1045 N Azusa #229 · Covina, CA 91722

$144,999

3 bd · 2.0 ba · 1,344 sqft · Manufactured public records · 255 Days on market

Built 1971 Fair condition $108/sqft · 67% above area ↓ 26% since listing

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Schools +4.4/10.0
• Livability +3.6/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to Starlite Mobile Estates in the heart of Covina! This spacious and well-maintained 3-bedroom, 2-bath manufactured home offers 1,344 sq. ft. of comfortable living in one of the most desirable all-age communities in the San Gabriel Valley. Enjoy an open-concept layout with a bright living area, a large kitchen with ample cabinetry, and a separate dining space ideal for family gatherings or entertaining guests. The primary suite features a large closet and private bath, while two additional bedrooms provide flexibility for family, guests, or a home office. The covered patio and carport add convenience and outdoor relaxation space. Recent updates include fresh paint, new flooring in key areas, and well-kept landscaping. Residents of Starlite Estates enjoy community amenities such as a clubhouse, pool, and visitor parking, with easy access to major freeways, shopping, restaurants, and schools. Whether you’re downsizing or buying your first home, this property delivers great value and comfort at an affordable price in Covina!

Key facts

• Clubhouse
• Community amenities
• Large kitchen

Tags

• OPEN-CONCEPT LAYOUT
• LARGE KITCHEN
• COVERED PATIO
• COMMUNITY AMENITIES
• CLUBHOUSE
• POOL

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $145k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $145k).
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.
• Cap rate 19.1% vs local median 2.3% 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: crime C-, health & safety C-, cost of living F.
• 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.
• Zoned schools: Las Palmas Middle (802 students, 77% FRL); Northview High (1,292 students, 71% FRL) — zoned schools average 74% FRL vs 53% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+12.9%/yr); 69 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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).
• This rent runs 38% of the median local income ($102k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $41k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 255 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.

Recommended offer $127,599 (12.0% below list)

Questions for the listing agent

1. It's been on market 255 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.23% ✓
• Cap rate: 19.10%
• Cash-on-cash: 45.76%
• DSCR: 3.04
• GRM: 3.7

CMA / ARV

• ARV (median comp): $87,000
• List price: $144,999
• Delta: 66.67%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1045 N Azusa Ave #44	0.00mi	2/2.0 (-1)	1,248 (-7%)	5mo	$110,000	$88	79

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 48.5%
• Equity multiple: 3.27×
• Total profit: $92,210
• Equity at exit: $21,620

10-year hold

• IRR: 56.2%
• Equity multiple: 8.02×
• Total profit: $285,098
• Equity at exit: $12,537

Cash invested: $40,600 (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 91722

• Rents YoY: 12.9%
• Active inventory: 69
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $3,228 high
• Mortgage (P&I): −$760
• Tax est. 1.5%: −$181 /mo · $2,175/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$678
• Net cashflow: $1,548

Break-even live

Break-even rent $1,268

Max offer price $144,999

Occupancy floor 47%

Sensitivity live

Price	-10% $1,648	-5% $1,598	+0% $1,548	+5% $1,498	+10% $1,448
Rent	-10% $1,293	-5% $1,421	+0% $1,548	+5% $1,676	+10% $1,803
Rate	-1.0pp $1,621	-0.5pp $1,585	base $1,548	+0.5pp $1,511	+1.0pp $1,472

