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2838 N 51st Street Phoenix, AZ 85008

3 Beds 2 Baths 1,450 sqft Built 1954

INVESTimate

$399,000

List Price

$1,600

$1,440 - $1,760

Rent Est.

$442,052  ( +10.79%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1954
  • Price/Sqft : $275.17
  • 9 Days on Market
  • MLS # : 6118491
  • Updated Date : 08/18/2020 at 18:58
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,450 sqft
  • Baths : 2 full
Listing Agent

Exp Realty

Listing Agent's Description

LOCATION! LOCATION! LOCATION! This charming 3 bedroom 2 bath ranch style is fully renovated with detail by a licensed contractor and is situated just outside the lower Arcadia neighborhood. Located near the Phoenix zoo, Desert Botanical Garden, Papago Golf Course and ASU. This cozy gem is outfitted with a newer A/C system as well as new electrical and plumbing throughout. Just inside the front door, you can gather and create memories with your family in the family room. Just beyond the family room is the beautiful kitchen with a custom designed coffered ceiling. Classic shaker style cabinets wrap around the stainless appliances and finished off with Carrera quartz counter tops.. A butler's pantry/laundry combination is situated just off the kitchen. The master bedroom has a custom barn

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Papago Village

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $83k284k

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

Neighborhood: Papago Village

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900950100010501100115012001250130013501400145015001550Rent in $8621575

* 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
Griffith Elementary School Primary Regular 734 39 2
Griffith Elementary School Middle Regular 734 39 2
Camelback High School High Regular 2,048 110 4

Griffith Elementary School

  • Education Level: Primary
  • # of students: 734
  • # of teachers: 39
2
GreatSchools Rating

Griffith Elementary School

  • Education Level: Middle
  • # of students: 734
  • # of teachers: 39
2
GreatSchools Rating

Camelback High School

  • Education Level: High
  • # of students: 2,048
  • # of teachers: 110
4
GreatSchools Rating
 

$359,100$438,900$399,000

PURCHASE PRICE

$1,440$1,760$1,600

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

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 $1,600
EXPENSES Loan Payment -$1,472
Property Tax -$236
Property Insurance -$55
Property Management Fees -$99
CASH FLOW
-$262

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.

$399,000

PROJECTED PRICE

$1,600

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.32%
Appreciation Year (1-5) 10.79%
Maintenance Year (1-5) 8.00%
Vacancy 6.56%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$111,485

INVESTMENT

$111,485

Down Payment
$99,750
Rehab Estimate
$5,750
Closing Costs
$5,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,472

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $99,750
Loan Amount $299,250
See What Happens When You Reinvest Cash Flow

2.42

YEARS SAVED

$8,752

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,600

    LIST RENT
  • $1.1

    LIST RENT PER SQFT
  • $1,755

    COMP ESTIMATED VALUE
  • $1.21

    COMP AVG. RENT PER SQFT
Comps Range
$1,500
1$1,5002$1,6003$1,7004$1,8505$1,900
$1,900
RENT COMPS ANALYSIS
  • 2838 N 51st Street Phoenix, 2
    • 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1954
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.10
    •  
  • 4829 E Palm Lane Phoenix, 1
    • 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,170 Sqft ∙ Built 1954
    property image
    LEASED 04/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.28
    •  
  • 2009 N 46th Street Phoenix, 3
    • 3 beds 2 baths ∙ 1,434 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,434 Sqft ∙ Built 1955
    property image
    LEASED 07/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.19
    •  
  • 4613 E Vernon Avenue Phoenix, 4
    • 3 beds 3 baths ∙ 1,678 Sqft ∙ Built 1955 3 beds 3 baths ∙ 1,678 Sqft ∙ Built 1955
    property image
    LEASED 11/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.10
    •  
  • 5225 E Virginia Avenue Phoenix, 5
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1953
    property image
    LEASED 02/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.27
    •  
PROPERTY LISTING DETAILS
Shea M Hillenbrand
Exp Realty
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6118491
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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