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PROPERTY INFO
FACTS
- Single Family
- Built In 1955
- Price/Sqft : $420.37
- 3 Days on Market
- MLS # : OC21013065
- Updated Date : 01/22/2021 at 19:37
CONSTRUCTION
- Beds : 4
- Floor Size : 1,306 sqft
- Baths : 2 full
Listing Agent
Exp Realty Of California Inc
Listing Agent's Description
Welcome HOME to this amazing property located in Covina with a large lot. This is a spacious 4-bedroom 2-bath home that features an open-concept. The expansive living room is doubled in size for plenty of family space and a connected kitchen and dining area creates a great flow. The kitchen offers plenty of cabinet space and prep area on the granite counter tops. A lot of natural light comes through all of the newer dual-pane windows and sliders. All of the bedrooms are generous in size and the master bedroom features a private bathroom and a large closet. Brand new toilets and tile flooring has been recently added. Central AC/Heat is a great bonus, as well as a brand new roof completed last year. Ceiling fans throughout the house offers extra cooling in every room. The backyard is fully cemented for low maintenance upkeep, and features plenty of mature fruit trees - including limes, mandarins, guavas, persimmons, and peaches. The 2-car detached garage offers a ton of storage space, and includes an automatic door opener. The pride of ownership is apparent with a very well-kept home from an owner who has lived here for over 25 years. This special home is ready to go to another wonderful family!
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MARKET HIGHLIGHTS
- 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)
- 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]
PRICE & RENT TRENDS
Neighborhood: Covina
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
Neighborhood: Covina
* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR
SCHOOLS
FINANCIALS
PROJECTED BASIC MONTHLY INCOME STATEMENT
| INCOME | Rent | $2,390 |
| EXPENSES | Loan Payment | -$1,907 |
| Property Tax | -$593 | |
| Property Insurance | -$59 | |
| Property Management Fees | -$117 | |
|
CASH FLOW
-$286
|
||
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.
$549,000
PROJECTED PRICE
$2,390
PROJECTED RENT
0.44%
PROJECTED RENT / PRICE RATIO
| Expense Inflation | 2.50% |
| Rental Growth Year (1-5) | 4.48% |
| Appreciation Year (1-5) | 6.2% |
| 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
$151,235
LOAN DETAILS
$1,907
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $137,250 |
| Loan Amount | $411,750 |
3.5
YEARS SAVED
$17,022
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,390
LIST RENT -
$1.83
LIST RENT PER SQFT
-
$2,351
COMP ESTIMATED VALUE -
$1.8
COMP AVG. RENT PER SQFT
Comps Range
-
520 E Cienega Avenue Covina, CA 2
- 4 beds 2 baths ∙ 1,306 Sqft ∙ Built 1955 4 beds 2 baths ∙ 1,306 Sqft ∙ Built 1955
- Rent
- Rent Per SQFT
- $2,390
- $1.83
-
356 W Laxford Street Glendora, CA 1
- 4 beds 3 baths ∙ 1,400 Sqft ∙ Built 1958 4 beds 3 baths ∙ 1,400 Sqft ∙ Built 1958
LEASED 03/07/20- Rent
- Rent Per SQFT
- $2,380
- $1.70
-
4509 N Linda Terrace Drive Covina, CA 3
- 3 beds 2 baths ∙ 1,330 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,330 Sqft ∙ Built 1953
LEASED 10/21/20- Rent
- Rent Per SQFT
- $2,500
- $1.88
-
457 E Benwood Street Covina, CA 4
- 3 beds 2 baths ∙ 1,514 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,514 Sqft ∙ Built 1955
LEASED 08/04/20- Rent
- Rent Per SQFT
- $2,600
- $1.72
-
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
LEASED 08/15/20- Rent
- Rent Per SQFT
- $2,800
- $1.90
PROPERTY LISTING DETAILS
Exp Realty Of California Inc
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: OC21013065
Last Updated: 01/22/2021
