254 W Dexter · Covina, CA 91723

$3,750,000

26 bd · 25.0 ba · 13,000 sqft · MultiFamily public records · 27 Days on market

Built 1963 0.39 ac lot

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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).

• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Rent growth +4.3/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Cash flow +0.0/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

The property features 12 spacious 3-bedroom, 1.75-bathroom apartment homes, and one studio unit, creating a highly attractive unit mix seldom available in the marketplace. The large floor plans appeal to a variety of households seeking affordable alternatives to single-family housing in the San Gabriel Valley. Most units have undergone interior upgrades, enhancing tenant appeal while reducing near-term capital expenditure requirements for a new owner. Improvements may include updated flooring, kitchens, bathrooms, fixtures, and interior finishes. The property benefits from consistent occupancy and strong tenant demand due to its central location within Covina, proximity to major transpo

Key facts

• Central location
• Updated bathrooms
• Updated flooring

Tags

• UPDATED FLOORING
• UPDATED KITCHENS
• UPDATED BATHROOMS
• UPDATED FIXTURES
• UPDATED INTERIOR FINISHES
• CENTRAL LOCATION

Property features AI

Finance

• Other: 13 units leased; 14 separate gas meters; 14 separate electric meters; 1 of the units reported with a garage space
• Financial info: Total building area reported at 13,000; Total of 13 residential units across 2 buildings; Gross scheduled income: $325,418; Gross operating income: $322,198; Gross income: $325,418; Net operating income: $233,408; Total actual rent currently: $26,839 per month; Laundry income: $3,350; Operating expenses: $88,790 (includes trash, maintenance, water/sewer, pool, electric, fuel, gardener); Other expenses: $3,700 (on-site); Tenants pay gas and electricity; Gross multiplier: 12.4; Vacancy allowance: 3,220
• HOA & community: Suburban community

Exterior

• Parking: Carport parking (14 spaces); One garage space; Total of 15 parking spaces
• Utilities: Public sewer; District/public water; Separate gas meters for most units; Separate electric meters for most units; Single separate water meter for property
• Home design: Attached property; Updated/remodeled condition; Two-story building; Entry level: 1
• Construction: Concrete slab foundation; Year built per assessor
• Exterior features: Community pool; Sprinklers in front; Property has a view

Interior

• Kitchen: Free-standing range; Water heater (central)
• Bedrooms: Units include 3-bedroom configurations (multiple units)
• Flooring: See remarks
• Bathrooms: Each unit has a three-quarter bathroom
• Heating & cooling: Wall heater; Wall/window air conditioning in multiple units
• Interior features: Granite counters; Carbon monoxide detector(s); Smoke detector
• Laundry & utility: On-site community laundry; Some units have refrigerators; many units include ranges

What this means for you Summary

Snapshot

• This is a 26-bed/25.0-bath multifamily listed at $3.75M.

Deal economics

• At list price, monthly cash flow is $-20k ($-242k/yr) — negative.
• To cash-flow at today's rent, offer at most $434k (88.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $380k (89.9% below list).
• Recommended offer: $380k (89.9% below list) — sets the bar for 1% rule.
• Cap rate -0.2% vs local median 2.4% in Covina — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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; solid renter incomes; 19,697 units permitted in Los Angeles County in 2024 (9,426 in 5+ unit buildings).
• At $3,796/mo this rent would consume 48% 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 $26k of loan paydown is wiped out by about $112k 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 27 days — a 2% lower offer ($3.69M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 26y ago; this cycle's ask has dropped $245k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $156k; list at $3.75M implies a 2304% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $379,638 (89.9% 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. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.10% ✗
• Cap rate: -0.17%
• Cash-on-cash: -23.08%
• DSCR: -0.03
• GRM: 82.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -65.2%
• Equity multiple: -0.79×
• Total profit: $-1,878,681
• Equity at exit: $559,137

10-year hold

• IRR: —
• Equity multiple: -2.07×
• Total profit: $-3,223,300
• Equity at exit: $324,231

