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

1516 W Hononegh Drive Phoenix, AZ 85027

3 Beds 2 Baths 1,809 sqft Built 1980

$450,000

List Price

$1,580

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1980
  • Price/Sqft : $248.76
  • 2 Days on Market
  • MLS # : 6208173
  • Updated Date : 03/20/2021 at 22:51
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,809 sqft
  • Baths : 2 full
Listing Agent

Curt Mccormick & Associates, L.l.c.

Listing Agent's Description

BETTER RUN TO THIS ONE...NO HOA!!!! Incredible cul de sac 1/3 of an acre +lot This home offers so very much! 3 bedrooms, 2 bathrooms, Family Rm, Dining Rm, large Kitchen with all kinds of storage /cabinetry, granite countertops, top of the line custom appliances including Refrigerator, newer windows, inside Laundry including Washer/Dryer, 2 Fireplaces in home, 1 wood burning & the other is Electric. Did I mention the Master Closet is HUGE!! The outside is an Entertainer's Dream backyard, beautiful diving pool and covered patio space...off the charts for the yard and all it offers! Then you have a dog run & fenced off RV area for parking of all your amazing toys or to build that custom workshop, guest house or whatever your heart desires. This home is set for it's new owners!

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
Deer Valley Middle School Middle Regular 616 31 5
Barry Goldwater High School High Regular 1,856 88 4

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
 

$405,000$495,000$450,000

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 -$1,563
Property Tax -$269
Property Insurance -$62
Property Management Fees -$99
CASH FLOW
-$414

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.

$450,000

PROJECTED PRICE

$1,580

PROJECTED RENT

0.35%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.35%
Appreciation Year (1-5) 6.8%
Maintenance Year (1-5) 8.00%
Vacancy 6.24%
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-$5.0k$0.0$5.0k$10k

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$125,000

INVESTMENT

$125,000

Down Payment
$112,500
Rehab Estimate
$5,750
Closing Costs
$6,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,563

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $112,500
Loan Amount $337,500
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$2,870

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
  • $0.87

    LIST RENT PER SQFT
  • $1,764

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,5003$1,5804$1,6255$1,745
$1,745
RENT COMPS ANALYSIS
  • 1516 W Hononegh Drive Phoenix, AZ 3
    • 3 beds 2 baths ∙ 1,809 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,809 Sqft ∙ Built 1980
    • Rent
    • Rent Per SQFT
    •  
    • $1,580
    • $0.87
    •  
  • 1626 W Beaubien Drive Phoenix, AZ 1
    • 3 beds 2 baths ∙ 1,537 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,537 Sqft ∙ Built 1980
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.97
    •  
  • 1461 W Montoya Lane Phoenix, AZ 2
    • 3 beds 3 baths ∙ 1,560 Sqft ∙ Built 1982 3 beds 3 baths ∙ 1,560 Sqft ∙ Built 1982
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.96
    •  
  • 19878 N 17th Lane Phoenix, AZ 4
    • 4 beds 2 baths ∙ 1,584 Sqft ∙ Built 1975 4 beds 2 baths ∙ 1,584 Sqft ∙ Built 1975
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $1.03
    •  
  • 20829 N 1st Lane Phoenix, AZ 5
    • 3 beds 3 baths ∙ 1,853 Sqft ∙ Built 1994 3 beds 3 baths ∙ 1,853 Sqft ∙ Built 1994
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,745
    • $0.94
    •  
PROPERTY LISTING DETAILS
Melissa J Mccormick Wise
Curt Mccormick & Associates, L.l.c.
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6208173
Last Updated: 03/20/2021
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