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4408 N Lyman Avenue Covina, CA 91724

4 Beds 2 Baths 1,528 sqft Built 1962

$720,000

List Price

$2,720

$2.5K - $3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1962
  • Price/Sqft : $471.20
  • 3 Days on Market
  • MLS # : DW21058313
  • Updated Date : 03/19/2021 at 17:38
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,528 sqft
  • Baths : 2 full
Listing Agent

Miamar Realty

Listing Agent's Description

TURN KEY Roomy Home With Swimming Pool For Family Gatherings Or Entertainment. Living Room Boasts Very Large Porcelain Flooring And Kitchen With Large Accessible Counters And Cabinets. There Is A Cozy Fireplace In The Dining Room. Covered Patio Next To The Pool Which Has A Brand New Pump Just Installed. Pool Rim Has Also Been Freshly Replaced And Underwater LED Lighting Has Been Added For Cool Summer Nights. Patio Has Built-In BBQ. Quiet Friendly Family Neighborhood Brand New Paved Private Driveway So Kids Are Always Safe And A Brand New Electric Gate As Well, In Addition To Security Surrounding Security Cameras. Property Was rehabbed Three Years Ago And Extended. Actual Square Footage Is about 2050 Sqft. County Records Shows 1528 Sqft. Walking Distance To Walnut Creek County Park With Tree Covered Trails. Mountains View. Nearby Schools Include Glen Oak Elementary School, Charter Oaks School, Oak Knoll Alternative and Bridges Community Day. The Closest Grocery Stores Are Vons, Stater Bros Markets. Nearby Coffee Shops Include My Quality Tea, McDonald's And Starbucks. Nearby Restaurants Include El Fino Mexican Food, Papa John's Pizza And Domino's Pizza. Quick Access To 57, 210 and 10 Freeways. Make This Your Family Legacy. All Information Per Public Records, Please Do Your Own Due Diligence. Home Is Turn Key In Excellent Condition, Client Motivated, Make An Offer.

SEE MORE

MARKET HIGHLIGHTS

  • Southern California's economy is worth $1.58 trillion in Gross Metro Product and projected to grow to $1.67 trillion (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)
  • 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)
  • 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)
  • 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]
  • 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: 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
Royal Oak Middle School Middle Regular 720 30 6
Charter Oak High School High Regular 1,735 61 6

Royal Oak Middle School

  • Education Level: Middle
  • # of students: 720
  • # of teachers: 30
6
GreatSchools Rating

Charter Oak High School

  • Education Level: High
  • # of students: 1,735
  • # of teachers: 61
6
GreatSchools Rating
 

$648,000$792,000$720,000

PURCHASE PRICE

$2,448$2,992$2,720

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,720
EXPENSES Loan Payment -$2,501
Property Tax -$720
Property Insurance -$64
Property Management Fees -$133
CASH FLOW
-$698

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.

$720,000

PROJECTED PRICE

$2,720

PROJECTED RENT

0.38%

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$500k$1.0M$1.5M$2.0M

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$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$196,550

INVESTMENT

$196,550

Down Payment
$180,000
Rehab Estimate
$5,750
Closing Costs
$10,800

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,501

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $180,000
Loan Amount $540,000
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$5,722

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,720

    LIST RENT
  • $1.78

    LIST RENT PER SQFT
  • $2,449

    COMP ESTIMATED VALUE
  • $1.6

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,6003$2,6504$2,7205$2,800
$2,800
RENT COMPS ANALYSIS
  • 4408 N Lyman Avenue Covina, CA 4
    • 4 beds 2 baths ∙ 1,528 Sqft ∙ Built 1962 4 beds 2 baths ∙ 1,528 Sqft ∙ Built 1962
    • Rent
    • Rent Per SQFT
    •  
    • $2,720
    • $1.78
    •  
  • 20292 E Arrow Covina, CA 1
    • 4 beds 2 baths ∙ 1,353 Sqft ∙ Built 1980 4 beds 2 baths ∙ 1,353 Sqft ∙ Built 1980
    LEASED 01/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.63
    •  
  • 1418 Avenida Loma Vista San Dimas, CA 2
    • 4 beds 1 baths ∙ 1,635 Sqft ∙ Built 1972 4 beds 1 baths ∙ 1,635 Sqft ∙ Built 1972
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.59
    •  
  • 1330 Avenida Loma San Dimas, CA 3
    • 4 beds 2 baths ∙ 1,635 Sqft ∙ Built 1973 4 beds 2 baths ∙ 1,635 Sqft ∙ Built 1973
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $1.62
    •  
  • 1809 E Sachs Place Covina, CA 5
    • 4 beds 2 baths ∙ 1,778 Sqft ∙ Built 1957 4 beds 2 baths ∙ 1,778 Sqft ∙ Built 1957
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.57
    •  
PROPERTY LISTING DETAILS
Jay Romero
Miamar Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: DW21058313
Last Updated: 03/19/2021
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