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PROPERTY INFO
FACTS
- Single Family
- Built In 1953
- Price/Sqft : $397.13
- 5 Days on Market
- MLS # : CV20242386
- Updated Date : 12/03/2020 at 13:17
CONSTRUCTION
- Beds : 3
- Floor Size : 1,322 sqft
- Baths : 1 full , 1 half
Listing Agent
Mainstreet Realtors
Listing Agent's Description
Great opportunity to own a home in Covina and make it your own. This mid-century home has 3 bedrooms, 1 1/2 bathrooms, and sits on a lot that has a large front and backyard. This home has a ton of potential and is waiting for someone handy to bring their tool belt and give it the updating it so desires. When you walk in there is a small entryway with one bedroom privately off to the right and you enter into the main living area to the left. This bedroom has access to the garage as well as a small hallway behind the kitchen that leads to the 1/2 bath. In the main living area, there is a space to have seating around the fireplace that is located towards the front of the house. This opens up to the large living room that also includes the dining area. The kitchen is past the dining area and has a window over the sink with view of the backyard. The other 2 bedrooms are down the hallway on the opposite side of the living room. There is a full bathroom with tub/shower combo in the hallway between the 2 bedrooms. The front and backyard have large trees that provide shade on hot days, including a fruit tree. Your laundry area is located in the 2-car attached garage. The house is located near schools, parks, shopping, and freeways.
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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: Charter Oak
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Charter Oak
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
INCOME | Rent | $2,320 |
EXPENSES | Loan Payment | -$1,937 |
Property Tax | -$570 | |
Property Insurance | -$59 | |
Property Management Fees | -$114 | |
CASH FLOW
-$360
|
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.
$525,000
PROJECTED PRICE
$2,320
PROJECTED RENT
0.44%
PROJECTED RENT / PRICE RATIO
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
PROJECTED ANNUAL CASH FLOW
PROJECTED PROPERTY VALUE
30 YEAR PROJECTION
- Appreciation
- Principal
- Loan Balance
TOTAL CASH OUT OF POCKET
INVESTMENT
$144,875
LOAN DETAILS
$1,937
MONTHLY LOAN PAYMENT
Term | 30 Years |
Interest | 4.25% |
Down Payment | $131,250 |
Loan Amount | $393,750 |
3
YEARS SAVED
$14,855
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,320
LIST RENT -
$1.75
LIST RENT PER SQFT
-
$2,442
COMP ESTIMATED VALUE -
$1.85
COMP AVG. RENT PER SQFT
Comps Range
PROPERTY LISTING DETAILS
Mainstreet Realtors
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: CV20242386
Last Updated: 12/03/2020