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2344 W Echo Lane Phoenix, AZ 85021

4 Beds 2 Baths 1,712 sqft Built 1959

INVESTimate

$260,000

List Price

$1,410

$1,269 - $1,551

Rent Est.

$282,906  ( +8.81%)   1 YR EST. FORECAST

PROPERTY INFO

August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 1959
  • Price/Sqft : $151.87
  • 8 Days on Market
  • MLS # : 6119368
  • Updated Date : 08/18/2020 at 20:46
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,712 sqft
  • Baths : 2 full
Listing Agent

Homesmart

Listing Agent's Description

Beautiful 4 bedroom home features: 2 car carport, updated bathrooms with lots of custom tile, new plank tile in the main living areas, and large bedrooms. Close to shopping and restaurants. A must see!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Freeway Park

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $77k271k

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

Neighborhood: Freeway Park

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500Rent in $8041567

* 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
Richard E. Miller Elementary School Primary Regular 569 26 4
Royal Palm Middle School Middle Regular 725 41 3
Cortez High School High Regular 1,127 55 4

Richard E. Miller Elementary School

  • Education Level: Primary
  • # of students: 569
  • # of teachers: 26
4
GreatSchools Rating

Royal Palm Middle School

  • Education Level: Middle
  • # of students: 725
  • # of teachers: 41
3
GreatSchools Rating

Cortez High School

  • Education Level: High
  • # of students: 1,127
  • # of teachers: 55
4
GreatSchools Rating
 

$234,000$286,000$260,000

PURCHASE PRICE

$1,269$1,551$1,410

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,410
EXPENSES Loan Payment -$959
Property Tax -$155
Property Insurance -$61
Property Management Fees -$99
CASH FLOW
$136

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.

$260,000

PROJECTED PRICE

$1,410

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.32%
Appreciation Year (1-5) 8.81%
Maintenance Year (1-5) 8.00%
Vacancy 6.56%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,650

INVESTMENT

$74,650

Down Payment
$65,000
Rehab Estimate
$5,750
Closing Costs
$3,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$959

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $65,000
Loan Amount $195,000
See What Happens When You Reinvest Cash Flow

8.33

YEARS SAVED

$33,369

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,410

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,528

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,399
1$1,3992$1,4003$1,4104$1,6005$1,950
$1,950
RENT COMPS ANALYSIS
  • 2344 W Echo Lane Phoenix, 3
    • 4 beds 2 baths ∙ 1,712 Sqft ∙ Built 1959 4 beds 2 baths ∙ 1,712 Sqft ∙ Built 1959
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,410
    • $0.82
    •  
  • 2240 W Morten Avenue #house Phoenix, 1
    • 5 beds 3 baths ∙ 1,750 Sqft ∙ Built 1950 5 beds 3 baths ∙ 1,750 Sqft ∙ Built 1950
    property image
    LEASED 01/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,399
    • $0.80
    •  
  • 8047 N 31st Drive Phoenix, 2
    • 4 beds 3 baths ∙ 1,686 Sqft ∙ Built 1979 4 beds 3 baths ∙ 1,686 Sqft ∙ Built 1979
    property image
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.83
    •  
  • 2332 W Diana Avenue Phoenix, 4
    • 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1959
    property image
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.89
    •  
  • 8121 N 16th Drive Phoenix, 5
    • 4 beds 2 baths ∙ 1,866 Sqft ∙ Built 1969 4 beds 2 baths ∙ 1,866 Sqft ∙ Built 1969
    property image
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.05
    •  
PROPERTY LISTING DETAILS
Christopher Davis
Homesmart
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6119368
Last Updated: 08/18/2020
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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