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
971 Cypress St Covina, CA	3.0	3.0	1550	$3,500	$2.26	45d	1	0.14mi
777 W Covina Blvd Covina, CA	2.0–3.0	1.5–2.0	1030	$2,924	$2.84	2d	3	0.35mi
1160 N Conwell Ave Covina, CA	1.0–3.0	1.0–2.0	1048	$3,045	$2.90	0d	12	0.37mi
4459 N Roxburgh Ave Covina, CA	3.0	2.0	1024	$3,600	$3.52	16d	1	0.56mi
273 W Arrow Hwy Azusa, CA	2.0	1.0–2.0	725	$2,495	$3.44	6d	4	0.63mi
4658 N Midsite Ave Covina, CA	3.0	2.0	1150	$3,500	$3.04	26d	1	0.71mi
535 N Lark Ellen Ave Unit 01 Covina, CA	3.0	2.0	1008	$2,795	$2.77	3d	1	0.73mi
800 S Azusa Ave Azusa, CA	2.0	2.0	1000	$2,049	$2.05	8d	1	0.77mi
1139 W Badillo St Unit B Covina, CA	3.0	3.0	1184	$3,050	$2.58	26d	1	0.77mi
1163 W Badillo St Unit 12 Covina, CA	2.0	1.5	1100	$2,695	$2.45	14d	1	0.80mi
1163 W Badillo St Unit 3 Covina, CA	2.0	1.5	1100	$2,695	$2.45	45d	1	0.80mi
717 S Azusa Ave Unit C Azusa, CA	3.0	3.5	1700	$3,500	$2.06	45d	1	0.82mi
745 S Lark Ellen Ave Unit ABCD Azusa, CA	2.0	2.0	1000	$2,400	$2.40	19d	1	0.89mi
1831 E Grovecenter St West Covina, CA	2.0	1.5	945	$2,575	$2.72	26d	1	0.90mi
4930 N Vincent Ave Covina, CA	2.0	1.0	1000	$3,200	$3.20	23d	1	0.90mi
808 N Azusa Ave West Covina, CA	2.0	1.5	1080	$2,350	$2.18	45d	2	0.90mi
555 S Azusa Ave #32 Azusa, CA	3.0	2.5	1277	$2,900	$2.27	45d	1	0.98mi
1151 W Arrow Hwy Azusa, CA	1.0–2.0	1.0–2.0	862	$2,195	$2.54	45d	1	1.07mi
470 W Center St Covina, CA	3.0	2.0	1537	$3,500	$2.28	26d	1	1.11mi
1657 Rosewell Rd West Covina, CA	3.0	2.5	1637	$3,500	$2.14	0d	1	1.19mi
707 N Park Ave Covina, CA	2.0	2.0	900	$2,900	$3.22	45d	1	1.22mi
535 Embrook Way West Covina, CA	3.0	3.0	1483	$3,650	$2.46	0d	1	1.23mi
527 Embrook Way West Covina, CA	3.0	2.5	1483	$3,650	$2.46	13d	1	1.25mi
1515 E Rowland Ave West Covina, CA	3.0	2.0	1821	$3,600	$1.98	45d	1	1.30mi
328 S Azusa Ave Azusa, CA	2.0	2.5	978	$2,900	$2.97	20d	1	1.32mi
777 S Citrus Ave #107 Azusa, CA	2.0	2.0	994	$2,650	$2.67	26d	1	1.32mi
228 W Center St Unit 5 Covina, CA	3.0	2.0	1350	$3,130	$2.32	45d	1	1.33mi
228 W Center St Unit 5 Covina, CA	3.0	2.0	1350	$3,150	$2.33	11d	1	1.33mi
316 Orange Blossom Covina, CA	3.0	4.0	1610	$3,650	$2.27	0d	1	1.33mi
141 S 3rd Ave Covina, CA	3.0	2.0	1151	$3,300	$2.87	8d	1	1.33mi
1926 E Rowland Ave West Covina, CA	3.0	2.0	1320	$4,000	$3.03	20d	1	1.36mi
355 S Aspan Ave Unit 1 Azusa, CA	4.0	2.0	1450	$3,400	$2.34	26d	1	1.39mi
18537 E Arrow Hwy Covina, CA	1.0–2.0	1.0–2.5	937	$2,650	$2.83	6d	7	1.39mi
230 S Azusa Ave Unit 2 Azusa, CA	2.0	1.0	900	$2,000	$2.22	45d	1	1.43mi
18645 E Arrow Hwy Covina, CA	2.0	—	919	$2,129	$2.32	14d	1	1.48mi

Listing history 20 events

1. 2026-06-21
   days on market $144,999 Active 255 DOM
2. 2026-06-18
   days on market $144,999 Active 252 DOM
3. 2026-06-17
   days on market $144,999 Active 251 DOM
4. 2026-06-16
   days on market $144,999 Active 250 DOM
5. 2026-06-15
   days on market $144,999 Active 249 DOM
6. 2026-06-13
   days on market $144,999 Active 247 DOM
7. 2026-06-13
   days on market $144,999 Active 246 DOM
8. 2026-06-09
   days on market $144,999 Active 243 DOM
9. 2026-06-08
   days on market $144,999 Active 242 DOM
10. 2026-06-07
    days on market $144,999 Active 241 DOM
11. 2026-06-04
    days on market $144,999 Active 238 DOM
12. 2026-06-03
    days on market $144,999 Active 237 DOM
13. 2026-06-02
    days on market $144,999 Active 236 DOM
14. 2026-06-01
    days on market $144,999 Active 235 DOM
15. 2026-05-31
    days on market $144,999 Active 234 DOM
16. 2026-05-01
    price $144,999 1054-char remark

