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5135 N Varnell Avenue Covina, CA 91722

3 Beds 1 Baths 1,101 sqft Built 1959

$599,950

List Price

$2,020

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1959
  • Price/Sqft : $544.91
  • 2 Days on Market
  • MLS # : CV21041357
  • Updated Date : 02/27/2021 at 15:48
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,101 sqft
  • Baths : 1 full
Listing Agent

Sal Ramos, Broker

Listing Agent's Description

Don't miss out on this incredible opportunity to own this gorgeous TURNKEY home in the city of Covina . Featuring fresh NEW interior and exterior paint, NEW light fixtures throughout and recessed lighting in the kitchen, dining area and bathrooms. NEW flooring, NEW baseboards throughout, all NEW dual pane windows and slider! All the interior and exterior doors have also been replaced. Kitchen features NEW white shaker cabinets, new stainless steel appliances and NEW quartz counters!!! Both freshly refinished bathrooms have NEW vanities, and new fixtures . As you step into the backyard you will enjoy a re-constructed patio with durable vinyl lattice cover. This home is close to parks, schools, shopping, and freeways! This home is move in ready !

SEE MORE

MARKET HIGHLIGHTS

  • Southern California area contributes to 55.3% of California state economy i.e. Gross State Product (USMayors.org, 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)
  • 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 has 58.7% labor force participation rate; within this area, Los Angeles metro has 62.3% labor force participation rate (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)
  • 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]
  • 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)

PRICE & RENT TRENDS

Neighborhood: Vincent

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $153k622k

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

Neighborhood: Vincent

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $13822941

* 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
Alice Ellington Elementary School Primary Regular 480 21 5
Center Middle School Middle Regular 567 28 4
Gladstone High School High Regular 1,217 55 6

Alice Ellington Elementary School

  • Education Level: Primary
  • # of students: 480
  • # of teachers: 21
5
GreatSchools Rating

Center Middle School

  • Education Level: Middle
  • # of students: 567
  • # of teachers: 28
4
GreatSchools Rating

Gladstone High School

  • Education Level: High
  • # of students: 1,217
  • # of teachers: 55
6
GreatSchools Rating
 

$539,955$659,945$599,950

PURCHASE PRICE

$1,818$2,222$2,020

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,020
EXPENSES Loan Payment -$2,084
Property Tax -$648
Property Insurance -$54
Property Management Fees -$99
CASH FLOW
-$865

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$599,950

PROJECTED PRICE

$2,020

PROJECTED RENT

0.34%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 8.5%
Maintenance Year (1-5) 8.00%
Vacancy 4.14%
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-$15k-$10k-$5.0k$0.0$5.0k

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$164,737

INVESTMENT

$164,737

Down Payment
$149,988
Rehab Estimate
$5,750
Closing Costs
$8,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,084

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $149,988
Loan Amount $449,963
See What Happens When You Reinvest Cash Flow

0.17

YEARS SAVED

$112

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,020

    LIST RENT
  • $1.83

    LIST RENT PER SQFT
  • $1,877

    COMP ESTIMATED VALUE
  • $1.71

    COMP AVG. RENT PER SQFT
Comps Range
$1,580
1$1,5802$2,0203$2,3004$2,5005$2,600
$2,600
RENT COMPS ANALYSIS
  • 5135 N Varnell Avenue Covina, CA 2
    • 3 beds 1 baths ∙ 1,101 Sqft ∙ Built 1959 3 beds 1 baths ∙ 1,101 Sqft ∙ Built 1959
    • Rent
    • Rent Per SQFT
    •  
    • $2,020
    • $1.83
    •  
  • 5158 N Burwood Avenue Covina, CA 1
    • 4 beds 2 baths ∙ 1,065 Sqft ∙ Built 1955 4 beds 2 baths ∙ 1,065 Sqft ∙ Built 1955
    LEASED 03/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,580
    • $1.48
    •  
  • 16631 E Masline Street Covina, CA 3
    • 3 beds 1 baths ∙ 1,300 Sqft ∙ Built 1955 3 beds 1 baths ∙ 1,300 Sqft ∙ Built 1955
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.77
    •  
  • 645 W Alcross Street Covina, CA 4
    • 3 beds 2 baths ∙ 1,433 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,433 Sqft ∙ Built 1954
    LEASED 09/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.74
    •  
  • 1267 N Albertson Avenue Covina, CA 5
    • 3 beds 2 baths ∙ 1,424 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,424 Sqft ∙ Built 1955
    LEASED 02/05/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.83
    •  
PROPERTY LISTING DETAILS
Sal Ramos
Sal Ramos, Broker
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV21041357
Last Updated: 02/27/2021
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