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397 E Michelle Street West Covina, CA 91790

3 Beds 1 Baths 1,319 sqft Built 1955

$699,999

List Price

$2,500

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1955
  • Price/Sqft : $530.70
  • 9 Days on Market
  • MLS # : TR21145990
  • Updated Date : 07/10/2021 at 10:21
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,319 sqft
  • Baths : 1 full
Listing Agent

Re/max Champions

Listing Agent's Description

Welcome to 397 E Michelle Street in the heart of West Covina. This home has been renovated, with fresh interior paint with cool soft neutral colors for a relaxed feeling, the living room and dining area have crown molding, baseboards, recess lighting and clean lined waterproof luxury vinyl flooring throughout, the kitchen has gorgeous quartz counter tops and new cabinets, LG fridge, range, microwave/hood combo and dishwasher all match and stay with the home, large picture windows brings in the natural light. The Master bedroom has a dreamy white look and the only room with carpet, a 3/4 master bathroom which also includes a quartz counter,vanity and lots of storage space. Hallway bathroom is completely redone with new tile, tub, another quartz counter and vanity and new light fixtures. In addition there is an enclosed patio room with approx. 200 sqft permited but (not included in the tax roll showing 1319 sqft) this additional living space with sliding glass doors open up to the backyard covered patio for added entertaining space. Also includes brand new central heat and air, garage door and opener, exterior paint, (2019) new pex plumbing, tankless water heater, new roof, a storage room and an extra large Tuff Shed. Enjoy the spacioius backyard surrounded with block wall fence for extra privacy, ample room to add a pool, build a kid freindly play area and plant an organic garden. Near Plaza at West Covina Mall, theaters, restaurants, public and private schools, hospitals, WC City hall and courthouse, easy access to freeways. Location, Location, Location!!!

SEE MORE

MARKET HIGHLIGHTS

  • As part of Southern California area, Los Angeles market inherits all the benefits from the area.
  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (USMayors.org, 2018)
  • 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)
  • 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)
  • 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: Valinda

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $153k622k

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

Neighborhood: Valinda

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $13962941

* 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
Walnut Grove Intermediate School Middle Regular 383 21 6
Edgewood High School High Regular 831 33 7
West Covina High School High Regular 2,426 97 7

Walnut Grove Intermediate School

  • Education Level: Middle
  • # of students: 383
  • # of teachers: 21
6
GreatSchools Rating

Edgewood High School

  • Education Level: High
  • # of students: 831
  • # of teachers: 33
7
GreatSchools Rating

West Covina High School

  • Education Level: High
  • # of students: 2,426
  • # of teachers: 97
7
GreatSchools Rating
 

$629,999$769,999$699,999

PURCHASE PRICE

$2,250$2,750$2,500

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,500
EXPENSES Loan Payment -$2,431
Property Tax -$717
Property Insurance -$59
Property Management Fees -$123
CASH FLOW
-$830

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.

$699,999

PROJECTED PRICE

$2,500

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 8.4%
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-$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$191,250

INVESTMENT

$191,250

Down Payment
$175,000
Rehab Estimate
$5,750
Closing Costs
$10,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,431

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $175,000
Loan Amount $524,999
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,624

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,500

    LIST RENT
  • $1.9

    LIST RENT PER SQFT
  • $2,282

    COMP ESTIMATED VALUE
  • $1.73

    COMP AVG. RENT PER SQFT
Comps Range
$2,400
1$2,4002$2,5003$2,6004$2,6005$2,675
$2,675
RENT COMPS ANALYSIS
  • 397 E Michelle Street West Covina, CA 2
    • 3 beds 1 baths ∙ 1,319 Sqft ∙ Built 1955 3 beds 1 baths ∙ 1,319 Sqft ∙ Built 1955
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.90
    •  
  • 1041 E Merced Avenue West Covina, CA 1
    • 3 beds 1 baths ∙ 1,362 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,362 Sqft ∙ Built 1953
    LEASED 02/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.76
    •  
  • 1037 S Valinda Avenue West Covina, CA 3
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1951 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1951
    LEASED 07/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.73
    •  
  • 16702 Holton St La Puente, CA 4
    • 4 beds 2 baths ∙ 1,550 Sqft ∙ Built 1953 4 beds 2 baths ∙ 1,550 Sqft ∙ Built 1953
    LEASED 01/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.68
    •  
  • 1327 W Randall Way West Covina, CA 5
    • 3 beds 2 baths ∙ 1,525 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,525 Sqft ∙ Built 1959
    LEASED 10/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,675
    • $1.75
    •  
PROPERTY LISTING DETAILS
Patricia Lafosse
Re/max Champions
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: TR21145990
Last Updated: 07/10/2021
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