    Show marketing remark (1054 chars)

    Welcome to Starlite Mobile Estates in the heart of Covina! This spacious and well-maintained 3-bedroom, 2-bath manufactured home offers 1,344 sq. ft. of comfortable living in one of the most desirable all-age communities in the San Gabriel Valley. Enjoy an open-concept layout with a bright living area, a large kitchen with ample cabinetry, and a separate dining space ideal for family gatherings or entertaining guests. The primary suite features a large closet and private bath, while two additional bedrooms provide flexibility for family, guests, or a home office. The covered patio and carport add convenience and outdoor relaxation space. Recent updates include fresh paint, new flooring in key areas, and well-kept landscaping. Residents of Starlite Estates enjoy community amenities such as a clubhouse, pool, and visitor parking, with easy access to major freeways, shopping, restaurants, and schools. Whether you’re downsizing or buying your first home, this property delivers great value and comfort at an affordable price in Covina!

17. 2026-04-30
    price $149,999 1054-char remark

    Show marketing remark (1054 chars)

    Welcome to Starlite Mobile Estates in the heart of Covina! This spacious and well-maintained 3-bedroom, 2-bath manufactured home offers 1,344 sq. ft. of comfortable living in one of the most desirable all-age communities in the San Gabriel Valley. Enjoy an open-concept layout with a bright living area, a large kitchen with ample cabinetry, and a separate dining space ideal for family gatherings or entertaining guests. The primary suite features a large closet and private bath, while two additional bedrooms provide flexibility for family, guests, or a home office. The covered patio and carport add convenience and outdoor relaxation space. Recent updates include fresh paint, new flooring in key areas, and well-kept landscaping. Residents of Starlite Estates enjoy community amenities such as a clubhouse, pool, and visitor parking, with easy access to major freeways, shopping, restaurants, and schools. Whether you’re downsizing or buying your first home, this property delivers great value and comfort at an affordable price in Covina!

18. 2026-01-06
    price $170,000 1054-char remark

    Show marketing remark (1054 chars)

    Welcome to Starlite Mobile Estates in the heart of Covina! This spacious and well-maintained 3-bedroom, 2-bath manufactured home offers 1,344 sq. ft. of comfortable living in one of the most desirable all-age communities in the San Gabriel Valley. Enjoy an open-concept layout with a bright living area, a large kitchen with ample cabinetry, and a separate dining space ideal for family gatherings or entertaining guests. The primary suite features a large closet and private bath, while two additional bedrooms provide flexibility for family, guests, or a home office. The covered patio and carport add convenience and outdoor relaxation space. Recent updates include fresh paint, new flooring in key areas, and well-kept landscaping. Residents of Starlite Estates enjoy community amenities such as a clubhouse, pool, and visitor parking, with easy access to major freeways, shopping, restaurants, and schools. Whether you’re downsizing or buying your first home, this property delivers great value and comfort at an affordable price in Covina!

19. 2025-12-24
    price $190,000 1054-char remark

    Show marketing remark (1054 chars)

    Welcome to Starlite Mobile Estates in the heart of Covina! This spacious and well-maintained 3-bedroom, 2-bath manufactured home offers 1,344 sq. ft. of comfortable living in one of the most desirable all-age communities in the San Gabriel Valley. Enjoy an open-concept layout with a bright living area, a large kitchen with ample cabinetry, and a separate dining space ideal for family gatherings or entertaining guests. The primary suite features a large closet and private bath, while two additional bedrooms provide flexibility for family, guests, or a home office. The covered patio and carport add convenience and outdoor relaxation space. Recent updates include fresh paint, new flooring in key areas, and well-kept landscaping. Residents of Starlite Estates enjoy community amenities such as a clubhouse, pool, and visitor parking, with easy access to major freeways, shopping, restaurants, and schools. Whether you’re downsizing or buying your first home, this property delivers great value and comfort at an affordable price in Covina!

