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4609 N Glen Arden Avenue Covina, CA 91724

4 Beds 2 Baths 1,450 sqft Built 1958

$579,000

List Price

$2,330

$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 1958
  • Price/Sqft : $399.31
  • 4 Days on Market
  • MLS # : CV20250231
  • Updated Date : 12/03/2020 at 09:26
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,450 sqft
  • Baths : 2 full
Listing Agent

Re/max Masters Realty

Listing Agent's Description

Welcome to this beautiful home located in a desirable neighborhood of Covina. Upon walking up to the home you will notice it sits on a large lot that offers an abundance of parking. As you enter into the home you are welcomed into the bright and spacious living room. Adjacent to the living room you will find the dining area and kitchen which provides that desirable open concept. The kitchen has newly installed laminate floors, brand new stove, hood range and refinished cabinetry. Continue through the home and you will find 4 moderately sized bedrooms with new carpet and 2 bathrooms. From the dining room there are sliding glass doors that will lead you into the HUGE backyard. The large backyard is perfect for entertainment. You are conveniently located minutes from shopping, restaurants, schools, and the 210 & 57 Fwy. Do not miss out on this amazing opportunity!

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
Glen Oak Elementary School Primary Regular 449 19 6
Glen Oak Elementary School Middle Regular 449 19 6
Charter Oak High School High Regular 1,735 61 6

Glen Oak Elementary School

  • Education Level: Primary
  • # of students: 449
  • # of teachers: 19
6
GreatSchools Rating

Glen Oak Elementary School

  • Education Level: Middle
  • # of students: 449
  • # of teachers: 19
6
GreatSchools Rating

Charter Oak High School

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

$521,100$636,900$579,000

PURCHASE PRICE

$2,097$2,563$2,330

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,330
EXPENSES Loan Payment -$2,136
Property Tax -$605
Property Insurance -$62
Property Management Fees -$114
CASH FLOW
-$588

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.

$579,000

PROJECTED PRICE

$2,330

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$159,185

INVESTMENT

$159,185

Down Payment
$144,750
Rehab Estimate
$5,750
Closing Costs
$8,685

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,136

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $144,750
Loan Amount $434,250
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$5,822

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,330

    LIST RENT
  • $1.61

    LIST RENT PER SQFT
  • $2,309

    COMP ESTIMATED VALUE
  • $1.59

    COMP AVG. RENT PER SQFT
Comps Range
$2,000
1$2,0002$2,3303$2,6004$2,6505$2,800
$2,800
RENT COMPS ANALYSIS
  • 4609 N Glen Arden Avenue Covina, CA 2
    • 4 beds 2 baths ∙ 1,450 Sqft ∙ Built 1958 4 beds 2 baths ∙ 1,450 Sqft ∙ Built 1958
    • Rent
    • Rent Per SQFT
    •  
    • $2,330
    • $1.61
    •  
  • 731 Claraday Street Glendora, CA 1
    • 3 beds 3 baths ∙ 1,260 Sqft ∙ Built 1973 3 beds 3 baths ∙ 1,260 Sqft ∙ Built 1973
    LEASED 09/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.59
    •  
  • 1418 Avenida Loma Vista San Dimas, CA 3
    • 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 4
    • 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
Joel Camacho
Re/max Masters Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20250231
Last Updated: 12/03/2020
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