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1805 N 31st Place Phoenix, AZ 85008

2 Beds 1 Baths 892 sqft Built 1940

$299,000

List Price

$1,150

$1K - $1.3K

Rent Est.

PROPERTY INFO

December 15, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1940
  • Price/Sqft : $335.20
  • 6 Days on Market
  • MLS # : 6171570
  • Updated Date : 12/16/2020 at 09:57
CONSTRUCTION
  • Beds : 2
  • Floor Size : 892 sqft
  • Baths : 1 full
Listing Agent

Usellsmart Real Estate

Listing Agent's Description

Existing house could be torn down or extensively renovated with a future development opportunity. Zoned R-3 which would allow for approximately 7 units (BUYER to CONFIRM ALL INFORMATION with City of PHX). Adjacent apartment complex is being fully renovated with asking rents of approximately $1,200 per month for a 2BD/1BA.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Camelback East

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300kPrice in $91k307k

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

Neighborhood: Camelback East

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2950100010501100115012001250130013501400145015001550Rent in $9341567

* 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
Creighton Elementary School Primary Regular 788 39 2
Creighton Elementary School Middle Regular 788 39 2
Camelback High School High Regular 2,048 110 4

Creighton Elementary School

  • Education Level: Primary
  • # of students: 788
  • # of teachers: 39
2
GreatSchools Rating

Creighton Elementary School

  • Education Level: Middle
  • # of students: 788
  • # of teachers: 39
2
GreatSchools Rating

Camelback High School

  • Education Level: High
  • # of students: 2,048
  • # of teachers: 110
4
GreatSchools Rating
 

$269,100$328,900$299,000

PURCHASE PRICE

$1,035$1,265$1,150

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,150
EXPENSES Loan Payment -$1,103
Property Tax -$190
Property Insurance -$45
Property Management Fees -$99
CASH FLOW
-$286

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.

$299,000

PROJECTED PRICE

$1,150

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.35%
Appreciation Year (1-5) 10.7%
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-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

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$84,985

INVESTMENT

$84,985

Down Payment
$74,750
Rehab Estimate
$5,750
Closing Costs
$4,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,103

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $74,750
Loan Amount $224,250
See What Happens When You Reinvest Cash Flow

1.5

YEARS SAVED

$2,699

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,150

    LIST RENT
  • $1.29

    LIST RENT PER SQFT
  • $986

    COMP ESTIMATED VALUE
  • $1.11

    COMP AVG. RENT PER SQFT
Comps Range
$850
1$8502$9493$9954$1,0505$1,150
$1,150
RENT COMPS ANALYSIS
  • 1805 N 31st Place Phoenix, AZ 5
    • 2 beds 1 baths ∙ 892 Sqft ∙ Built 1940 2 beds 1 baths ∙ 892 Sqft ∙ Built 1940
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $1.29
    •  
  • 1412 N 35th Street #12 Phoenix, AZ 1
    • 2 beds 1 baths ∙ 781 Sqft ∙ Built 1960 2 beds 1 baths ∙ 781 Sqft ∙ Built 1960
    property image
    LEASED 11/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $850
    • $1.09
    •  
  • 2545 E Culver Street #bkhs Phoenix, AZ 2
    • 2 beds 1 baths ∙ 900 Sqft ∙ Built 1954 2 beds 1 baths ∙ 900 Sqft ∙ Built 1954
    property image
    LEASED 03/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $949
    • $1.05
    •  
  • 2726 E Willetta Street #2 Phoenix, AZ 3
    • 2 beds 1 baths ∙ 900 Sqft ∙ Built 1957 2 beds 1 baths ∙ 900 Sqft ∙ Built 1957
    property image
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $995
    • $1.11
    •  
  • 1119 N 35th Street #3 Phoenix, AZ 4
    • 2 beds 1 baths ∙ 900 Sqft ∙ Built 1960 2 beds 1 baths ∙ 900 Sqft ∙ Built 1960
    property image
    LEASED 10/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,050
    • $1.17
    •  
PROPERTY LISTING DETAILS
Joe Montalto
Usellsmart Real Estate
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6171570
Last Updated: 12/16/2020
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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