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2318 W Mark Lane Phoenix, AZ 85085

3 Beds 2 Baths 2,141 sqft Built 2016

$499,900

List Price

$1,950

$1.8K - $2.1K

Rent Est.

PROPERTY INFO

January 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $233.49
  • 5 Days on Market
  • MLS # : 6177667
  • Updated Date : 01/06/2021 at 22:46
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,141 sqft
  • Baths : 2 full
Listing Agent

Re/max Fine Properties

Listing Agent's Description

THIS IS ONE OF OUR BEST SELLING FLOOR PLANS! 3 BEDS/2 BATHS/2 DENS/2 CAR GARAGE WITH 2FT. EXTENSION AND PAVERS AT DRIVEWAY AND WALKWAY. NICELY UPGRADED KITCHEN, IDEAL FOR THE CHEF/ENTERTAINER! BEAUTIFUL CHEF GOURMET KITCHEN WITH STAINLESS STEEL APPLIANCES INCLUDING THE DISHWASHER, WALL MICROWAVE AND OVEN AND GAS COOKTOP WITH OVERSIZED HOOD. OVERSIZED SHOWER WITH SEAT IN MASTER BATHROOM. MULTI PANEL SLIDING GLASS DOOR AT GREAT ROOM. LOTS OF UPGRADES LIKE TWO-TONE PAINT, GAS STUB FOR BBQ AND LAUNDRY, TRAY CEILINGS AT FOYER, DEN AND MASTER BEDROOM, SOFT WATER LOOP, 8 FT. INTERIOR DOORS THROUGHOUT THE HOME. BACKYARD WAS RECENTLY COMPLETED WITH PAVERS AND SYNTHETIC GRASS AND LANDSCAPE.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: North Gateway

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $91k395k

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

Neighborhood: North Gateway

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800190020002100Rent in $9342120

* 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
Norterra Canyon School Primary Regular 1,164 59 8
Norterra Canyon School Middle Regular 1,164 59 8
Barry Goldwater High School High Regular 1,856 88 4

Norterra Canyon School

  • Education Level: Primary
  • # of students: 1,164
  • # of teachers: 59
8
GreatSchools Rating

Norterra Canyon School

  • Education Level: Middle
  • # of students: 1,164
  • # of teachers: 59
8
GreatSchools Rating

Barry Goldwater High School

  • Education Level: High
  • # of students: 1,856
  • # of teachers: 88
4
GreatSchools Rating
 

$449,910$549,890$499,900

PURCHASE PRICE

$1,755$2,145$1,950

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,950
EXPENSES Loan Payment -$1,736
Property Tax -$299
Property Insurance -$69
HOA -$74
Property Management Fees -$99
CASH FLOW
-$328

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.

$499,900

PROJECTED PRICE

$1,950

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 3.3%
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-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$138,224

INVESTMENT

$138,224

Down Payment
$124,975
Rehab Estimate
$5,750
Closing Costs
$7,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,736

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $124,975
Loan Amount $374,925
See What Happens When You Reinvest Cash Flow

2.08

YEARS SAVED

$6,605

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,950

    LIST RENT
  • $0.91

    LIST RENT PER SQFT
  • $1,798

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,7953$1,9004$1,9505$2,000
$2,000
RENT COMPS ANALYSIS
  • 2318 W Mark Lane Phoenix, AZ 4
    • 3 beds 2 baths ∙ 2,141 Sqft ∙ Built 2016 3 beds 2 baths ∙ 2,141 Sqft ∙ Built 2016
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.91
    •  
  • 2526 W Cordia Lane Phoenix, AZ 1
    • 3 beds 3 baths ∙ 2,092 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,092 Sqft ∙ Built 2007
    property image
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.84
    •  
  • 28409 N 25th Lane Phoenix, AZ 2
    • 3 beds 3 baths ∙ 2,236 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,236 Sqft ∙ Built 2006
    property image
    LEASED 12/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.80
    •  
  • 2242 W Peak View Road Phoenix, AZ 3
    • 4 beds 2 baths ∙ 2,313 Sqft ∙ Built 2004 4 beds 2 baths ∙ 2,313 Sqft ∙ Built 2004
    property image
    LEASED 10/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.82
    •  
  • 2424 W Silver Sage Lane Phoenix, AZ 5
    • 4 beds 3 baths ∙ 2,232 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,232 Sqft ∙ Built 2005
    property image
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.90
    •  
PROPERTY LISTING DETAILS
Sanharib Sonny Malki
Re/max Fine Properties
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6177667
Last Updated: 01/06/2021
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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