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2866 E Cheryl Drive Phoenix, AZ 85028

3 Beds 2 Baths 1,540 sqft Built 1966

$385,000

List Price

$1,740

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

November 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1966
  • Price/Sqft : $250.00
  • 4 Days on Market
  • MLS # : 6157204
  • Updated Date : 11/13/2020 at 12:13
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,540 sqft
  • Baths : 2 full
Listing Agent

Jason Mitchell Real Estate

Listing Agent's Description

Fantastic 3 bedroom home in the sought after 85028 zip code in North Phoenix. Property features a 9,600+ sq. ft. lot with an RV gate and NO HOA, a sparkling pool, and a 2 car garage with attached workshop (perfect for car enthusiasts, wood workers, or anyone needing a little more storage space). Well maintained home has been freshly painted inside and features wood-look flooring with carpet in bedrooms, updated bathrooms with tile surround showers, and a master bedroom with his & hers walk-in closets and private courtyard. AC replaced in 2012 and pool equipment (filter and pump) in 2019.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Paradise View

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340k360kPrice in $91k378k

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

Neighborhood: Paradise View

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700180019002000Rent in $9342057

* 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
Mercury Mine Elementary School Primary Regular 546 27 8
Mercury Mine Elementary School Middle Regular 546 27 8
Shadow Mountain High School High Regular 1,390 67 3

Mercury Mine Elementary School

  • Education Level: Primary
  • # of students: 546
  • # of teachers: 27
8
GreatSchools Rating

Mercury Mine Elementary School

  • Education Level: Middle
  • # of students: 546
  • # of teachers: 27
8
GreatSchools Rating

Shadow Mountain High School

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

$346,500$423,500$385,000

PURCHASE PRICE

$1,566$1,914$1,740

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,740
EXPENSES Loan Payment -$1,420
Property Tax -$242
Property Insurance -$57
Property Management Fees -$99
CASH FLOW
-$79

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.

$385,000

PROJECTED PRICE

$1,740

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 6.3%
Maintenance Year (1-5) 8.00%
Vacancy 6.60%
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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$107,775

INVESTMENT

$107,775

Down Payment
$96,250
Rehab Estimate
$5,750
Closing Costs
$5,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,420

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $96,250
Loan Amount $288,750
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$19,878

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,740

    LIST RENT
  • $1.13

    LIST RENT PER SQFT
  • $1,829

    COMP ESTIMATED VALUE
  • $1.19

    COMP AVG. RENT PER SQFT
Comps Range
$1,725
1$1,7252$1,7403$1,7504$1,9505$2,150
$2,150
RENT COMPS ANALYSIS
  • 2866 E Cheryl Drive Phoenix, AZ 2
    • 3 beds 2 baths ∙ 1,540 Sqft ∙ Built 1966 3 beds 2 baths ∙ 1,540 Sqft ∙ Built 1966
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,740
    • $1.13
    •  
  • 2922 E Sierra Street Phoenix, AZ 1
    • 3 beds 2 baths ∙ 1,417 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,417 Sqft ∙ Built 1971
    property image
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $1.22
    •  
  • 3021 E Cholla Street Phoenix, AZ 3
    • 3 beds 2 baths ∙ 1,523 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,523 Sqft ∙ Built 1960
    property image
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.15
    •  
  • 9617 N 32nd Street Phoenix, AZ 4
    • 3 beds 2 baths ∙ 1,740 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,740 Sqft ∙ Built 1975
    property image
    LEASED 12/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.12
    •  
  • 2809 E Desert Cove Avenue Phoenix, AZ 5
    • 3 beds 2 baths ∙ 1,700 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,700 Sqft ∙ Built 1961
    property image
    LEASED 10/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.26
    •  
PROPERTY LISTING DETAILS
Jason Mitchell
Jason Mitchell Real Estate
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6157204
Last Updated: 11/13/2020
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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