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1626 E Palm Lane Phoenix, AZ 85006

4 Beds 2 Baths 1,472 sqft Built 2011

$450,000

List Price

$1,550

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2011
  • Price/Sqft : $305.71
  • 2 Days on Market
  • MLS # : 6181780
  • Updated Date : 01/17/2021 at 04:06
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,472 sqft
  • Baths : 1 full , 1 half
Listing Agent

Homesmart

Listing Agent's Description

Room to roam! This highly unique, newer (2011) subdivision in Downtown Phoenix sits on an oversized double lot and boasts a detached 4 car garage! No HOA! The home itself, with 4 bedrooms & 2 baths is wonderful, but it's the lot that makes it truly special. There is a landscaped portion of the backyard for relaxing and entertaining, a designated garden area, and the undeveloped ''back back'', as the owners affectionately refer to it, that is calling out for your ideas & imagination .Perhaps a Guest house, studio, home gym, bike track, amusement park (Buyer to investigate potential uses during inspection period) ... you name it! Nothing else like it in all of Downtown Phoenix! Walking distance to Coronado Park, La Santisima Gourmet Taco Shop, OllieVaughns, Guanaquito.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Encanto

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $91k271k

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

Neighborhood: Encanto

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500Rent in $8161567

* 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
Excelencia School Primary Regular 846 44 3
Excelencia School Middle Regular 846 44 3
North High School High Regular 2,616 128 5

Excelencia School

  • Education Level: Primary
  • # of students: 846
  • # of teachers: 44
3
GreatSchools Rating

Excelencia School

  • Education Level: Middle
  • # of students: 846
  • # of teachers: 44
3
GreatSchools Rating

North High School

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

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

PURCHASE PRICE

$1,395$1,705$1,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,550
EXPENSES Loan Payment -$1,563
Property Tax -$285
Property Insurance -$56
Property Management Fees -$99
CASH FLOW
-$453

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

$1,550

PROJECTED RENT

0.34%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.35%
Appreciation Year (1-5) 10.2%
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$1.6M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

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 65% 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

1.08

YEARS SAVED

$1,872

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,550

    LIST RENT
  • $1.05

    LIST RENT PER SQFT
  • $1,730

    COMP ESTIMATED VALUE
  • $1.17

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,5993$1,7504$1,7505$2,250
$2,250
RENT COMPS ANALYSIS
  • 1626 E Palm Lane Phoenix, AZ 1
    • 4 beds 2 baths ∙ 1,472 Sqft ∙ Built 2011 4 beds 2 baths ∙ 1,472 Sqft ∙ Built 2011
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.05
    •  
  • 1731 E Cambridge Avenue Phoenix, AZ 2
    • 3 beds 3 baths ∙ 1,360 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,360 Sqft ∙ Built 2000
    property image
    LEASED 08/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,599
    • $1.18
    •  
  • 2302 N Central Avenue #301 Phoenix, AZ 3
    • 3 beds 2 baths ∙ 1,716 Sqft ∙ Built 2007 3 beds 2 baths ∙ 1,716 Sqft ∙ Built 2007
    property image
    LEASED 10/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.02
    •  
  • 1414 E Weldon Avenue Phoenix, AZ 4
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1998
    property image
    LEASED 12/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.25
    •  
  • 2315 E Pinchot Avenue #106 Phoenix, AZ 5
    • 4 beds 3 baths ∙ 1,794 Sqft ∙ Built 2007 4 beds 3 baths ∙ 1,794 Sqft ∙ Built 2007
    property image
    LEASED 08/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.25
    •  
PROPERTY LISTING DETAILS
Colleen Kukulski
Homesmart
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6181780
Last Updated: 01/17/2021
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. © 2020 Arizona Regional Multiple Listing Service, Inc. All rights reserved.

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