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705 S Carmencita Drive West Covina, CA 91790

4 Beds 2 Baths 1,523 sqft Built 1953

$665,000

List Price

$2,610

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1953
  • Price/Sqft : $436.64
  • 3 Days on Market
  • MLS # : WS21010104
  • Updated Date : 01/16/2021 at 15:20
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,523 sqft
  • Baths : 2 full
Listing Agent

Neu Realty

Listing Agent's Description

Single family house located in the desirable West Covina neighborhood that provides a comfortable living space of 4 bedrooms and 3 bathrooms with a 11,000 sq. feet lot. The location is conveniently located in West Covina city center, where it offers Plaza West Covina shopping mall, Porto's Bakery, movie theater, fine restaurants, supermarkets, city hall, and library. It is close to the 10 freeway and is 17 miles to Downtown LA. Hardwood flooring throughout the house and tile flooring in kitchen and bathrooms. Kitchen is fully equipped with a granite countertop, gas cook-top, range, oven, and dishwasher. The cozy living room is ideal for living and entertainment with family and friends. The laundry hookup is located inside the detached 2-car garage. The spacious driveway can accommodate multiple vehicles. Property's large backyard includes a beautiful pond and fruit trees, which are ideal for gardening. Don't miss this great 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: Valinda

NeighborhoodNIR Market*CityMarket2010Year20002019200k250k300k350k400k450k500k550k600kPrice in $153k622k

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

Neighborhood: Valinda

NeighborhoodNIR Market*CityMarket2010Year2000 Q42019 Q214001600180020002200240026002800Rent in $13962941

* 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
Wescove Elementary School Primary Regular 324 16 NA
Walnut Grove Intermediate School Middle Regular 383 21 6
Edgewood High School High Regular 831 33 7

Wescove Elementary School

  • Education Level: Primary
  • # of students: 324
  • # of teachers: 16
NA
GreatSchools Rating

Walnut Grove Intermediate School

  • Education Level: Middle
  • # of students: 383
  • # of teachers: 21
6
GreatSchools Rating

Edgewood High School

  • Education Level: High
  • # of students: 831
  • # of teachers: 33
7
GreatSchools Rating
 

$598,500$731,500$665,000

PURCHASE PRICE

$2,349$2,871$2,610

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,610
EXPENSES Loan Payment -$2,310
Property Tax -$681
Property Insurance -$64
Property Management Fees -$128
CASH FLOW
-$573

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.

$665,000

PROJECTED PRICE

$2,610

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 4.35%
Appreciation Year (1-5) 8.4%
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-$10k-$5.0k$0.0$5.0k$10k$15k

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$181,975

INVESTMENT

$181,975

Down Payment
$166,250
Rehab Estimate
$5,750
Closing Costs
$9,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,310

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $166,250
Loan Amount $498,750
See What Happens When You Reinvest Cash Flow

1.92

YEARS SAVED

$7,955

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,610

    LIST RENT
  • $1.71

    LIST RENT PER SQFT
  • $2,551

    COMP ESTIMATED VALUE
  • $1.67

    COMP AVG. RENT PER SQFT
Comps Range
$2,500
1$2,5002$2,6103$2,7004$2,7505$2,800
$2,800
RENT COMPS ANALYSIS
  • 705 S Carmencita Drive West Covina, CA 2
    • 4 beds 2 baths ∙ 1,523 Sqft ∙ Built 1953 4 beds 2 baths ∙ 1,523 Sqft ∙ Built 1953
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,610
    • $1.71
    •  
  • 1120 S Shadydale Avenue West Covina, CA 1
    • 3 beds 2 baths ∙ 1,511 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,511 Sqft ∙ Built 1955
    property image
    LEASED 10/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.65
    •  
  • 614 E Barbara Avenue West Covina, CA 3
    • 3 beds 2 baths ∙ 1,570 Sqft ∙ Built 1947 3 beds 2 baths ∙ 1,570 Sqft ∙ Built 1947
    property image
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $1.72
    •  
  • 227 N Hartley Street West Covina, CA 4
    • 3 beds 2 baths ∙ 1,723 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,723 Sqft ∙ Built 1954
    property image
    LEASED 10/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $1.60
    •  
  • 225 N Broadmoor Avenue West Covina, CA 5
    • 3 beds 1 baths ∙ 1,622 Sqft ∙ Built 1952 3 beds 1 baths ∙ 1,622 Sqft ∙ Built 1952
    property image
    LEASED 01/09/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $1.73
    •  
PROPERTY LISTING DETAILS
Shiao Huang
Neu Realty
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: WS21010104
Last Updated: 01/16/2021
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