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4523 N De Lay Avenue Covina, CA 91722

3 Beds 2 Baths 1,322 sqft Built 1953

$525,000

List Price

$2,320

$2.1K - $2.6K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
December 03, 2020 RECENTLY ADDED
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.

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: 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
 

$472,500$577,500$525,000

PURCHASE PRICE

$2,088$2,552$2,320

RENT

DOWN PAYMENT
FINANCING

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

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

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$144,875

INVESTMENT

$144,875

Down Payment
$131,250
Rehab Estimate
$5,750
Closing Costs
$7,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,937

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $131,250
Loan Amount $393,750
See What Happens When You Reinvest Cash Flow

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
$2,320
1$2,3202$2,5003$2,6004$2,7005$2,800
$2,800
RENT COMPS ANALYSIS
  • 4523 N De Lay Avenue Covina, CA 1
    • 3 beds 2 baths ∙ 1,322 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,322 Sqft ∙ Built 1953
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,320
    • $1.75
    •  
  • 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
Michelle Mcclain
Mainstreet Realtors
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20242386
Last Updated: 12/03/2020
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