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24 W Linger Lane Phoenix, AZ 85021

4 Beds 3 Baths 3,168 sqft Built 1981

INVESTimate

$950,000

List Price

$3,270

$3,020 - $3,520

Rent Est.

$1,028,945  ( +8.31%)   1 YR EST. FORECAST

PROPERTY INFO

August 24, 2020 RECENTLY ADDED
FACTS
  • Built In 1981
  • Price/Sqft : $299.87
  • 3 Days on Market
  • MLS # : 6121837
  • Updated Date : 08/24/2020 at 14:48
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,168 sqft
  • Baths : 3 full
Listing Agent

Russ Lyon Sotheby's International Realty

Listing Agent's Description

Beautiful custom home in the North Central corridor. This lovely home sits on an over sized lot with mountain views and mature trees. With 4 bedrooms and 3 baths and a split floor plan, it is perfect for a family. There is a large master suite with french doors leading to the backyard and a remodeled bathroom with marble flooring, a custom glass door and a restoration hardware vanity. The home has beautiful Provenza hardwood flooring in the main areas with colors that match any decor. The dramatic kitchen boasts a 20 foot white brick wall with whitewash ceilings and an island. Cathedral ceiling throughout gives the home an open feel. This home has been remodeled in all the right places with charm and elegance. See the document tab for full list of Features and Upgrades.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: North Central Corridor

NeighborhoodNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400k450k500k550k600kPrice in $91k604k

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

Neighborhood: North Central Corridor

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600170018001900200021002200Rent in $9342294

* 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
Madison Simis Elementary School Primary Regular 951 43 9
Madison Meadows Middle School Middle Regular 845 40 8
Central High School High Regular 2,251 136 3

Madison Simis Elementary School

  • Education Level: Primary
  • # of students: 951
  • # of teachers: 43
9
GreatSchools Rating

Madison Meadows Middle School

  • Education Level: Middle
  • # of students: 845
  • # of teachers: 40
8
GreatSchools Rating

Central High School

  • Education Level: High
  • # of students: 2,251
  • # of teachers: 136
3
GreatSchools Rating
 

$855,000$1,045,000$950,000

PURCHASE PRICE

$2,943$3,597$3,270

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M$3.0M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,270
EXPENSES Loan Payment -$3,505
Property Tax -$683
Property Insurance -$89
Property Management Fees -$99
CASH FLOW
-$1,106

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.

$950,000

PROJECTED PRICE

$3,270

PROJECTED RENT

0.34%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 8.31%
Maintenance Year (1-5) 8.00%
Vacancy 6.60%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$257,500

INVESTMENT

$257,500

Down Payment
$237,500
Rehab Estimate
$5,750
Closing Costs
$14,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$3,505

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $237,500
Loan Amount $712,500
See What Happens When You Reinvest Cash Flow

0.42

YEARS SAVED

$1,648

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $3,270

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $3,612

    COMP ESTIMATED VALUE
  • $1.14

    COMP AVG. RENT PER SQFT
Comps Range
$3,270
1$3,2702$3,3003$3,3804$3,5005$3,575
$3,575
RENT COMPS ANALYSIS
  • 24 W Linger Lane Phoenix, 1
    • 4 beds 3 baths ∙ 3,168 Sqft ∙ Built 1981 4 beds 3 baths ∙ 3,168 Sqft ∙ Built 1981
    • Rent
    • Rent Per SQFT
    •  
    • $3,270
    • $1.03
    •  
  • 512 W El Caminito Drive Phoenix, 2
    • 3 beds 3 baths ∙ 3,038 Sqft ∙ Built 1985 3 beds 3 baths ∙ 3,038 Sqft ∙ Built 1985
    LEASED 03/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,300
    • $1.09
    •  
  • 21 E Harmont Drive Phoenix, 3
    • 3 beds 3 baths ∙ 2,966 Sqft ∙ Built 1993 3 beds 3 baths ∙ 2,966 Sqft ∙ Built 1993
    LEASED 09/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $3,380
    • $1.14
    •  
  • 1213 W Stella Lane Phoenix, 4
    • 5 beds 3 baths ∙ 3,033 Sqft ∙ Built 2000 5 beds 3 baths ∙ 3,033 Sqft ∙ Built 2000
    LEASED 02/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.15
    •  
  • 217 W Frier Drive Phoenix, 5
    • 4 beds 3 baths ∙ 3,040 Sqft ∙ Built 1981 4 beds 3 baths ∙ 3,040 Sqft ∙ Built 1981
    LEASED 05/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,575
    • $1.18
    •  
PROPERTY LISTING DETAILS
Michelle A Asterino
Russ Lyon Sotheby's International Realty
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6121837
Last Updated: 08/24/2020
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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