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2231 E Mulberry Drive Phoenix, AZ 85016

3 Beds 3 Baths 1,768 sqft Built 1950

$450,000

List Price

$1,960

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

December 04, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1950
  • Price/Sqft : $254.52
  • 4 Days on Market
  • MLS # : 6166928
  • Updated Date : 12/04/2020 at 12:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,768 sqft
  • Baths : 3 full
Listing Agent

Homesmart

Listing Agent's Description

Fabulous block home in Loma Linda Neighborhood! Set on a large lot, this home features a modern, open floor plan with high quality finishes normally found in much higher price ranges. Open kitchen includes granite counters, wood cabinets, and a stainless appliance package with gas cooking. All 3 baths have marble vanities and tiled bathing. Two master bedrooms, flexible-use bonus room (currently game room), RV gate, large storage shed on a huge irrigated back yard provide ample space for guests, storage and outdoor living! Neighborhood is very walkable, with great food options just a couple blocks away. Central location provides great access to multiple shopping, dining and entertainment options, as well as quick routes to airport and freeways.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Sharon Place

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $83k271k

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

Neighborhood: Sharon Place

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900950100010501100115012001250130013501400145015001550Rent in $8621567

* 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
Loma Linda Elementary School Primary Regular 718 36 4
Loma Linda Elementary School Middle Regular 718 36 4
Camelback High School High Regular 2,048 110 4

Loma Linda Elementary School

  • Education Level: Primary
  • # of students: 718
  • # of teachers: 36
4
GreatSchools Rating

Loma Linda Elementary School

  • Education Level: Middle
  • # of students: 718
  • # of teachers: 36
4
GreatSchools Rating

Camelback High School

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

$405,000$495,000$450,000

PURCHASE PRICE

$1,764$2,156$1,960

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,960
EXPENSES Loan Payment -$1,660
Property Tax -$285
Property Insurance -$62
Property Management Fees -$99
CASH FLOW
-$146

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.

$450,000

PROJECTED PRICE

$1,960

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.32%
Appreciation Year (1-5) 6.7%
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$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$125,000

INVESTMENT

$125,000

Down Payment
$112,500
Rehab Estimate
$5,750
Closing Costs
$6,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,660

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $112,500
Loan Amount $337,500
See What Happens When You Reinvest Cash Flow

4

YEARS SAVED

$19,841

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
  • $2,175

    COMP ESTIMATED VALUE
  • $1.23

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$1,9953$2,1504$2,2005$2,350
$2,350
RENT COMPS ANALYSIS
  • 2231 E Mulberry Drive Phoenix, AZ 1
    • 3 beds 3 baths ∙ 1,768 Sqft ∙ Built 1950 3 beds 3 baths ∙ 1,768 Sqft ∙ Built 1950
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 2330 E Fairmount Avenue Phoenix, AZ 2
    • 4 beds 2 baths ∙ 1,701 Sqft ∙ Built 1948 4 beds 2 baths ∙ 1,701 Sqft ∙ Built 1948
    LEASED 09/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.17
    •  
  • 1636 E Whitton Avenue Phoenix, AZ 3
    • 3 beds 2 baths ∙ 1,748 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,748 Sqft ∙ Built 1950
    LEASED 10/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.23
    •  
  • 3232 N 27th Place Phoenix, AZ 4
    • 3 beds 2 baths ∙ 1,664 Sqft ∙ Built 1948 3 beds 2 baths ∙ 1,664 Sqft ∙ Built 1948
    LEASED 09/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.32
    •  
  • 2943 E Earll Drive Phoenix, AZ 5
    • 3 beds 2 baths ∙ 1,964 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,964 Sqft ∙ Built 1950
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $1.20
    •  
PROPERTY LISTING DETAILS
Luis Solis
Homesmart
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6166928
Last Updated: 12/04/2020
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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