554 W Verness, Covina, California 91723, Covina, 91723 - 4 bed, 2 bath
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Covina, California 91723
This Expansive Value-Add Residence represents a High-Potential Investment Opportunity, listed at $739,000—positioned well below the $846,201 Fair Market Value by 12%. This significant valuation gap offers $107,201 in Instant Equity for buyers. While currently holding a Dated Condition Rating, the 2,325-square-foot interior and versatile floor plan provide a unique blueprint for a six-bedroom conversion. Situated on a generous 8,132 sqft lot within the Covina Valley Unified district, this asset is primed for forced appreciation through strategic modernization. It is an ideal acquisition for Fix-and-Flip Investors or Contractors looking to maximize ROI in a desirable neighborhood.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 554 W Verness Subject | $739,000* List Price | 4 | 2 | 2,325 | $364 | - |
A 566 S Hepner Sold | $850,000 | 4 | 3 | 2,086 | $407 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1954, this property is functional and appears well-maintained but is significantly dated. The kitchen features older oak cabinetry and basic appliances, and the bathrooms show vintage tiling and fixtures from previous decades. While the home has some updates like recessed lighting and laminate flooring in the living areas, the overall infrastructure and aesthetic require modernization to meet current market standards, fitting the criteria for a property that is aged but maintained through regular upkeep.
Boasting over 2,300 square feet, this residence offers a versatile floor plan with the unique potential to be converted into a six-bedroom home, ideal for multi-generational living or large families.
The property serves as a prime candidate for renovation, allowing buyers to customize finishes and build immediate equity in a desirable Covina neighborhood.
Situated on an 8,132 square foot lot, the property provides ample outdoor space for entertaining, gardening, or potential future expansions.
The home requires significant cosmetic and functional improvements, which will necessitate a substantial additional budget and effort beyond the initial purchase price.
Built in 1954, the property likely features original systems and finishes that may not meet modern efficiency standards or contemporary aesthetic preferences.
In the heart of Covina, a home full of space, potential, and opportunity. This expansive residence offers a grand layout with generously sized living areas, providing the perfect foundation for both comfortable living and large-scale entertaining. With its substantial square footage and versatile floor plan, this property presents a unique opportunity to be transformed into a 6-bedroom home, ideal for multi-generational living, investment potential, or those simply seeking extra space. The existing layout allows for flexible use of rooms, including the possibility of creating dedicated entertaining areas, home offices, or guest quarters. While the home does require updating and care, it offers a rare chance to customize and add value, making it truly your own. With vision and improvements, this property can be elevated into a stunning, spacious residence that blends functionality with modern style. Conveniently located near local amenities, schools, and major freeways, this is an exceptional opportunity for buyers looking to create something special in a desirable Covina neighborhood.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 4.0 | 3.0 | 58% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 2,325 | 1,551 | 89% |
| Lot Size | 8,132 | 7,511 | 63% |
| Price | $739.0K | $849.0K | 16% |
| Price per sq ft | $318 | $535 | 5% |
| Built year | 1954 | 1953 | 53% |
| HOA | $0 | $0 | 50% |
| Days on market | 22 | 131 | 5% |
Mar 31, 2026
$739,000
Initial Listing
Aug 19, 2009
$390,000
Public Record
Nov 5, 2003
$395,000
Public Record
Nov 26, 2001
$243,000
Public Record
Aug 26, 1997
$170,000
Public Record