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4508 N De Lay Avenue Covina, CA 91722

3 Beds 2 Baths 1,330 sqft Built 1953

$599,900

List Price

$2,420

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1953
  • Price/Sqft : $451.05
  • 3 Days on Market
  • MLS # : PF20237650
  • Updated Date : 11/13/2020 at 14:57
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,330 sqft
  • Baths : 1 full , 1 half
Listing Agent

Redfin Corporation

Listing Agent's Description

Located in the heart of Covina is this charming, move-in ready home ready for the next owner to enjoy. As you enter, you are taken back by the natural light filled, spacious and open concept living room with gas fireplace and dining area. Adjacent is the kitchen with breakfast bar, granite counters, plenty of cabinets and pantry. Three spacious bedrooms: On one side, you have two bedrooms and a full hall bathroom, the other side has another bedroom with a half bath. The sprawling, flat back yard is an entertainers dream with a lovely yard and large concrete area ready for the next owner to use their imagination and create something special. Two car attached garage with washer/dryer hook-ups and plenty of additional parking. Just some of the features of this home are: New flooring, HVAC, dual pane windows, freshly painted throughout, water filtration system and copper plumbing. Near many local shops and restaurants with easy access to the 210 and 10 freeways.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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: Charter Oak

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $182k622k

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

Neighborhood: Charter Oak

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21600180020002200240026002800Rent in $14162941

* 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
Ben Lomond Elementary School Primary Regular 467 17 5
Sierra Vista Middle School Middle Regular 888 36 5
South Hills High School High Regular 1,835 71 7

Ben Lomond Elementary School

  • Education Level: Primary
  • # of students: 467
  • # of teachers: 17
5
GreatSchools Rating

Sierra Vista Middle School

  • Education Level: Middle
  • # of students: 888
  • # of teachers: 36
5
GreatSchools Rating

South Hills High School

  • Education Level: High
  • # of students: 1,835
  • # of teachers: 71
7
GreatSchools Rating
 

$539,910$659,890$599,900

PURCHASE PRICE

$2,178$2,662$2,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,420
EXPENSES Loan Payment -$2,213
Property Tax -$652
Property Insurance -$59
Property Management Fees -$119
CASH FLOW
-$623

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.

$599,900

PROJECTED PRICE

$2,420

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.48%
Appreciation Year (1-5) 6.3%
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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$164,724

INVESTMENT

$164,724

Down Payment
$149,975
Rehab Estimate
$5,750
Closing Costs
$8,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,213

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $149,975
Loan Amount $449,925
See What Happens When You Reinvest Cash Flow

1.42

YEARS SAVED

$5,535

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,420

    LIST RENT
  • $1.82

    LIST RENT PER SQFT
  • $2,457

    COMP ESTIMATED VALUE
  • $1.85

    COMP AVG. RENT PER SQFT
Comps Range
$2,420
1$2,4202$2,5003$2,6004$2,7005$2,800
$2,800
RENT COMPS ANALYSIS
  • 4508 N De Lay Avenue Covina, CA 1
    • 3 beds 2 baths ∙ 1,330 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,330 Sqft ∙ Built 1953
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,420
    • $1.82
    •  
  • 4509 N Linda Terrace Drive Covina, CA 2
    • 3 beds 2 baths ∙ 1,330 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,330 Sqft ∙ Built 1953
    property image
    LEASED 10/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.88
    •  
  • 457 E Benwood Street Covina, CA 3
    • 3 beds 2 baths ∙ 1,514 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,514 Sqft ∙ Built 1955
    property image
    LEASED 08/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.72
    •  
  • 4537 N Linda Terrace Drive Covina, CA 4
    • 3 beds 2 baths ∙ 1,428 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,428 Sqft ∙ Built 1953
    property image
    LEASED 08/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.89
    •  
  • 360 E Hurst Street Covina, CA 5
    • 3 beds 1 baths ∙ 1,470 Sqft ∙ Built 1955 3 beds 1 baths ∙ 1,470 Sqft ∙ Built 1955
    property image
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.90
    •  
PROPERTY LISTING DETAILS
Seta Chorbajian
Redfin Corporation
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: PF20237650
Last Updated: 11/13/2020
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