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2929 E Broadway Road #72 Mesa, AZ 85204

2 Beds 2 Baths 1,104 sqft Built 1985

$190,000

List Price

$1,100

$990 - $1.2K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $172.10
  • 2 Days on Market
  • MLS # : 6179031
  • Updated Date : 01/09/2021 at 18:08
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,104 sqft
  • Baths : 1 full , 1 half
Listing Agent

Re/max Excalibur

Listing Agent's Description

Well maintained patio home with direct access from attached garage. Community clubhouse with pool and heated spa along with a shuffleboard court. New toilets, shower fixtures , garbage disposal, kitchen faucet. water hookups for washer, water turnoffs, hose bibs all in Dec. 2020. New water heater 2015, washer/dryer 2017, refrigerator 2012, garage door opener with keypad 2012, air handler 2010 and compressor 2008. Fans in both both bedrooms. Security system owned but not monitored. Private front courtyard and patio area . All appliances stay. This one won't last!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Tiffany Square

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $68k271k

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

Neighborhood: Tiffany Square

ZipNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500Rent in $8241567

* 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
Franklin At Alma Elementary School Primary Regular 280 13 10
Franklin At Alma Elementary School Middle Regular 280 13 10
Mesa High School High Regular 3,406 155 4

Franklin At Alma Elementary School

  • Education Level: Primary
  • # of students: 280
  • # of teachers: 13
10
GreatSchools Rating

Franklin At Alma Elementary School

  • Education Level: Middle
  • # of students: 280
  • # of teachers: 13
10
GreatSchools Rating

Mesa High School

  • Education Level: High
  • # of students: 3,406
  • # of teachers: 155
4
GreatSchools Rating
 

$171,000$209,000$190,000

PURCHASE PRICE

$990$1,210$1,100

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,100
EXPENSES Loan Payment -$660
Property Tax -$99
Property Insurance -$49
HOA -$174
Property Management Fees -$99
CASH FLOW
$20

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.

$190,000

PROJECTED PRICE

$1,100

PROJECTED RENT

0.58%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.35%
Appreciation Year (1-5) 8.9%
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$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$56,100

INVESTMENT

$56,100

Down Payment
$47,500
Rehab Estimate
$5,750
Closing Costs
$2,850

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$660

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $47,500
Loan Amount $142,500
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$11,267

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,100

    LIST RENT
  • $1

    LIST RENT PER SQFT
  • $1,110

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$825
1$8252$1,1003$1,1254$1,3005$1,495
$1,495
RENT COMPS ANALYSIS
  • 2929 E Broadway Road #72 Mesa, AZ 2
    • 2 beds 2 baths ∙ 1,104 Sqft ∙ Built 1985 2 beds 2 baths ∙ 1,104 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $1.00
    •  
  • 3102 E Cicero Street #102 Mesa, AZ 1
    • 2 beds 1 baths ∙ 850 Sqft ∙ Built 1984 2 beds 1 baths ∙ 850 Sqft ∙ Built 1984
    LEASED 10/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $825
    • $0.97
    •  
  • 220 N 22nd Place #2041 Mesa, AZ 3
    • 2 beds 2 baths ∙ 1,155 Sqft ∙ Built 1987 2 beds 2 baths ∙ 1,155 Sqft ∙ Built 1987
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,125
    • $0.97
    •  
  • 1015 S Val Vista Drive #73 Mesa, AZ 4
    • 2 beds 3 baths ∙ 1,245 Sqft ∙ Built 2003 2 beds 3 baths ∙ 1,245 Sqft ∙ Built 2003
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.04
    •  
  • 3422 E University Drive #26 Mesa, AZ 5
    • 2 beds 3 baths ∙ 1,444 Sqft ∙ Built 1997 2 beds 3 baths ∙ 1,444 Sqft ∙ Built 1997
    LEASED 10/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.04
    •  
PROPERTY LISTING DETAILS
William A White
Re/max Excalibur
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6179031
Last Updated: 01/09/2021
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. © 2020 Arizona Regional Multiple Listing Service, Inc. All rights reserved.

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