137 S 3rd Ave · Covina, CA 91723

$1,250,000

1 bd · 1.0 ba · 740 sqft · MultiFamily public records · 103 Days on market

Built 1921 10,087 sqft lot $1689/sqft · 284% above area Est $1235k · at est.

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Why this score? — see what drove the F grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +8.6/30.0
• ARV discount +7.0/15.0
• Schools +4.4/10.0
• Rent growth +4.3/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0
• 1% rule +1.8/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

* * BACK ON THE MARKET!! Front 3 bedroom vacant! First time on market in over 20 years, this exceptional 4-unit income property near vibrant Downtown Covina! Perfectly positioned near local shops, dining, and transit, this well-maintained multi-unit gem offers both charm and incredible investment potential. The front home is a spacious 3 bedroom 2 bath perfect for owner occupant or a desirable standalone rental. Behind the main house are three spacious 1 bedroom units. Tenants each have their own single car garage plus pre-assigned spaces, ensuring ample parking and storage options. With strong rental appeal, and a prime location on a very desirable street near some of Covina s best amenities, this property presents an incredible opportunity for investors or multi-generational living. Don't miss your chance to own a rare, income-producing property with outstanding upside potential! Plus the potential to add more income if you add an ADU!

Key facts

• Multi-unit gem
• Ample parking
• Potential to add adu

Tags

• MULTI-UNIT GEM
• SPACIOUS 1 BEDROOM UNITS
• AMPLE PARKING
• PRIME LOCATION
• POTENTIAL TO ADD ADU

What this means for you Summary

Snapshot

• This is a 1×6bd/5.0ba + 3×1bd/1.0ba units multifamily listed at $1.25M.

Deal economics

• At list price, monthly cash flow is $-1k ($-13k/yr) — negative. Per door: $-271/mo.
• To cash-flow at today's rent, offer at most $1.06M (15.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $845k (32.4% below list).
• Recommended offer: $845k (32.4% below list) — sets the bar for 1% rule.
• Cap rate 5.3% vs local median 2.4% in Covina — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 72/100 on livability (#181 in CA) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: schools C-, crime C-, health & safety C-.
• Covina-Valley Unified (suburban): math 39% / reading 55% proficiency, ranked #462 of 1,400 in CA (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+7.2%/yr); 31 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $8,454/mo this rent would consume 108% of the median local household income ($94k/yr) (locally 792% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $9k of loan paydown is wiped out by about $38k of value loss. Plan a longer hold.
• Los Angeles County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 103 days — a 9% lower offer ($1.14M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $395k; list at $1.25M implies a 216% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1921 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $845,400 (32.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 103 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1921 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.68% ✗
• Cap rate: 5.25%
• Cash-on-cash: -3.71%
• DSCR: 0.83
• GRM: 12.3

CMA / ARV

• ARV (median comp): $1,235,350
• List price: $1,250,000
• Delta: 1.19%
• Verdict: FAIR
• Comps: 13 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.23% rent growth · sell at horizon

5-year hold

• IRR: -18.5%
• Equity multiple: 0.33×
• Total profit: $-234,399
• Equity at exit: $186,379

10-year hold

• IRR: -4.7%
• Equity multiple: 0.64×
• Total profit: $-126,578
• Equity at exit: $108,077

Cash invested: $350,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 91723

• Rents YoY: 7.2%
• Active inventory: 31
• Price-to-rent: 44.1×

Monthly cashflow live

• Estimated rent: $8,454 medium
• Mortgage (P&I): −$6,555
• Tax from tax record: −$685 /mo · $8,222/yr
• Insurance: −$521
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,775
• Net cashflow: $-1,083

Break-even live

Break-even rent $9,824

Max offer price $1,058,771

Occupancy floor —

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
1× unit	6	5	$2,363
▸ 3× units	1	1	$6,090
Total (4 units)			$8,454