Cash invested: $1,050,000 (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: 82.3×

Monthly cashflow live

• Estimated rent: $3,796 medium
• Mortgage (P&I): −$19,665
• Tax from tax record: −$1,967 /mo · $23,598/yr
• Insurance: −$1,562
• HOA: −$0
• Vacancy / Maint / Mgmt: −$797
• Net cashflow: $-20,195

Break-even live

Break-even rent $29,360

Max offer price $433,980

Occupancy floor —

Sensitivity live

Price	-10% $-18,073	-5% $-19,134	+0% $-20,195	+5% $-21,257	+10% $-22,318
Rent	-10% $-20,495	-5% $-20,345	+0% $-20,195	+5% $-20,045	+10% $-19,895
Rate	-1.0pp $-18,307	-0.5pp $-19,242	base $-20,195	+0.5pp $-21,167	+1.0pp $-22,156

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: $937,500
• Closing costs: $112,500
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $3,750,000 Active 27 DOM
2. 2026-06-17
   days on market $3,750,000 Active 26 DOM
3. 2026-06-16
   days on market $3,750,000 Active 25 DOM
4. 2026-06-15
   days on market $3,750,000 Active 24 DOM
5. 2026-06-13
   days on market $3,750,000 Active 22 DOM
6. 2026-06-13
   pricedays on market $3,750,000 Active 21 DOM
7. 2026-06-09
   days on market $3,995,000 Active 18 DOM
8. 2026-06-08
   days on market $3,995,000 Active 17 DOM
9. 2026-06-07
   days on market $3,995,000 Active 16 DOM
10. 2026-06-04
    days on market $3,995,000 Active 13 DOM
11. 2026-06-03
    days on market $3,995,000 Active 12 DOM
12. 2026-06-02
    days on market $3,995,000 Active 11 DOM
13. 2026-06-01
    days on market $3,995,000 Active 10 DOM
14. 2026-05-31
    days on market $3,995,000 Active 9 DOM
15. 2026-05-22
    listed $3,995,000 Active
16. 2025-01-18
    historical $2,195
17. 2025-01-14
    price $2,195
18. 2024-12-20
    price $2,225
19. 2024-11-20
    listed $2,295
20. 2023-08-11
    historical
21. 2001-03-07
    historical
22. 2000-07-19
    listed $224,900
23. 1986-12-31
    soldstatus $156,000
24. 1986-12-31
    soldstatus $78,000
25. 1986-12-31
    soldstatus $760,000

ⓘ 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: $23,598 · $1,967/mo
• Projected year-2 tax: $28,500 · $2,375/mo
• Expected delta: +$4,902/yr (+$408/mo · 20.8%)

ⓘ 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: $45,557
• − Mortgage interest: −$210,058
• − Property taxes: −$23,598
• − Insurance: −$18,750
• − Repairs & maintenance: −$3,645
• − Management: −$3,645
• − Depreciation: −$109,091
• Taxable loss: −$323,230
• Est. tax savings @ 24.0%: +$77,575
• After-tax cash flow: $-164,768/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

+2460.9% since first listed

11 events — show timeline

• 2026-05-22 Listed $3,995,000 CRMLS
• 2025-01-18 Rental Removed $2,195 APPFOLIO
• 2025-01-14 Price Changed $2,195 APPFOLIO
• 2024-12-20 Price Changed $2,225 APPFOLIO
• 2024-11-20 Listed for Rent $2,295 APPFOLIO
• 2023-08-11 Rental Removed — APPFOLIO
• 2001-03-07 Listing Removed — CRMLS
• 2000-07-19 Listed $224,900 CRMLS
• 1986-12-31 Sold (Public Records) $760,000 Public Records
• 1986-12-31 Sold (Public Records) $78,000 Public Records
• 1986-12-31 Sold (Public Records) $156,000 Public Records

Property tax history

+2.7%/yr

Latest (2025): $23,598 · +7.1% YoY. Source: county tax records.