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224 E Surrey Avenue Phoenix, AZ 85022

4 Beds 3 Baths 1,936 sqft Built 1981

$495,000

List Price

$1,800

$1.6K - $2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1981
  • Price/Sqft : $255.68
  • 2 Days on Market
  • MLS # : 6205461
  • Updated Date : 03/13/2021 at 08:15
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,936 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Exquisite ecclectic home with a soul! NOT a trend replica and NOT afraid of color. Indigenous Arizona, with custom artisan glazed tiles, each room is a discovery. Think Royal Palms or Hermosa Inn, where southwest heritage still lives. Renovated kitchen with gorgeous cobalt blue countertops, clear alder cabinetry, upscale appliances, bar seating in 2 areas, and a pass through to the cabana bar outside. Massive family room fireplace attracts gathering. Master bedroom with custom built-in closets, with amazing tile detailing. Bath with alder cabinets, stone tilework, custom mirrors and lighting. Each bedroom is uniquely designed with regal built-in tiled headboads. The backyard is another burst of color, with a riot of bougainvillas, painted accents, pool with baja shelf, firepit and spa.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Shadow Rock Estates

NeighborhoodNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400kPrice in $91k408k

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

Neighborhood: Shadow Rock Estates

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
Mountain Sky Junior High School Middle Regular 741 35 7
Thunderbird High School High Regular 1,507 63 6

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
 

$445,500$544,500$495,000

PURCHASE PRICE

$1,620$1,980$1,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$1,719
Property Tax -$295
Property Insurance -$65
Property Management Fees -$99
CASH FLOW
-$379

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.

$495,000

PROJECTED PRICE

$1,800

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 6.5%
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$1.4M

PROJECTED ANNUAL CASH FLOW

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

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$136,925

INVESTMENT

$136,925

Down Payment
$123,750
Rehab Estimate
$5,750
Closing Costs
$7,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,719

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $123,750
Loan Amount $371,250
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$4,876

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,800

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,834

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,7503$1,7954$1,7955$1,800
$1,800
RENT COMPS ANALYSIS
  • 224 E Surrey Avenue Phoenix, AZ 5
    • 4 beds 3 baths ∙ 1,936 Sqft ∙ Built 1981 4 beds 3 baths ∙ 1,936 Sqft ∙ Built 1981
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.93
    •  
  • 915 E Hearn Road Phoenix, AZ 1
    • 3 beds 2 baths ∙ 1,757 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,757 Sqft ∙ Built 1998
    LEASED 02/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.96
    •  
  • 16 E Willow Avenue Phoenix, AZ 2
    • 3 beds 2 baths ∙ 1,944 Sqft ∙ Built 1982 3 beds 2 baths ∙ 1,944 Sqft ∙ Built 1982
    LEASED 02/07/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.90
    •  
  • 13249 N 14th Drive Phoenix, AZ 3
    • 3 beds 2 baths ∙ 1,824 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,824 Sqft ∙ Built 1971
    LEASED 04/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.98
    •  
  • 230 E Wood Drive Phoenix, AZ 4
    • 3 beds 2 baths ∙ 1,884 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,884 Sqft ∙ Built 1979
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.95
    •  
PROPERTY LISTING DETAILS
Laura S Joyner
Coldwell Banker Realty
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6205461
Last Updated: 03/13/2021
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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