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $312,500
• Closing costs: $37,500
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
211 W Dexter St Unit NA Covina, CA	1.0	1.0	490	$1,700	$3.47	44d	1	0.08mi
136 W Orange St Covina, CA	1.0	1.0	650	$2,200	$3.38	25d	1	0.28mi
253 E Center St Covina, CA	1.0	1.0	625	$2,295	$3.67	7d	1	0.30mi
255 E Center St Covina, CA	1.0	1.0	625	$2,195	$3.51	7d	1	0.31mi
242 E Navilla Pl Unit 248 Covina, CA	1.0	1.0	650	$1,695	$2.61	22d	1	0.41mi
248 E Navilla Pl Covina, CA	1.0	1.0	650	$1,695	$2.61	25d	1	0.42mi
265 E Navilla Pl Unit 206 Covina, CA	1.0	1.0	750	$1,695	$2.26	25d	1	0.43mi
364 E Badillo St Unit 372 Covina, CA	1.0	1.0	592	$1,750	$2.96	12d	1	0.44mi
364 E Badillo St Unit 368 1/2 Covina, CA	1.0	1.0	592	$1,725	$2.91	2d	1	0.45mi
670 S 2nd Ave Covina, CA	2.0	1.0	700	$2,495	$3.56	44d	1	0.59mi
111 S Barranca Ave Covina, CA	1.0	1.0	687	$2,035	$2.96	15d	1	0.61mi
111 S Barranca Ave Covina, CA	1.0	1.0	687	$2,035	$2.96	44d	1	0.61mi
111 S Barranca Ave Covina, CA	1.0	1.0	687	$2,195	$3.20	4d	1	0.61mi
257 E Edna Pl Covina, CA	—	1.0	400	$1,795	$4.49	21d	1	0.64mi
681 S 1st Ave Apt N Covina, CA	1.0	1.0	650	$1,750	$2.69	44d	1	0.67mi
2309 E Garvey Ave N Unit 12 West Covina, CA	1.0	1.0	600	$1,840	$3.07	25d	1	0.89mi
111 S Mockingbird Ln Unit 6 West Covina, CA	1.0	1.0	550	$1,600	$2.91	44d	1	0.93mi
111 S Mockingbird Ln Unit 16 West Covina, CA	—	1.0	400	$1,500	$3.75	44d	1	0.94mi
826 N Barranca Ave Covina, CA	1.0–2.0	1.0–2.0	762	$1,800	$2.36	44d	2	0.94mi
4760 N Edenfield Ave Covina, CA	—	1.0	460	$2,150	$4.67	3d	1	0.95mi
1935 E Garvey Ave N West Covina, CA	1.0	1.0	404	$1,845	$4.57	1d	12	1.08mi
1838 E Workman Ave West Covina, CA	1.0	1.0	700	$950	$1.36	44d	1	1.09mi
111 S Barranca St West Covina, CA	1.0–2.0	1.0–2.0	842	$2,145	$2.55	6d	10	1.12mi
1130 W San Bernardino Rd Covina, CA	1.0	1.0	600	$1,695	$2.83	44d	6	1.23mi
1130 W San Bernardino Rd Covina, CA	1.0	1.0	600	$1,695	$2.83	3d	2	1.23mi
1160 N Conwell Ave Covina, CA	1.0–3.0	1.0–2.0	1048	$1,865	$1.78	1d	11	1.30mi
1346 N Midsite Ave Covina, CA	—	1.0	400	$1,825	$4.56	4d	1	1.35mi
200 N Grand Ave West Covina, CA	1.0–3.0	1.0–2.0	860	$2,542	$2.96	1d	12	1.39mi

Listing history 8 events

1. 2026-05-12
   status Pending 954-char remark

   Show marketing remark (954 chars)

   * * BACK ON THE MARKET!! Front 3 bedroom vacant! First time on market in over 20 years, this exceptional 4-unit income property near vibrant Downtown Covina! Perfectly positioned near local shops, dining, and transit, this well-maintained multi-unit gem offers both charm and incredible investment potential. The front home is a spacious 3 bedroom 2 bath perfect for owner occupant or a desirable standalone rental. Behind the main house are three spacious 1 bedroom units. Tenants each have their own single car garage plus pre-assigned spaces, ensuring ample parking and storage options. With strong rental appeal, and a prime location on a very desirable street near some of Covina s best amenities, this property presents an incredible opportunity for investors or multi-generational living. Don't miss your chance to own a rare, income-producing property with outstanding upside potential! Plus the potential to add more income if you add an ADU!

