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2227 W Faria Lane Phoenix, AZ 85023

3 Beds 3 Baths 2,240 sqft Built 2008

$395,000

List Price

$1,990

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

January 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2008
  • Price/Sqft : $176.34
  • 4 Days on Market
  • MLS # : 6177312
  • Updated Date : 01/14/2021 at 16:18
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,240 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Realty Sonoran Living

Listing Agent's Description

Newly renovated home with upgrades throughout. Like new move in ready home in gated community. New carpet and window treatments. 18'' Porcelain tile throughout the downstairs, bathrooms and laundry room. Carpeted bedrooms, stairs and loft. Interior newly painted with custom paint including baseboards, interior doors and garage. Walk-in closets in all bedrooms with master closet topping them all. This light and bright home is a must see! It boasts vaulted ceilings, a wrought iron banister, ceiling fans in every room and is North/South exposure. Tucked in the gated community of Northgate which has walking paths, playground and community pool. Come take a look!!!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Northgate

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300kPrice in $91k317k

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

Neighborhood: Northgate

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
John Jacobs Elementary School Primary Regular 552 34 6
Mountain Sky Junior High School Middle Regular 741 35 7
Thunderbird High School High Regular 1,507 63 6

John Jacobs Elementary School

  • Education Level: Primary
  • # of students: 552
  • # of teachers: 34
6
GreatSchools Rating

Mountain Sky Junior High School

  • Education Level: Middle
  • # of students: 741
  • # of teachers: 35
7
GreatSchools Rating

Thunderbird High School

  • Education Level: High
  • # of students: 1,507
  • # of teachers: 63
6
GreatSchools Rating
 

$355,500$434,500$395,000

PURCHASE PRICE

$1,791$2,189$1,990

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,990
EXPENSES Loan Payment -$1,372
Property Tax -$236
Property Insurance -$71
HOA -$29
Property Management Fees -$99
CASH FLOW
$184

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.

$395,000

PROJECTED PRICE

$1,990

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.35%
Appreciation Year (1-5) 4.7%
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$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

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$110,425

INVESTMENT

$110,425

Down Payment
$98,750
Rehab Estimate
$5,750
Closing Costs
$5,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,372

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $98,750
Loan Amount $296,250
See What Happens When You Reinvest Cash Flow

8

YEARS SAVED

$41,492

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,990

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,982

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$1,8503$1,8504$1,9905$2,100
$2,100
RENT COMPS ANALYSIS
  • 2227 W Faria Lane Phoenix, AZ 4
    • 3 beds 3 baths ∙ 2,240 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,240 Sqft ∙ Built 2008
    • Rent
    • Rent Per SQFT
    •  
    • $1,990
    • $0.89
    •  
  • 15911 N 22nd Lane Phoenix, AZ 1
    • 3 beds 3 baths ∙ 2,238 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,238 Sqft ∙ Built 2008
    LEASED 07/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.83
    •  
  • 15825 N Dante Drive Phoenix, AZ 2
    • 3 beds 3 baths ∙ 2,237 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,237 Sqft ∙ Built 2006
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.83
    •  
  • 2227 W Paradise Lane Phoenix, AZ 3
    • 3 beds 3 baths ∙ 2,092 Sqft ∙ Built 2008 3 beds 3 baths ∙ 2,092 Sqft ∙ Built 2008
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.88
    •  
  • 2229 W Kathleen Road Phoenix, AZ 5
    • 3 beds 3 baths ∙ 2,094 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,094 Sqft ∙ Built 2007
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.00
    •  
PROPERTY LISTING DETAILS
Laurie Romeo
Keller Williams Realty Sonoran Living
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6177312
Last Updated: 01/14/2021
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.

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