTRUCTION
- Beds : 3
- Floor Size : 1,225 sqft
- Baths : 2 full
Listing Agent
Remax Masters
Listing Agent's Description
Great North-Facing West Covina home in Walnut School District (Greatschools rating of 8 to 10) w/LOTS of potential. 3 bedroom, 2 baths and lots of room to raise a family. DO NOT BE FOOLED BY THIS GREAT OPPORTUNITY!!! This is a great price for the area, but consistent with the condition. Definitely a diamond in the rough! This is a perfect property for someone looking to buy, live-in, and update as they go. PERFECT PROPERTY FOR A CONTRACTOR/HANDYMAN/INVESTOR LOOKING TO BUY AND HOLD. *** All information should be deemed reliable but not guaranteed, buyer to verify all information offered, including, but not limited to square footage, room count, and any and all other features. ***
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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: Galaxie
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Galaxie
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $2,220 |
| EXPENSES | Loan Payment | -$1,806 |
| Property Tax | -$531 | |
| Property Insurance | -$57 | |
| Property Management Fees | -$109 | |
|
CASH FLOW
-$283
|
||
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.
$519,888
PROJECTED PRICE
$2,220
PROJECTED RENT
0.43%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 4.48% |
| Appreciation Year (1-5) | 6.6% |
| Maintenance Year (1-5) | 8.00% |
| Vacancy | 4.69% |
| Length of Stay Years | 2 |
PROJECTED ACCUMULATED WEALTH
30 YEAR PROJECTION
- Cash Flow
- Appreciation
- Principal
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$143,520
LOAN DETAILS
$1,806
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $129,972 |
| Loan Amount | $389,916 |
3.42
YEARS SAVED
$15,387
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,220
LIST RENT -
$1.81
LIST RENT PER SQFT
-
$2,226
COMP ESTIMATED VALUE -
$1.82
COMP AVG. RENT PER SQFT
Comps Range
-
3400 E Hilltonia Drive West Covina, CA 1
- 3 beds 2 baths ∙ 1,225 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,225 Sqft ∙ Built 1964
![property image]()
- Rent
- Rent Per SQFT
- $2,220
- $1.81
-
3805 Sycamore Street West Covina, CA 2
- 3 beds 2 baths ∙ 1,269 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,269 Sqft ∙ Built 1981
![property image]()
LEASED 04/20/20- Rent
- Rent Per SQFT
- $2,300
- $1.81
-
562 Slope Drive Walnut, CA 3
- 3 beds 2 baths ∙ 1,345 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,345 Sqft ∙ Built 1954
![property image]()
LEASED 03/10/20- Rent
- Rent Per SQFT
- $2,495
- $1.86
-
3244 E Millridge Drive West Covina, CA 4
- 4 beds 2 baths ∙ 1,380 Sqft ∙ Built 1964 4 beds 2 baths ∙ 1,380 Sqft ∙ Built 1964
![property image]()
LEASED 02/02/20- Rent
- Rent Per SQFT
- $2,500
- $1.81
-
20199 Mckay Drive Walnut, CA 5
- 3 beds 1 baths ∙ 1,398 Sqft ∙ Built 1972 3 beds 1 baths ∙ 1,398 Sqft ∙ Built 1972
![property image]()
LEASED 07/17/20- Rent
- Rent Per SQFT
- $2,500
- $1.79
PROPERTY LISTING DETAILS
Remax Masters
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: DW21015245
Last Updated: 01/23/2021