2. 2026-03-25
   price $1,250,000 954-char remark

   Show marketing remark (954 chars)

   * * BACK ON THE MARKET!! Front 3 bedroom vacant! First time on market in over 20 years, this exceptional 4-unit income property near vibrant Downtown Covina! Perfectly positioned near local shops, dining, and transit, this well-maintained multi-unit gem offers both charm and incredible investment potential. The front home is a spacious 3 bedroom 2 bath perfect for owner occupant or a desirable standalone rental. Behind the main house are three spacious 1 bedroom units. Tenants each have their own single car garage plus pre-assigned spaces, ensuring ample parking and storage options. With strong rental appeal, and a prime location on a very desirable street near some of Covina s best amenities, this property presents an incredible opportunity for investors or multi-generational living. Don't miss your chance to own a rare, income-producing property with outstanding upside potential! Plus the potential to add more income if you add an ADU!

3. 2026-03-18
   status Active 954-char remark

   Show marketing remark (954 chars)

   * * BACK ON THE MARKET!! Front 3 bedroom vacant! First time on market in over 20 years, this exceptional 4-unit income property near vibrant Downtown Covina! Perfectly positioned near local shops, dining, and transit, this well-maintained multi-unit gem offers both charm and incredible investment potential. The front home is a spacious 3 bedroom 2 bath perfect for owner occupant or a desirable standalone rental. Behind the main house are three spacious 1 bedroom units. Tenants each have their own single car garage plus pre-assigned spaces, ensuring ample parking and storage options. With strong rental appeal, and a prime location on a very desirable street near some of Covina s best amenities, this property presents an incredible opportunity for investors or multi-generational living. Don't miss your chance to own a rare, income-producing property with outstanding upside potential! Plus the potential to add more income if you add an ADU!

4. 2026-03-18
   price $1,275,000 954-char remark

   Show marketing remark (954 chars)

   * * BACK ON THE MARKET!! Front 3 bedroom vacant! First time on market in over 20 years, this exceptional 4-unit income property near vibrant Downtown Covina! Perfectly positioned near local shops, dining, and transit, this well-maintained multi-unit gem offers both charm and incredible investment potential. The front home is a spacious 3 bedroom 2 bath perfect for owner occupant or a desirable standalone rental. Behind the main house are three spacious 1 bedroom units. Tenants each have their own single car garage plus pre-assigned spaces, ensuring ample parking and storage options. With strong rental appeal, and a prime location on a very desirable street near some of Covina s best amenities, this property presents an incredible opportunity for investors or multi-generational living. Don't miss your chance to own a rare, income-producing property with outstanding upside potential! Plus the potential to add more income if you add an ADU!

5. 2026-02-03
   status Pending 954-char remark

   Show marketing remark (954 chars)

   * * BACK ON THE MARKET!! Front 3 bedroom vacant! First time on market in over 20 years, this exceptional 4-unit income property near vibrant Downtown Covina! Perfectly positioned near local shops, dining, and transit, this well-maintained multi-unit gem offers both charm and incredible investment potential. The front home is a spacious 3 bedroom 2 bath perfect for owner occupant or a desirable standalone rental. Behind the main house are three spacious 1 bedroom units. Tenants each have their own single car garage plus pre-assigned spaces, ensuring ample parking and storage options. With strong rental appeal, and a prime location on a very desirable street near some of Covina s best amenities, this property presents an incredible opportunity for investors or multi-generational living. Don't miss your chance to own a rare, income-producing property with outstanding upside potential! Plus the potential to add more income if you add an ADU!

