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1018 W Morrow Drive Phoenix, AZ 85027

4 Beds 2 Baths 2,380 sqft Built 1977

INVESTimate

$349,900

List Price

$1,800

$1,620 - $1,980

Rent Est.

$373,868  ( +6.85%)   1 YR EST. FORECAST

PROPERTY INFO

August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 1977
  • Price/Sqft : $147.02
  • 8 Days on Market
  • MLS # : 6115709
  • Updated Date : 08/22/2020 at 18:54
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,380 sqft
  • Baths : 2 full
Listing Agent

Realty One Group

Listing Agent's Description

SAFETY FIRST, PLEASE WEAR YOUR MASK BEFORE ENTERING. Spacious, open flowing floorplan. Kitchen, Dining Room and Family Room create a comfortable and functional living space and a great space for gatherings. Beyond this area is the enclosed Arizona Room which features a mini-kitchen. This home also features TWO RV gates with plenty of room for motorized toys. No HOA. Corner lot with north-south exposure. This home is owner occupied, so please do not attempt an unannounced showing.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Deer Valley

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $91k271k

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

Neighborhood: Deer Valley

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2850900950100010501100115012001250130013501400145015001550Rent in $8411567

* 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
Constitution Elementary School Primary Regular 680 44 4
Deer Valley Middle School Middle Regular 616 31 5
Barry Goldwater High School High Regular 1,856 88 4

Constitution Elementary School

  • Education Level: Primary
  • # of students: 680
  • # of teachers: 44
4
GreatSchools Rating

Deer Valley Middle School

  • Education Level: Middle
  • # of students: 616
  • # of teachers: 31
5
GreatSchools Rating

Barry Goldwater High School

  • Education Level: High
  • # of students: 1,856
  • # of teachers: 88
4
GreatSchools Rating
 

$314,910$384,890$349,900

PURCHASE PRICE

$1,620$1,980$1,800

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$1,291
Property Tax -$209
Property Insurance -$74
Property Management Fees -$99
CASH FLOW
$127

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$349,900

PROJECTED PRICE

$1,800

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.35%
Appreciation Year (1-5) 6.85%
Maintenance Year (1-5) 8.00%
Vacancy 6.24%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,474

INVESTMENT

$98,474

Down Payment
$87,475
Rehab Estimate
$5,750
Closing Costs
$5,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,291

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,475
Loan Amount $262,425
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$39,793

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,800

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,987

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,7253$1,8004$1,8005$2,095
$2,095
RENT COMPS ANALYSIS
  • 1018 W Morrow Drive Phoenix, 4
    • 4 beds 2 baths ∙ 2,380 Sqft ∙ Built 1977 4 beds 2 baths ∙ 2,380 Sqft ∙ Built 1977
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.76
    •  
  • 2111 W Topeka Drive Phoenix, 1
    • 4 beds 2 baths ∙ 2,125 Sqft ∙ Built 1975 4 beds 2 baths ∙ 2,125 Sqft ∙ Built 1975
    property image
    LEASED 07/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.78
    •  
  • 1005 W Danbury Road Phoenix, 2
    • 3 beds 2 baths ∙ 2,032 Sqft ∙ Built 1978 3 beds 2 baths ∙ 2,032 Sqft ∙ Built 1978
    property image
    LEASED 08/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.85
    •  
  • 405 W Campo Bello Drive Phoenix, 3
    • 3 beds 2 baths ∙ 2,066 Sqft ∙ Built 1995 3 beds 2 baths ∙ 2,066 Sqft ∙ Built 1995
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.87
    •  
  • 341 W Helena Drive Phoenix, 5
    • 4 beds 3 baths ∙ 2,484 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,484 Sqft ∙ Built 1996
    property image
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.84
    •  
PROPERTY LISTING DETAILS
Rod Roberts
Realty One Group
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6115709
Last Updated: 08/22/2020
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. © 2020 Arizona Regional Multiple Listing Service, Inc. All rights reserved.

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