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3938 N Lang Avenue Covina, CA 91722

3 Beds 2 Baths 1,221 sqft Built 1951

$628,888

List Price

$2,280

$2.1K - $2.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 03, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1951
  • Price/Sqft : $515.06
  • 5 Days on Market
  • MLS # : CV21043508
  • Updated Date : 03/06/2021 at 15:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,221 sqft
  • Baths : 1 full , 1 half
Listing Agent

Century 21 Primetime Realtors

Listing Agent's Description

Breathtakingly Beautiful Home for Sale in the City of Covina! This property features 3 Bedrooms, 1 & 1/2 Bathrooms AND a Bachelor ADU with its own full Restroom! Also featuring a large tough shed, RV Parking, updated windows & a roof that is only 3 years old! This property has been beautifully updated with waterproof laminate floors in the kitchen, bathrooms and common areas. Centrally located within minutes of Porto's Bakery and the West Covina Plaza! Tons of nightlight, entertainment & shopping nearby; as well being apart of the award wining Covina-Valley School District!

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)
  • 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]
  • 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)
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 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 has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (USMayors.org, 2018)

PRICE & RENT TRENDS

Neighborhood: Vincent

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $153k622k

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

Neighborhood: Vincent

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $13822941

* 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
Manzanita Elementary School Primary Regular 256 12 7
Traweek Middle School Middle Regular 849 33 5
Covina High School High Regular 1,337 52 6

Manzanita Elementary School

  • Education Level: Primary
  • # of students: 256
  • # of teachers: 12
7
GreatSchools Rating

Traweek Middle School

  • Education Level: Middle
  • # of students: 849
  • # of teachers: 33
5
GreatSchools Rating

Covina High School

  • Education Level: High
  • # of students: 1,337
  • # of teachers: 52
6
GreatSchools Rating
 

$565,999$691,777$628,888

PURCHASE PRICE

$2,052$2,508$2,280

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,280
EXPENSES Loan Payment -$2,184
Property Tax -$689
Property Insurance -$57
Property Management Fees -$112
CASH FLOW
-$762

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$628,888

PROJECTED PRICE

$2,280

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 8.5%
Maintenance Year (1-5) 8.00%
Vacancy 4.14%
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-$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$172,405

INVESTMENT

$172,405

Down Payment
$157,222
Rehab Estimate
$5,750
Closing Costs
$9,433

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,184

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $157,222
Loan Amount $471,666
See What Happens When You Reinvest Cash Flow

0.58

YEARS SAVED

$1,209

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,280

    LIST RENT
  • $1.87

    LIST RENT PER SQFT
  • $2,357

    COMP ESTIMATED VALUE
  • $1.93

    COMP AVG. RENT PER SQFT
Comps Range
$2,280
1$2,2802$2,5803$2,6504$2,8005$2,950
$2,950
RENT COMPS ANALYSIS
  • 3938 N Lang Avenue Covina, CA 1
    • 3 beds 2 baths ∙ 1,221 Sqft ∙ Built 1951 3 beds 2 baths ∙ 1,221 Sqft ∙ Built 1951
    • Rent
    • Rent Per SQFT
    •  
    • $2,280
    • $1.87
    •  
  • 14835 Clydewood Street Baldwin Park, CA 2
    • 3 beds 2 baths ∙ 1,529 Sqft ∙ Built 1949 3 beds 2 baths ∙ 1,529 Sqft ∙ Built 1949
    LEASED 08/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,580
    • $1.69
    •  
  • 1209 E Elgenia Avenue West Covina, CA 3
    • 3 beds 2 baths ∙ 1,343 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,343 Sqft ∙ Built 1955
    LEASED 01/13/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.97
    •  
  • 4126 N Walnuthaven Drive Covina, CA 4
    • 3 beds 2 baths ∙ 1,386 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,386 Sqft ∙ Built 1954
    LEASED 06/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $2.02
    •  
  • 1308 E Carlton Avenue West Covina, CA 5
    • 3 beds 2 baths ∙ 1,444 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,444 Sqft ∙ Built 1959
    LEASED 06/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $2.04
    •  
PROPERTY LISTING DETAILS
Alexandria Garcia
Century 21 Primetime Realtors
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV21043508
Last Updated: 03/06/2021
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