6. 2025-12-17
   listed $1,250,000 Active 954-char remark

   Show marketing remark (954 chars)

   * * BACK ON THE MARKET!! Front 3 bedroom vacant! First time on market in over 20 years, this exceptional 4-unit income property near vibrant Downtown Covina! Perfectly positioned near local shops, dining, and transit, this well-maintained multi-unit gem offers both charm and incredible investment potential. The front home is a spacious 3 bedroom 2 bath perfect for owner occupant or a desirable standalone rental. Behind the main house are three spacious 1 bedroom units. Tenants each have their own single car garage plus pre-assigned spaces, ensuring ample parking and storage options. With strong rental appeal, and a prime location on a very desirable street near some of Covina s best amenities, this property presents an incredible opportunity for investors or multi-generational living. Don't miss your chance to own a rare, income-producing property with outstanding upside potential! Plus the potential to add more income if you add an ADU!

7. 2003-07-14
   soldstatus $395,000
8. 1993-07-20
   soldstatus $330,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $8,222 · $685/mo
• Projected year-2 tax: $9,500 · $792/mo
• Expected delta: +$1,278/yr (+$106/mo · 15.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 7/10 Severe 7 d/yr ≥99°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 15 unhealthy d/yr today · 17 by 30 yrs out

Taxation est. · year 1

• Rental income: $101,448
• − Mortgage interest: −$70,019
• − Property taxes: −$8,222
• − Insurance: −$6,250
• − Repairs & maintenance: −$8,116
• − Management: −$8,116
• − Depreciation: −$36,364
• Taxable loss: −$35,639
• Est. tax savings @ 24.0%: +$8,553
• After-tax cash flow: $-4,437/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Covina-Valley Unified
• NCES district ID: 0610050
• Math proficiency: 39% ▲ 2.00%
• Reading proficiency: 55% ▲ 2.00%
• Median HH income: $65,808
• Composite: 43.91/100
• National rank: #6290
• State rank: #462 of 1400 in CA

Livability — Covina

• Score: 72/100
• State rank: #181
• US rank: #5811

Category grades

Amenities A+ Commute A+ Cost of living F Crime C- Employment A+ Housing C+ Health & safety C- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Covina, CA
• County: Los Angeles County · 9,444,647 people
• City population: 81,184
• Metro: Los Angeles-Long Beach-Anaheim, CA
• Population (ZIP): 17,733
• Household income: $94,167
• Rent vs Own: 56.1% rent · 43.9% own
• Severe rent burden: 792.0

Population outlook (Los Angeles County) Hauer SSP2

• Today (2025): 10,940,515 people
• By 2030: 11,256,481 · +2.9%
• By 2040: 11,729,929 · +7.2%
• By 2050: 11,948,407 · +9.2%
• By 2075: 11,818,114 · +8.0%
• By 2100: 10,842,928 · -0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: Hispanic / Latino 63% Two or more races 22% White 19% Asian 11% Black 4% Native American 1%
• Hispanic origin (detail): Mexican 52% Cuban 1%
• Common ancestry: Lithuanian 1% Russian 1% Iranian 1%
• Foreign-born: 22% · Canada, China, Vietnam
• Languages at home: 56% English-only · Spanish 33% Chinese 3% Tagalog/Filipino 2%

Political lean MEDSL · Los Angeles

• 2024 margin: Solid D (+32.9) · D 64.8% · R 31.9% · Other 3.3%
• 2008→2024 swing: -7.4pp toward R · 2008: 40.4pp · 2024: 32.9pp
• All cycles: 2024: D+32.9 2020: D+44.2 2016: D+48.0 2012: D+40.0 2008: D+40.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -540.18%
• Current HPI: 426.3313
• Rent YoY: ▲ 7.23%
• Metro: Los Angeles-Long Beach-Anaheim, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+278.8% since first listed

8 events — show timeline

• 2026-05-12 Pending — TheMLS
• 2026-03-25 Price Changed $1,250,000 TheMLS
• 2026-03-18 Relisted — TheMLS
• 2026-03-18 Price Changed $1,275,000 TheMLS
• 2026-02-03 Pending — TheMLS
• 2025-12-17 Listed $1,250,000 TheMLS
• 2003-07-14 Sold (Public Records) $395,000 Public Records
• 1993-07-20 Sold (Public Records) $330,000 Public Records

Property tax history

+2.6%/yr

Latest (2025): $8,222 · +5.9% YoY. Source: county tax records.