Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

101 N 7th Street #216 Phoenix, AZ 85034

2 Beds 3 Baths 1,630 sqft Built 1985

$399,000

List Price

$1,540

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $244.79
  • 25 Days on Market
  • MLS # : 6177715
  • Updated Date : 01/25/2021 at 12:30
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,630 sqft
  • Baths : 2 full , 1 half
Listing Agent

Redfin Corporation

Listing Agent's Description

Spectacular downtown location in the highly sought after gated community of Renaissance Park. Unique Penthouse Unit that is fully remodeled! 1,630 sq ft 2 bed 2.5 bath Unit has 3 patios & 3 Entrances! Wood laminate flooring throughout all traffic areas. Brand new carpet in the bedrooms. Kitchen is open to the family room. Shaker maple cabinets, stainless steel appliances & decorative tile backsplash. Breakfast nook w/ patio & secondary entrance. Family room has 2 story ceilings w/ a fireplace & patio. Large bedroom & bathroom downstairs finished w/ beautiful Carrara white marble. Modern custom staircase that leads to a large loft & private primary suite. Balcony that has city views & also has a staircase/exit. Monthly HOA fees are priced extremely well compared to other condos in the area.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Booker T. Washington

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $83k271k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Booker T. Washington

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900950100010501100115012001250130013501400145015001550Rent in $8551567

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Garfield School Primary Regular 427 19 3
Garfield School Middle Regular 427 19 3
North High School High Regular 2,616 128 5

Garfield School

  • Education Level: Primary
  • # of students: 427
  • # of teachers: 19
3
GreatSchools Rating

Garfield School

  • Education Level: Middle
  • # of students: 427
  • # of teachers: 19
3
GreatSchools Rating

North High School

  • Education Level: High
  • # of students: 2,616
  • # of teachers: 128
5
GreatSchools Rating
 

$359,100$438,900$399,000

PURCHASE PRICE

$1,386$1,694$1,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,540
EXPENSES Loan Payment -$1,386
Property Tax -$213
Property Insurance -$59
HOA -$295
Property Management Fees -$99
CASH FLOW
-$512

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$399,000

PROJECTED PRICE

$1,540

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.32%
Appreciation Year (1-5) 10.4%
Maintenance Year (1-5) 8.00%
Vacancy 6.56%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$111,485

INVESTMENT

$111,485

Down Payment
$99,750
Rehab Estimate
$5,750
Closing Costs
$5,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$1,386

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $99,750
Loan Amount $299,250
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$82

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $1,540

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $1,752

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$1,540
1$1,5402$1,6503$1,7004$1,8505$2,200
$2,200
RENT COMPS ANALYSIS
  • 101 N 7th Street #216 Phoenix, AZ 1
    • 2 beds 3 baths ∙ 1,630 Sqft ∙ Built 1985 2 beds 3 baths ∙ 1,630 Sqft ∙ Built 1985
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,540
    • $0.94
    •  
  • 101 N 7th Street #270 Phoenix, AZ 2
    • 2 beds 3 baths ∙ 1,630 Sqft ∙ Built 1986 2 beds 3 baths ∙ 1,630 Sqft ∙ Built 1986
    property image
    LEASED 10/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.01
    •  
  • 101 N 7th Street #219 Phoenix, AZ 3
    • 2 beds 3 baths ∙ 1,630 Sqft ∙ Built 1985 2 beds 3 baths ∙ 1,630 Sqft ∙ Built 1985
    property image
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.04
    •  
  • 101 N 7th Street #220 Phoenix, AZ 4
    • 2 beds 2 baths ∙ 1,630 Sqft ∙ Built 1985 2 beds 2 baths ∙ 1,630 Sqft ∙ Built 1985
    property image
    LEASED 07/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.13
    •  
  • 239 W Portland Street Phoenix, AZ 5
    • 2 beds 4 baths ∙ 1,967 Sqft ∙ Built 2002 2 beds 4 baths ∙ 1,967 Sqft ∙ Built 2002
    property image
    LEASED 11/23/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.12
    •  
PROPERTY LISTING DETAILS
Rebekah Liperote
Redfin Corporation
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6177715
Last Updated: 01/25/2021
support@investimateroi.com

Indicates a property listed by a real estate brokerage other than HomeUnion/Investimate by Mynd. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. Copyright (c) 2021 Arizona Regional Multiple Listing Service, Inc. All rights reserved.

BESbswy