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1638 W Michigan Avenue Phoenix, AZ 85023

3 Beds 2 Baths 1,215 sqft Built 1973

$300,000

List Price

$1,270

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

January 22, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1973
  • Price/Sqft : $246.91
  • 3 Days on Market
  • MLS # : 6184264
  • Updated Date : 01/23/2021 at 04:18
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,215 sqft
  • Baths : 2 full
Listing Agent

Realty Executives

Listing Agent's Description

This fully remodeled 3 bedroom and 2 bath home is ready for it's new owners. This home has a new roof, dual pane low E windows, new porcelain tile and carpet flooring throughout. The kitchen and family room are open to each other with a new large covered patio. Both bathrooms have custom tile showers and custom cabinets. The kitchen also has custom cabinets, quartz counters and custom tile backsplash. There are new stainless steel appliances as well. All the doors, base boards and trim are also new. All the ceiling fans and light fixtures are new as well. There is new paint inside and out as well as a large RV gate that will fit all the toys. In the huge backyard there is a storage shed as well. Fresh front and backyard landscape complete the package. This home is truly move in ready.

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
 

$270,000$330,000$300,000

PURCHASE PRICE

$1,143$1,397$1,270

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,270
EXPENSES Loan Payment -$1,042
Property Tax -$180
Property Insurance -$51
Property Management Fees -$99
CASH FLOW
-$101

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.

$300,000

PROJECTED PRICE

$1,270

PROJECTED RENT

0.42%

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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

3.92

YEARS SAVED

$10,700

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $0

    LIST RENT
  • $0

    LIST RENT PER SQFT
  • $1,355

    COMP ESTIMATED VALUE
  • $1.12

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$1,4003$1,4494$1,4505$1,550
$1,550
RENT COMPS ANALYSIS
  • 1638 W Michigan Avenue Phoenix, AZ 1
    • 3 beds 2 baths ∙ 1,215 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,215 Sqft ∙ Built 1973
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 1936 W Bluefield Avenue Phoenix, AZ 2
    • 3 beds 2 baths ∙ 1,284 Sqft ∙ Built 1972 3 beds 2 baths ∙ 1,284 Sqft ∙ Built 1972
    LEASED 06/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.09
    •  
  • 17613 N 8th Avenue Phoenix, AZ 3
    • 3 beds 2 baths ∙ 1,292 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,292 Sqft ∙ Built 1977
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,449
    • $1.12
    •  
  • 1547 W Kerry Lane Phoenix, AZ 4
    • 3 beds 2 baths ∙ 1,314 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,314 Sqft ∙ Built 1976
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.10
    •  
  • 17652 N 19th Drive Phoenix, AZ 5
    • 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 1976
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.15
    •  
PROPERTY LISTING DETAILS
Leonard Behie
Realty Executives
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6184264
Last Updated: 01/23/2021
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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