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705 N Lyman Avenue Covina, CA 91724

4 Beds 1 Baths 1,823 sqft Built 1957

$679,000

List Price

$2,800

$2.6K - $3.1K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1957
  • Price/Sqft : $372.46
  • 5 Days on Market
  • MLS # : CV20236898
  • Updated Date : 11/11/2020 at 15:00
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,823 sqft
  • Baths : 1 full
Listing Agent

Mark Andersen & Associates

Listing Agent's Description

Well maintained mid-century home loaded with "Country Charm".. Nestled in the heart of Charter Oak at the edge of the Hidden Village Tract.. Inviting curb appeal with used brick walkways, planters, and front porch.. On a large 8400 plus Sq. Ft. lot, you have park like grounds front and back sprinkled with mature trees and bushes.. Lots of parking on a long concrete driveway that leads to a 2 car detached garage in the rear of the property.. Open 2 story floor plan is highlighted with a good sized, step down, family room which offers open beam ceiling, bay window, and fireplace.. Kitchen is trimmed in granite counter top, tile flooring, and ceiling hung pot rack.. Interior amenities include plantation shutters, dual pane windows, panel doors, and ceiling fans.. Other valuable features are forced air and central air, (upgraded in 2019), copper plumbing, and water softener.. Just a note that in this model, under the current wood vinyl flooring, there normally are hardwood floors.. Located in Charter Oak School District with California Distinguished Schools and nearby is Walnut Creek, hiking trails, and water sports/fishing.. Prime opportunity to enjoy a wonderful family home..

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Covina

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $187k622k

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

Neighborhood: Covina

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q21600180020002200240026002800Rent in $14182941

* 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
Badillo Elementary School Primary Regular 467 21 6
Badillo Elementary School Middle Regular 467 21 6
Charter Oak High School High Regular 1,735 61 6

Badillo Elementary School

  • Education Level: Primary
  • # of students: 467
  • # of teachers: 21
6
GreatSchools Rating

Badillo Elementary School

  • Education Level: Middle
  • # of students: 467
  • # of teachers: 21
6
GreatSchools Rating

Charter Oak High School

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

$611,100$746,900$679,000

PURCHASE PRICE

$2,520$3,080$2,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,800
EXPENSES Loan Payment -$2,505
Property Tax -$701
Property Insurance -$71
Property Management Fees -$137
CASH FLOW
-$615

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.

$679,000

PROJECTED PRICE

$2,800

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

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
11530$0.0$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k$20k

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$185,685

INVESTMENT

$185,685

Down Payment
$169,750
Rehab Estimate
$5,750
Closing Costs
$10,185

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,505

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $169,750
Loan Amount $509,250
See What Happens When You Reinvest Cash Flow

2

YEARS SAVED

$10,435

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,800

    LIST RENT
  • $1.54

    LIST RENT PER SQFT
  • $2,789

    COMP ESTIMATED VALUE
  • $1.53

    COMP AVG. RENT PER SQFT
Comps Range
$2,600
1$2,6002$2,8003$2,8004$2,8005$3,150
$3,150
RENT COMPS ANALYSIS
  • 705 N Lyman Avenue Covina, CA 4
    • 4 beds 1 baths ∙ 1,823 Sqft ∙ Built 1957 4 beds 1 baths ∙ 1,823 Sqft ∙ Built 1957
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.54
    •  
  • 1418 Avenida Loma Vista San Dimas, CA 1
    • 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
    •  
  • 1461 E Wanamaker Drive Covina, CA 2
    • 3 beds 2 baths ∙ 1,993 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,993 Sqft ∙ Built 1972
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.40
    •  
  • 1809 E Sachs Place Covina, CA 3
    • 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
    •  
  • 1309 Paseo Valle Covina, CA 5
    • 3 beds 2 baths ∙ 2,018 Sqft ∙ Built 1975 3 beds 2 baths ∙ 2,018 Sqft ∙ Built 1975
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,150
    • $1.56
    •  
PROPERTY LISTING DETAILS
John Strycula
Mark Andersen & Associates
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20236898
Last Updated: 11/11/2020
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