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PROPERTY INFO
FACTS
- Single Family
- Built In 1955
- Price/Sqft : $339.45
- 4 Days on Market
- MLS # : CV20247237
- Updated Date : 11/27/2020 at 11:55
CONSTRUCTION
- Beds : 5
- Floor Size : 2,236 sqft
- Baths : 3 full
Listing Agent
Coldwell Banker Leaders
Listing Agent's Description
Beautiful spacious single story in a wonderful charming neighborhood with 2236 square feet of living space. The house offers 5 bedrooms and 2 bathrooms; with a spacious living room and separate vaulted family room. Brand new 50 years warranty on the roof and only has central heating, no A/C. The house has come equipped with new light fixtures, a kitchen that has been remodeled with new appliances (appliances are included with the sale). Both front and back yard come with a sprinkler system. The back yard has plenty of room for entertaining and has block fencing for privacy. A California distinguished elementary school is within walking distance as is the Police Department and Fire Department. Westfield shopping center and Porto's Bakery is less than 1 mile away. Easy access to the 10 freeway just a few blocks away.
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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: Freeway Corridor
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Freeway Corridor
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $2,960 |
| EXPENSES | Loan Payment | -$2,800 |
| Property Tax | -$778 | |
| Property Insurance | -$81 | |
| Property Management Fees | -$145 | |
|
CASH FLOW
-$844
|
||
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.
$759,000
PROJECTED PRICE
$2,960
PROJECTED RENT
0.39%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 4.48% |
| Appreciation Year (1-5) | 7.3% |
| 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
$206,885
LOAN DETAILS
$2,800
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $189,750 |
| Loan Amount | $569,250 |
1.25
YEARS SAVED
$5,326
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,960
LIST RENT -
$1.32
LIST RENT PER SQFT
-
$3,063
COMP ESTIMATED VALUE -
$1.37
COMP AVG. RENT PER SQFT
Comps Range
-
419 N Nora Avenue West Covina, CA 1
- 5 beds 3 baths ∙ 2,236 Sqft ∙ Built 1955 5 beds 3 baths ∙ 2,236 Sqft ∙ Built 1955
- Rent
- Rent Per SQFT
- $2,960
- $1.32
-
629 N Vincent Avenue West Covina, CA 2
- 6 beds 3 baths ∙ 2,550 Sqft ∙ Built 1967 6 beds 3 baths ∙ 2,550 Sqft ∙ Built 1967
LEASED 08/28/19- Rent
- Rent Per SQFT
- $3,500
- $1.37
PROPERTY LISTING DETAILS
Coldwell Banker Leaders
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: CV20247237
Last Updated: 11/27/2020
