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21320 N 56th Street #1160 Phoenix, AZ 85054

2 Beds 2 Baths 1,884 sqft Built 2008

$549,000

List Price

$2,110

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

February 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2008
  • Price/Sqft : $291.40
  • 7 Days on Market
  • MLS # : 6191488
  • Updated Date : 02/13/2021 at 14:39
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,884 sqft
  • Baths : 2 full
Listing Agent

Homesmart

Listing Agent's Description

Gated Luxury living overlooking the JW Marriott Golf Course! This 2 bed/ 2 full bath + perfect work at home two-person office is a model quality home located in one of the most private locations of Bella Monte. Owners have recently spent over $60k (documented) making improvements, including a completely remodeled master bathroom. Home includes stacked stone covered gas fireplace, granite countertops, beautiful cabinetry, chef's kitchen w/ stainless appliances, gas stove, breakfast bar, walk in pantry & formal dining. 2 car garage floor is epoxied w/ built in cabinetry & added mounted storage racks. Wi-Fi controls thermostat, fridge, water softener, garage door, door locks & living room blinds. Resort living w/ 3 community pools, 3 spas, 3 exercise rooms and outdoor BBQ's!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Bella Monte at Desert Ridge Condominiums

NeighborhoodNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400kPrice in $91k426k

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

Neighborhood: Bella Monte at Desert Ridge 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
Explorer Middle School Middle Regular 883 35 10
Pinnacle High School High Regular 2,443 96 8

Explorer Middle School

  • Education Level: Middle
  • # of students: 883
  • # of teachers: 35
10
GreatSchools Rating

Pinnacle High School

  • Education Level: High
  • # of students: 2,443
  • # of teachers: 96
8
GreatSchools Rating
 

$494,100$603,900$549,000

PURCHASE PRICE

$1,899$2,321$2,110

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,110
EXPENSES Loan Payment -$1,907
Property Tax -$346
Property Insurance -$64
HOA -$304
Property Management Fees -$99
CASH FLOW
-$610

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.

$549,000

PROJECTED PRICE

$2,110

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 0.9%
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$200k$400k$600k$800k$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$151,235

INVESTMENT

$151,235

Down Payment
$137,250
Rehab Estimate
$5,750
Closing Costs
$8,235

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,907

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $137,250
Loan Amount $411,750
See What Happens When You Reinvest Cash Flow

0.33

YEARS SAVED

$437

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,110

    LIST RENT
  • $1.12

    LIST RENT PER SQFT
  • $2,346

    COMP ESTIMATED VALUE
  • $1.25

    COMP AVG. RENT PER SQFT
Comps Range
$2,050
1$2,0502$2,1103$2,2004$2,2255$2,295
$2,295
RENT COMPS ANALYSIS
  • 21320 N 56th Street #1160 Phoenix, AZ 2
    • 2 beds 2 baths ∙ 1,884 Sqft ∙ Built 2008 2 beds 2 baths ∙ 1,884 Sqft ∙ Built 2008
    • Rent
    • Rent Per SQFT
    •  
    • $2,110
    • $1.12
    •  
  • 21320 N 56th Street #2167 Phoenix, AZ 1
    • 2 beds 2 baths ∙ 1,697 Sqft ∙ Built 2008 2 beds 2 baths ∙ 1,697 Sqft ∙ Built 2008
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $1.21
    •  
  • 21320 N 56th Street N #2190 Phoenix, AZ 3
    • 2 beds 2 baths ∙ 1,819 Sqft ∙ Built 2008 2 beds 2 baths ∙ 1,819 Sqft ∙ Built 2008
    LEASED 10/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.21
    •  
  • 21320 N 56th Street #2013 Phoenix, AZ 4
    • 2 beds 2 baths ∙ 1,843 Sqft ∙ Built 2007 2 beds 2 baths ∙ 1,843 Sqft ∙ Built 2007
    LEASED 02/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,225
    • $1.21
    •  
  • 21320 N 56th Street #2014 Phoenix, AZ 5
    • 2 beds 2 baths ∙ 1,697 Sqft ∙ Built 2007 2 beds 2 baths ∙ 1,697 Sqft ∙ Built 2007
    LEASED 04/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $1.35
    •  
PROPERTY LISTING DETAILS
Jason Slipcheck
Homesmart
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6191488
Last Updated: 02/13/2021
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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