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PROPERTY INFO
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!
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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
* 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 | $2,400 |
| 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
| 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
$172,674
LOAN DETAILS
$2,324
MONTHLY LOAN PAYMENT
| Term | 30 Years |
| Interest | 4.25% |
| Down Payment | $157,475 |
| Loan Amount | $472,425 |
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
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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
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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
Re/max Top Producers
1.866.250.5610
HomeUnion.com
Lic. BRE# 01526904
MLS #: CV20243309
Last Updated: 11/19/2020
