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346 W Arrow Hwy Covina, CA 91722

3 Beds 2 Baths 1,108 sqft Built 1956

$565,000

List Price

$2,310

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1956
  • Price/Sqft : $509.93
  • 4 Days on Market
  • MLS # : TR20255417
  • Updated Date : 12/11/2020 at 15:46
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,108 sqft
  • Baths : 1 full , 1 half
Listing Agent

Century 21 Excellence

Listing Agent's Description

Kitchen has newer cabinetry with linoleum flooring. The back yard offers a large concrete covered patio. Two car attached garage and a long concrete driveway. New sliding door to covered patio. Take advantage of the abundant amount of parking in the driveway. There are newer windows throughout the home, very convince location, close to schools. Newer roof installed in 2015

SEE MORE

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: 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
Cypress Elementary School Primary Regular 644 27 6
Las Palmas Middle School Middle Regular 870 35 4
Northview High School High Regular 1,346 54 6

Cypress Elementary School

  • Education Level: Primary
  • # of students: 644
  • # of teachers: 27
6
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
 

$508,500$621,500$565,000

PURCHASE PRICE

$2,079$2,541$2,310

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,310
EXPENSES Loan Payment -$2,085
Property Tax -$602
Property Insurance -$54
Property Management Fees -$113
CASH FLOW
-$544

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.

$565,000

PROJECTED PRICE

$2,310

PROJECTED RENT

0.41%

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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$155,475

INVESTMENT

$155,475

Down Payment
$141,250
Rehab Estimate
$5,750
Closing Costs
$8,475

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,085

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $141,250
Loan Amount $423,750
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$6,982

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,310

    LIST RENT
  • $2.08

    LIST RENT PER SQFT
  • $1,983

    COMP ESTIMATED VALUE
  • $1.79

    COMP AVG. RENT PER SQFT
Comps Range
$2,250
1$2,2502$2,3103$2,3504$2,5005$2,500
$2,500
RENT COMPS ANALYSIS
  • 346 W Arrow Hwy Covina, CA 2
    • 3 beds 2 baths ∙ 1,108 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,108 Sqft ∙ Built 1956
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,310
    • $2.08
    •  
  • 18319 E Nearfield Street Azusa, CA 1
    • 3 beds 2 baths ∙ 1,302 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,302 Sqft ∙ Built 1954
    property image
    LEASED 06/24/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.73
    •  
  • 18852 E Galatea Street Azusa, CA 3
    • 3 beds 2 baths ∙ 1,254 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,254 Sqft ∙ Built 1956
    property image
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.87
    •  
  • 567 E Tudor Street Covina, CA 4
    • 3 beds 2 baths ∙ 1,370 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,370 Sqft ∙ Built 1955
    property image
    LEASED 07/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.82
    •  
  • 645 W Alcross Street Covina, CA 5
    • 3 beds 2 baths ∙ 1,433 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,433 Sqft ∙ Built 1954
    property image
    LEASED 09/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.74
    •  
PROPERTY LISTING DETAILS
Juan Gonzalez
Century 21 Excellence
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: TR20255417
Last Updated: 12/11/2020
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