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2622 S Shannon Drive Tempe, AZ 85282

3 Beds 2 Baths 1,946 sqft Built 1977

$398,000

List Price

$1,860

$1.7K - $2K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1977
  • Price/Sqft : $204.52
  • 2 Days on Market
  • MLS # : 6168098
  • Updated Date : 12/04/2020 at 22:28
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,946 sqft
  • Baths : 2 full
Listing Agent

Homelogic Real Estate

Listing Agent's Description

This meticulously cared for home is tucked away in the highly desirable Shalimar neighborhood and has NO HOA! Wonderful schools, fantastic parks, and the Shalimar Golf Course all within walking distance! This home has an updated Kitchen, Laundry room, Master Bath, updated floors and windows throughout and a new roof! The owner of this lovely home even added insulation above the vaulted ceilings for energy efficiency! The garage has a new epoxied floor and the RV gate allows for extra parking space. The private backyard has covered patio space, a 3 hole putting green, a storage shed and a beautiful water fountain set up to auto-fill during those hot months. The water feature provides a tranquil sound to each bedroom from their individual patio doors that open to the private back yard

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Alameda

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $109k290k

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

Neighborhood: Alameda

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100010501100115012001250130013501400145015001550160016501700Rent in $10001711

* 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
Curry Elementary School Primary Regular 560 34 3
Connolly Middle School Middle Regular 1,058 57 6
Mcclintock High School High Regular 1,771 81 6

Curry Elementary School

  • Education Level: Primary
  • # of students: 560
  • # of teachers: 34
3
GreatSchools Rating

Connolly Middle School

  • Education Level: Middle
  • # of students: 1,058
  • # of teachers: 57
6
GreatSchools Rating

Mcclintock High School

  • Education Level: High
  • # of students: 1,771
  • # of teachers: 81
6
GreatSchools Rating
 

$358,200$437,800$398,000

PURCHASE PRICE

$1,674$2,046$1,860

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,860
EXPENSES Loan Payment -$1,468
Property Tax -$262
Property Insurance -$65
Property Management Fees -$99
CASH FLOW
-$35

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$398,000

PROJECTED PRICE

$1,860

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.35%
Appreciation Year (1-5) 6.4%
Maintenance Year (1-5) 8.00%
Vacancy 6.24%
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$0.0$5.0k$10k$15k

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$111,220

INVESTMENT

$111,220

Down Payment
$99,500
Rehab Estimate
$5,750
Closing Costs
$5,970

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,468

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $99,500
Loan Amount $298,500
See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$26,325

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,860

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,854

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,693
1$1,6932$1,7003$1,8004$1,8605$2,100
$2,100
RENT COMPS ANALYSIS
  • 2622 S Shannon Drive Tempe, AZ 4
    • 3 beds 2 baths ∙ 1,946 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,946 Sqft ∙ Built 1977
    • Rent
    • Rent Per SQFT
    •  
    • $1,860
    • $0.96
    •  
  • 2182 E Concorda Drive Tempe, AZ 1
    • 3 beds 2 baths ∙ 1,816 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,816 Sqft ∙ Built 1970
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,693
    • $0.93
    •  
  • 2123 E Bishop Drive Tempe, AZ 2
    • 3 beds 2 baths ∙ 2,044 Sqft ∙ Built 1978 3 beds 2 baths ∙ 2,044 Sqft ∙ Built 1978
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.83
    •  
  • 2063 E Aspen Drive Tempe, AZ 3
    • 3 beds 2 baths ∙ 1,823 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,823 Sqft ∙ Built 1973
    LEASED 12/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.99
    •  
  • 2009 E Cairo Drive Tempe, AZ 5
    • 3 beds 3 baths ∙ 1,980 Sqft ∙ Built 1966 3 beds 3 baths ∙ 1,980 Sqft ∙ Built 1966
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.06
    •  
PROPERTY LISTING DETAILS
Lisa Flitsch
Homelogic Real Estate
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6168098
Last Updated: 12/04/2020
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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