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2716 E Cannon Drive Phoenix, AZ 85028

4 Beds 2 Baths 2,366 sqft Built 1973

INVESTimate

$499,000

List Price

$2,000

$1,800 - $2,200

Rent Est.

$530,237  ( +6.26%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1973
  • Price/Sqft : $210.90
  • 6 Days on Market
  • MLS # : 6120607
  • Updated Date : 08/22/2020 at 12:30
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,366 sqft
  • Baths : 2 full
Listing Agent

Homesmart

Listing Agent's Description

Original owner downsized. You will not want to miss this one!! Large open floor plan, this 4 bedroom, 2 bath, 2366sf home has it all. Just painted inside and out along with brand new carpet makes this home show very well. AC unit is only 2 years old. Property has been updated and has dual pane windows, large brick fireplace, huge diving pool with rock water feature. Nice outdoor living area, with RV gate and parking for all your toys. Great location and close to everything. Come take a look today before it's gone!!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Paradise Valley Palms West

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340k360k380k400kPrice in $91k401k

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

Neighborhood: Paradise Valley Palms West

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600170018001900Rent in $9341999

* 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
Desert Cove Elementary School Primary Regular 523 37 6
Desert Cove Elementary School Middle Regular 523 37 6
Shadow Mountain High School High Regular 1,390 67 3

Desert Cove Elementary School

  • Education Level: Primary
  • # of students: 523
  • # of teachers: 37
6
GreatSchools Rating

Desert Cove Elementary School

  • Education Level: Middle
  • # of students: 523
  • # of teachers: 37
6
GreatSchools Rating

Shadow Mountain High School

  • Education Level: High
  • # of students: 1,390
  • # of teachers: 67
3
GreatSchools Rating
 

$449,100$548,900$499,000

PURCHASE PRICE

$1,800$2,200$2,000

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$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$1.4M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,000
EXPENSES Loan Payment -$1,841
Property Tax -$346
Property Insurance -$73
Property Management Fees -$99
CASH FLOW
-$359

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.

$499,000

PROJECTED PRICE

$2,000

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 6.26%
Maintenance Year (1-5) 8.00%
Vacancy 6.60%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$137,985

INVESTMENT

$137,985

Down Payment
$124,750
Rehab Estimate
$5,750
Closing Costs
$7,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,841

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $124,750
Loan Amount $374,250
See What Happens When You Reinvest Cash Flow

2.08

YEARS SAVED

$7,793

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,000

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $2,224

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$2,0003$2,0004$2,5005$2,900
$2,900
RENT COMPS ANALYSIS
  • 2716 E Cannon Drive Phoenix, 3
    • 4 beds 2 baths ∙ 2,366 Sqft ∙ Built 1973 4 beds 2 baths ∙ 2,366 Sqft ∙ Built 1973
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.85
    •  
  • 3133 E Onyx Avenue Phoenix, 1
    • 4 beds 2 baths ∙ 2,328 Sqft ∙ Built 1969 4 beds 2 baths ∙ 2,328 Sqft ∙ Built 1969
    LEASED 03/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.71
    •  
  • 3555 E North Lane Phoenix, 2
    • 4 beds 2 baths ∙ 2,175 Sqft ∙ Built 1971 4 beds 2 baths ∙ 2,175 Sqft ∙ Built 1971
    LEASED 04/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.92
    •  
  • 2265 E Becker Lane Phoenix, 4
    • 4 beds 3 baths ∙ 2,528 Sqft ∙ Built 1974 4 beds 3 baths ∙ 2,528 Sqft ∙ Built 1974
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.99
    •  
  • 10625 N 25th Street Phoenix, 5
    • 4 beds 2 baths ∙ 2,535 Sqft ∙ Built 1972 4 beds 2 baths ∙ 2,535 Sqft ∙ Built 1972
    LEASED 08/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,900
    • $1.14
    •  
PROPERTY LISTING DETAILS
Brian Woodhead
Homesmart
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6120607
Last Updated: 08/22/2020
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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