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

1850 E Maryland Avenue #15 Phoenix, AZ 85016

2 Beds 1 Baths 796 sqft Built 1970

$255,000

List Price

$1,230

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

January 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1970
  • Price/Sqft : $320.35
  • 3 Days on Market
  • MLS # : 6178267
  • Updated Date : 01/09/2021 at 19:22
CONSTRUCTION
  • Beds : 2
  • Floor Size : 796 sqft
  • Baths : 1 full
Listing Agent

Advanta Living, Llc

Listing Agent's Description

This modern contemporary 2 bed/ 1 bath patio home is located in No Central Phx close to Granada Park, the AZ canal, Squaw Peak, restaurants, bars and shopping. The patio home is bright, move-in ready and features an open concept family room and kitchen, laminate wood flooring, a dry bar and covered parking. The spacious kitchen features Italian Pedini cabinets with uplighting, granite countertops and upgraded SS appliances, including a Bosch dishwasher and Fisher Paykel Refrigerator. The covered back patio offers a tranquil place to have a cup of coffee or glass of wine. This resort style community boasts a state of the art fitness center, clubhouse, 25-meter lap pool and spa. These homes don't last long due to high demand and limited supply. This is a great place to call home.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Biltmore Gardens at Squaw Peak Condominiums

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280k300k320k340kPrice in $77k358k

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

Neighborhood: Biltmore Gardens at Squaw Peak Condominiums

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
Madison Heights Elementary School Primary Regular 538 30 8
Madison 1 Middle School Middle Regular 923 50 7
North High School High Regular 2,616 128 5

Madison Heights Elementary School

  • Education Level: Primary
  • # of students: 538
  • # of teachers: 30
8
GreatSchools Rating

Madison 1 Middle School

  • Education Level: Middle
  • # of students: 923
  • # of teachers: 50
7
GreatSchools Rating

North High School

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

$229,500$280,500$255,000

PURCHASE PRICE

$1,107$1,353$1,230

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,230
EXPENSES Loan Payment -$886
Property Tax -$183
Property Insurance -$43
HOA -$265
Property Management Fees -$99
CASH FLOW
-$246

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.

$255,000

PROJECTED PRICE

$1,230

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 6.7%
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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$73,325

INVESTMENT

$73,325

Down Payment
$63,750
Rehab Estimate
$5,750
Closing Costs
$3,825

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$886

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $63,750
Loan Amount $191,250
See What Happens When You Reinvest Cash Flow

0.5

YEARS SAVED

$434

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
  • $1,023

    COMP ESTIMATED VALUE
  • $1.29

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$9253$1,1004$1,2005$1,250
$1,250
RENT COMPS ANALYSIS
  • 1850 E Maryland Avenue #15 Phoenix, AZ 1
    • 2 beds 1 baths ∙ 796 Sqft ∙ Built 1970 2 beds 1 baths ∙ 796 Sqft ∙ Built 1970
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 1722 E Ocotillo Road #8 Phoenix, AZ 2
    • 2 beds 1 baths ∙ 700 Sqft ∙ Built 1968 2 beds 1 baths ∙ 700 Sqft ∙ Built 1968
    property image
    LEASED 12/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $925
    • $1.32
    •  
  • 1701 E Ocotillo Road #6 Phoenix, AZ 3
    • 2 beds 1 baths ∙ 900 Sqft ∙ Built 1957 2 beds 1 baths ∙ 900 Sqft ∙ Built 1957
    property image
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $1.22
    •  
  • 6221 N 13th Place #3 Phoenix, AZ 4
    • 2 beds 2 baths ∙ 936 Sqft ∙ Built 1960 2 beds 2 baths ∙ 936 Sqft ∙ Built 1960
    property image
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $1.28
    •  
  • 6819 N 12 Street #22 Phoenix, AZ 5
    • 2 beds 1 baths ∙ 950 Sqft ∙ Built 1965 2 beds 1 baths ∙ 950 Sqft ∙ Built 1965
    property image
    LEASED 10/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $1.32
    •  
PROPERTY LISTING DETAILS
Deepak Verma
Advanta Living, Llc
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6178267
Last Updated: 01/09/2021
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.

BESbswy