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915 N Bender Avenue Covina, CA 91724

3 Beds 2 Baths 1,485 sqft Built 1960

$629,900

List Price

$2,400

$2.2K - $2.6K

Rent Est.

PROPERTY INFO

November 20, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1960
  • Price/Sqft : $424.18
  • 4 Days on Market
  • MLS # : CV20243309
  • Updated Date : 11/19/2020 at 17:51
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,485 sqft
  • Baths : 2 full
Listing Agent

Re/max Top Producers

Listing Agent's Description

This beautiful 3 bed, 2 bath house in the city of Covina is ready for you to call home! Features 1,485 SQFT of living space, that sits on a 7,559 SQFT lot, with a POOL and detached garage! Step inside and you will be welcomed into the large open living room, that features beautiful laminate floors, recessed lighting a cozy corner wood burning fireplace and French doors leading to pool in the backyard. In the kitchen your eyes will be drawn to the beautiful subway tile back splash, that really ties the oak cabinetry and granite counter-tops together. The dining area is a great size for all to gather for dinner. Home also features A/C & Central heat! The bedroom are just down the hall, they feature, carpet, ceiling fans, and mirror closet doors. The master offers, laminate flooring, a restroom that has a newly renovated walk in shower with glass door. The back yard is great for those BBQ's and swimming on those hot days, or for your four legged friends and and family to enjoy. There is much much more to see. So, hurry before someone else calls this wonderful house their home... Schedule your private showing today!

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: 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
Cedargrove Elementary School Primary Regular 778 30 6
Cedargrove Elementary School Middle Regular 778 30 6
Charter Oak High School High Regular 1,735 61 6

Cedargrove Elementary School

  • Education Level: Primary
  • # of students: 778
  • # of teachers: 30
6
GreatSchools Rating

Cedargrove Elementary School

  • Education Level: Middle
  • # of students: 778
  • # of teachers: 30
6
GreatSchools Rating

Charter Oak High School

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

$566,910$692,890$629,900

PURCHASE PRICE

$2,160$2,640$2,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,400
EXPENSES Loan Payment -$2,324
Property Tax -$650
Property Insurance -$63
Property Management Fees -$118
CASH FLOW
-$755

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.

$629,900

PROJECTED PRICE

$2,400

PROJECTED RENT

0.38%

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$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$172,674

INVESTMENT

$172,674

Down Payment
$157,475
Rehab Estimate
$5,750
Closing Costs
$9,449

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,324

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $157,475
Loan Amount $472,425
See What Happens When You Reinvest Cash Flow

0.83

YEARS SAVED

$2,659

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,400

    LIST RENT
  • $1.62

    LIST RENT PER SQFT
  • $2,413

    COMP ESTIMATED VALUE
  • $1.63

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,3003$2,4004$2,4005$2,600
$2,600
RENT COMPS ANALYSIS
  • 915 N Bender Avenue Covina, CA 4
    • 3 beds 2 baths ∙ 1,485 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,485 Sqft ∙ Built 1960
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.62
    •  
  • 20292 E Arrow Covina, CA 1
    • 4 beds 2 baths ∙ 1,353 Sqft ∙ Built 1980 4 beds 2 baths ∙ 1,353 Sqft ∙ Built 1980
    LEASED 01/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.63
    •  
  • 4925 N Brightview Drive Covina, CA 2
    • 3 beds 2 baths ∙ 1,505 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,505 Sqft ∙ Built 1954
    LEASED 01/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.53
    •  
  • 607 E Algrove Street Covina, CA 3
    • 3 beds 2 baths ∙ 1,477 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,477 Sqft ∙ Built 1955
    LEASED 09/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $1.62
    •  
  • 457 E Benwood Street Covina, CA 5
    • 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
    •  
PROPERTY LISTING DETAILS
Christian Fuentes
Re/max Top Producers
Darryl John Willis
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
California Regional Multiple Listing Service ( CRMLS)
MLS #: CV20243309
Last Updated: 11/19/2020
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