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2615 W Corrine Drive Phoenix, AZ 85029

4 Beds 3 Baths 1,844 sqft Built 1963

$359,900

List Price

$1,520

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

January 29, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1963
  • Price/Sqft : $195.17
  • 3 Days on Market
  • MLS # : 6186058
  • Updated Date : 01/29/2021 at 18:07
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,844 sqft
  • Baths : 3 full
Listing Agent

Homesmart

Listing Agent's Description

Beautifully updated 4 bedroom / 2.75-bathroom single level home with 2 car extended/over height garage, complete with workshop and additional storage! This spacious, single level, open concept home provides a great flex option! The 4th bedroom/mother-in-law suite has a separate entrance, adjacent bath with walk in shower, great for multi-generational living, or use the large 18' x 21' space as a fantastic family/entertainment room! The tastefully updated kitchen features granite counters, stainless steel appliances, new dishwasher, and breakfast bar. Neutral tile can be found throughout all common living areas and bathrooms, new carpet just installed in 3 of the 4 bedrooms, all new window treatments, new light fixtures and fans, and interior freshly painted. The detached garage with

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Cox Meadows

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $83k271k

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

Neighborhood: Cox Meadows

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500Rent in $8201567

* 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
 

$323,910$395,890$359,900

PURCHASE PRICE

$1,368$1,672$1,520

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,520
EXPENSES Loan Payment -$1,250
Property Tax -$215
Property Insurance -$63
Property Management Fees -$99
CASH FLOW
-$107

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.

$359,900

PROJECTED PRICE

$1,520

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.32%
Appreciation Year (1-5) 7.9%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$101,124

INVESTMENT

$101,124

Down Payment
$89,975
Rehab Estimate
$5,750
Closing Costs
$5,399

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,250

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $89,975
Loan Amount $269,925
See What Happens When You Reinvest Cash Flow

4

YEARS SAVED

$13,226

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,520

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,554

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,4503$1,4504$1,5205$1,625
$1,625
RENT COMPS ANALYSIS
  • 2615 W Corrine Drive Phoenix, AZ 4
    • 4 beds 3 baths ∙ 1,844 Sqft ∙ Built 1963 4 beds 3 baths ∙ 1,844 Sqft ∙ Built 1963
    • Rent
    • Rent Per SQFT
    •  
    • $1,520
    • $0.82
    •  
  • 3037 W Charter Oak Road Phoenix, AZ 1
    • 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1960
    LEASED 10/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.87
    •  
  • 12425 N 30th Avenue Phoenix, AZ 2
    • 4 beds 2 baths ∙ 1,702 Sqft ∙ Built 1960 4 beds 2 baths ∙ 1,702 Sqft ∙ Built 1960
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.85
    •  
  • 2529 W Wethersfield Road Phoenix, AZ 3
    • 4 beds 2 baths ∙ 1,740 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,740 Sqft ∙ Built 1963
    LEASED 08/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.83
    •  
  • 2168 W Sharon Avenue Phoenix, AZ 5
    • 3 beds 2 baths ∙ 1,983 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,983 Sqft ∙ Built 1971
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.82
    •  
PROPERTY LISTING DETAILS
Jesse Pekarek
Homesmart
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6186058
Last Updated: 01/29/2021
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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