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1306 E Michelle Drive Phoenix, AZ 85022

3 Beds 2 Baths 1,689 sqft Built 1997

$337,000

List Price

$1,580

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

February 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $199.53
  • 2 Days on Market
  • MLS # : 6190728
  • Updated Date : 02/06/2021 at 01:35
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,689 sqft
  • Baths : 2 full
Listing Agent

West Usa Realty

Listing Agent's Description

This is a perfect example of a ''diamond in the rough'. Wonderful home in great neighborhood, but does need some sprucing up. Has been a rental for many years, but ..with a little ''Martha Stewart-ism' you will have one beautiful home. Location is perfect! This unique little neighborhood was custom built, situated on a cul-de-sac lot, and NO HOA FEES! Owner lives out of the country, so will need a few days for response time. THIS WILL BE AN 'AS-IS' SALE!

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PRICE & RENT TRENDS

Neighborhood: Stoneridge

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340kPrice in $91k358k

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

Neighborhood: Stoneridge

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600170018001900Rent in $9341981

* 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
Echo Mountain Primary School Primary Regular 609 37 4
Vista Verde Middle School Middle Regular 637 31 4
North Canyon High School High Regular 1,957 86 4

Echo Mountain Primary School

  • Education Level: Primary
  • # of students: 609
  • # of teachers: 37
4
GreatSchools Rating

Vista Verde Middle School

  • Education Level: Middle
  • # of students: 637
  • # of teachers: 31
4
GreatSchools Rating

North Canyon High School

  • Education Level: High
  • # of students: 1,957
  • # of teachers: 86
4
GreatSchools Rating
 

$303,300$370,700$337,000

PURCHASE PRICE

$1,422$1,738$1,580

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,580
EXPENSES Loan Payment -$1,171
Property Tax -$212
Property Insurance -$60
Property Management Fees -$99
CASH FLOW
$38

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.

$337,000

PROJECTED PRICE

$1,580

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 6.5%
Maintenance Year (1-5) 8.00%
Vacancy 6.60%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$95,055

INVESTMENT

$95,055

Down Payment
$84,250
Rehab Estimate
$5,750
Closing Costs
$5,055

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,171

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $84,250
Loan Amount $252,750
See What Happens When You Reinvest Cash Flow

5.83

YEARS SAVED

$22,387

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,580

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $1,735

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,580
1$1,5802$1,8003$1,8504$1,8505$1,895
$1,895
RENT COMPS ANALYSIS
  • 1306 E Michelle Drive Phoenix, AZ 1
    • 3 beds 2 baths ∙ 1,689 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,689 Sqft ∙ Built 1997
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,580
    • $0.94
    •  
  • 17625 N 14th Street Phoenix, AZ 2
    • 3 beds 2 baths ∙ 1,756 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,756 Sqft ∙ Built 1994
    property image
    LEASED 10/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.03
    •  
  • 17839 N 15th Street Phoenix, AZ 3
    • 3 beds 2 baths ∙ 1,747 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,747 Sqft ∙ Built 1997
    property image
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.06
    •  
  • 1253 E Helena Drive Phoenix, AZ 4
    • 3 beds 3 baths ∙ 1,852 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,852 Sqft ∙ Built 1994
    property image
    LEASED 02/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.00
    •  
  • 17445 N 14th Street Phoenix, AZ 5
    • 3 beds 3 baths ∙ 1,852 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,852 Sqft ∙ Built 1994
    property image
    LEASED 10/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $1.02
    •  
PROPERTY LISTING DETAILS
Judy E Nelson
West Usa Realty
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6190728
Last Updated: 02/06/2021
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.

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