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

2115 W Morrow Drive Phoenix, AZ 85027

3 Beds 2 Baths 1,428 sqft Built 1973

$338,000

List Price

$1,300

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 1973
  • Price/Sqft : $236.69
  • 5 Days on Market
  • MLS # : 6153966
  • Updated Date : 10/30/2020 at 15:54
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,428 sqft
  • Baths : 2 full
Listing Agent

Revinre

Listing Agent's Description

Stunning Custom Remodeled Single Family Home on large lot with an incredible list of updates!! Gorgeous great room with recessed lighting. All new high end kitchen cabinets, new kitchen appliances, new custom quartz counters throughout with open kitchen perfect for entertaining. Brand new baths, brand new tear out tile flooring, new trims, new electrical and plumbing, new exterior stucco, paint and interior paint. Brand New Dual Pane Energy Shield windows and sliders. Brand new roof!! Wonderful family room with fireplace leading out to new patio. Best of all, NO HOA and extra wide RV gate to park RV and other toys! Wonderful centrally located area within minutes to shopping, dining, parks, & easy freeway access. Come see it today!!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Green Meadows

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $83k271k

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

Neighborhood: Green Meadows

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500Rent in $7501567

* 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
Village Meadows Elementary School Primary Regular 470 33 4
Deer Valley Middle School Middle Regular 616 31 5
Barry Goldwater High School High Regular 1,856 88 4

Village Meadows Elementary School

  • Education Level: Primary
  • # of students: 470
  • # of teachers: 33
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
 

$304,200$371,800$338,000

PURCHASE PRICE

$1,170$1,430$1,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,300
EXPENSES Loan Payment -$1,247
Property Tax -$202
Property Insurance -$55
Property Management Fees -$99
CASH FLOW
-$303

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.

$338,000

PROJECTED PRICE

$1,300

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.32%
Appreciation Year (1-5) 8.1%
Maintenance Year (1-5) 8.00%
Vacancy 6.56%
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$95,320

INVESTMENT

$95,320

Down Payment
$84,500
Rehab Estimate
$5,750
Closing Costs
$5,070

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,247

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $84,500
Loan Amount $253,500
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$3,493

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,300

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,442

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,3953$1,4004$1,4355$1,450
$1,450
RENT COMPS ANALYSIS
  • 2115 W Morrow Drive Phoenix, AZ 1
    • 3 beds 2 baths ∙ 1,428 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,428 Sqft ∙ Built 1973
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.91
    •  
  • 1958 W Meadow Drive Phoenix, AZ 2
    • 3 beds 2 baths ∙ 1,392 Sqft ∙ Built 1967 3 beds 2 baths ∙ 1,392 Sqft ∙ Built 1967
    LEASED 03/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.00
    •  
  • 1936 W Bluefield Avenue Phoenix, AZ 3
    • 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
    •  
  • 1633 W Charleston Avenue Phoenix, AZ 4
    • 3 beds 2 baths ∙ 1,441 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,441 Sqft ∙ Built 1973
    LEASED 11/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,435
    • $1.00
    •  
  • 1628 W Sack Drive Phoenix, AZ 5
    • 3 beds 2 baths ∙ 1,530 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,530 Sqft ∙ Built 1973
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.95
    •  
PROPERTY LISTING DETAILS
Michael J Ellis
Revinre
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6153966
Last Updated: 10/30/2020
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.

BESbswy