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419 N Nora Avenue West Covina, CA 91790

5 Beds 3 Baths 2,236 sqft Built 1955

$759,000

List Price

$2,960

$2.7K - $3.2K

Rent Est.

PROPERTY INFO

November 27, 2020 RECENTLY ADDED
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.

SEE MORE

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

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $178k622k

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

Neighborhood: Freeway Corridor

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21600180020002200240026002800Rent in $14672941

* 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
Monte Vista Elementary School Primary Regular 563 25 6
Monte Vista Elementary School Middle Regular 563 25 6
Edgewood High School High Regular 831 33 7

Monte Vista Elementary School

  • Education Level: Primary
  • # of students: 563
  • # of teachers: 25
6
GreatSchools Rating

Monte Vista Elementary School

  • Education Level: Middle
  • # of students: 563
  • # of teachers: 25
6
GreatSchools Rating

Edgewood High School

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

$683,100$834,900$759,000

PURCHASE PRICE

$2,664$3,256$2,960

RENT

DOWN PAYMENT
FINANCING

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

ASSUMPTIONS

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
11530$0.0$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

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

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$206,885

INVESTMENT

$206,885

Down Payment
$189,750
Rehab Estimate
$5,750
Closing Costs
$11,385

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,800

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $189,750
Loan Amount $569,250
See What Happens When You Reinvest Cash Flow

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
$2,960
1$2,9602$3,500
$3,500
RENT COMPS ANALYSIS
  • 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
Irma Arias
Coldwell Banker Leaders
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20247237
Last Updated: 11/27/2020
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