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PROPERTY INFO
FACTS
- Single Family
- Built In 1955
- Price/Sqft : $422.53
- 3 Days on Market
- MLS # : CV21032759
- Updated Date : 03/05/2021 at 16:14
CONSTRUCTION
- Beds : 3
- Floor Size : 1,465 sqft
- Baths : 2 full
Listing Agent
Realty Masters & Associates
Listing Agent's Description
Click on the link to take a 3D tour - https://unbranded.youriguide.com/780_e_benbow_st_covina_ca/ Welcome to 780 Benbow! Charming single-story Covina home JUST HIT THE MARKET! The home has been kept in excellent condition and really shows off the character of the home. Big open living room with a brick gas fireplace and expansive sliders out to the relaxing backyard! The kitchen has beautiful wood cabinets, tons of counter space, a built-in desk area, and a breakfast nook. This home has 3 great-sized bedrooms, 2 full bathrooms, and a spacious laundry room! Backyard has a detached garage, covered carport, covered patio, and a game room! Close to grocery stores, restaurants, shopping centers, and schools!
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MARKET HIGHLIGHTS
- 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)
- 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)
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 | $2,490 |
| EXPENSES | Loan Payment | -$2,150 |
| Property Tax | -$672 | |
| Property Insurance | -$63 | |
| Property Management Fees | -$122 | |
|
CASH FLOW
-$516
|
||
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.
$619,000
PROJECTED PRICE
$2,490
PROJECTED RENT
0.40%
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
$169,785
LOAN DETAILS
$2,150
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 3.75% |
| Down Payment | $154,750 |
| Loan Amount | $464,250 |
2
YEARS SAVED
$7,968
INTEREST SAVED
CASH FLOW REINVESTMENT
The time & interest saved by applying each month's positive cash flow towards loan principal pay down.
-
$2,490
LIST RENT -
$1.7
LIST RENT PER SQFT
-
$2,637
COMP ESTIMATED VALUE -
$1.8
COMP AVG. RENT PER SQFT
Comps Range
-
780 E Benbow Street Covina, CA 2
- 3 beds 2 baths ∙ 1,465 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,465 Sqft ∙ Built 1955
- Rent
- Rent Per SQFT
- $2,490
- $1.70
-
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
Realty Masters & Associates
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: CV21032759
Last Updated: 03/05/2021