20. 2025-10-09
    listed $195,000 Active 1054-char remark

    Show marketing remark (1054 chars)

    Welcome to Starlite Mobile Estates in the heart of Covina! This spacious and well-maintained 3-bedroom, 2-bath manufactured home offers 1,344 sq. ft. of comfortable living in one of the most desirable all-age communities in the San Gabriel Valley. Enjoy an open-concept layout with a bright living area, a large kitchen with ample cabinetry, and a separate dining space ideal for family gatherings or entertaining guests. The primary suite features a large closet and private bath, while two additional bedrooms provide flexibility for family, guests, or a home office. The covered patio and carport add convenience and outdoor relaxation space. Recent updates include fresh paint, new flooring in key areas, and well-kept landscaping. Residents of Starlite Estates enjoy community amenities such as a clubhouse, pool, and visitor parking, with easy access to major freeways, shopping, restaurants, and schools. Whether you’re downsizing or buying your first home, this property delivers great value and comfort at an affordable price in Covina!

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

Taxation est. · year 1

• Rental income: $38,736
• − Mortgage interest: −$8,122
• − Property taxes: −$2,175
• − Insurance: −$725
• − Repairs & maintenance: −$3,099
• − Management: −$3,099
• − Depreciation: −$4,218
• Taxable income: $17,298
• Est. tax owed @ 24.0%: −$4,152
• After-tax cash flow: $14,425/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.

Condition & rehab AI · 12 photos

Fair 45/100 Cosmetic rehab

This mobile home is in fair condition with some cosmetic repairs needed. It offers a spacious layout and is located in a desirable community, but improvements to the interior and exterior can significantly increase its value.

Repairs flagged

• Minor Kitchen cabinets — Light wear and tear, but not structural damage.
• Minor Bathroom fixtures — Light wear and tear, but functional.
• Minor Exterior siding — Some wear, but not structural damage.
• Minor Interior walls — Paint is faded, but not peeling.
• Minor Windows — Frames show wear, but not structural damage.
• Minor HVAC unit — Some wear, but functional.
• Minor Landscaping — Basic landscaping, could be improved with some decorative elements.

Value-add opportunities

• Both Paint interior walls — Fresh paint can improve the home's appearance and increase its value.
• Both Replace worn flooring — New flooring can improve the home's appearance and increase its value.
• Both Service HVAC unit — A functional HVAC system is essential for comfort and can increase the home's value.
• Both Landscaping maintenance — A well-maintained exterior can improve the home's curb appeal and increase its value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Light wear and tear, but not structural damage.	Minor	$500–3,000
Bathroom fixtures · Light wear and tear, but functional.	Minor	$500–3,000
Exterior siding · Some wear, but not structural damage.	Minor	$500–3,000
Interior walls · Paint is faded, but not peeling.	Minor	$500–3,000
Windows · Frames show wear, but not structural damage.	Minor	$500–3,000
HVAC unit · Some wear, but functional.	Minor	$500–3,000
Landscaping · Basic landscaping, could be improved with some decorative elements.	Minor	$500–3,000
Total estimated repair cost · 7 items		$3,500–21,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint can improve the home's appearance and increase its value. ↑
• Both Replace worn flooring — New flooring can improve the home's appearance and increase its value. ↑
• Both Service HVAC unit — A functional HVAC system is essential for comfort and can increase the home's value. ↑
• Both Landscaping maintenance — A well-maintained exterior can improve the home's curb appeal and increase its value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 35,099
• Household income: $102,062
• Rent vs Own: 29.5% rent · 70.5% own
• Severe rent burden: 553.0

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: Majority Hispanic (64%)
• Race & ethnicity: Hispanic / Latino 64% Two or more races 23% Asian 15% White 14% Black 3%
• Hispanic origin (detail): Mexican 54%
• Common ancestry: Slovak 1% Iranian 1% Lithuanian 1%
• Foreign-born: 31% · Canada, China, Vietnam
• Languages at home: 45% English-only · Spanish 42% Chinese 6% Tagalog/Filipino 3%

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: ▼ -889.26%
• Current HPI: 403.5337
• Rent YoY: ▲ 12.93%
• 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

-25.6% since first listed

5 events — show timeline

• 2026-05-01 Price Changed $144,999 CRMLS
• 2026-04-30 Price Changed $149,999 CRMLS
• 2026-01-06 Price Changed $170,000 CRMLS
• 2025-12-24 Price Changed $190,000 CRMLS
• 2025-10-09 Listed $195,000 CRMLS

Property tax history

+13.2%/yr

Latest (2025): $201 · +13.2% YoY. Source: county tax records.