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302 E Caribbean Lane Phoenix, AZ 85022

4 Beds 3 Baths 2,413 sqft Built 1974

$495,000

List Price

$2,050

$1.8K - $2.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1974
  • Price/Sqft : $205.14
  • 5 Days on Market
  • MLS # : 6200127
  • Updated Date : 02/27/2021 at 04:47
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,413 sqft
  • Baths : 3 full
Listing Agent

Jason Mitchell Real Estate

Listing Agent's Description

Welcome Home! Come check out this updated spacious home with a private courtyard and RV gate. This home features 4 bedrooms and 3 full bathrooms, the floors are wood look tile that span throughout the home. The updated Kitchen includes white cabinetry, sleek countertops and stainless-steel appliances. The great room includes a cozy 2-way fireplace and great open space. This lot is 10,998 sqft that give you plenty of space to enjoy and make it your own. Don't miss out on your opportunity to own this wonderful home.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: North Mountain

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $88k271k

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

Neighborhood: North Mountain

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900950100010501100115012001250130013501400145015001550Rent in $8821567

* 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
Mountain Sky Junior High School Middle Regular 741 35 7
Thunderbird High School High Regular 1,507 63 6

Mountain Sky Junior High School

  • Education Level: Middle
  • # of students: 741
  • # of teachers: 35
7
GreatSchools Rating

Thunderbird High School

  • Education Level: High
  • # of students: 1,507
  • # of teachers: 63
6
GreatSchools Rating
 

$445,500$544,500$495,000

PURCHASE PRICE

$1,845$2,255$2,050

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,050
EXPENSES Loan Payment -$1,719
Property Tax -$295
Property Insurance -$74
Property Management Fees -$99
CASH FLOW
-$138

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.

$495,000

PROJECTED PRICE

$2,050

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.35%
Appreciation Year (1-5) 8.4%
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$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$136,925

INVESTMENT

$136,925

Down Payment
$123,750
Rehab Estimate
$5,750
Closing Costs
$7,425

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,719

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $123,750
Loan Amount $371,250
See What Happens When You Reinvest Cash Flow

4.17

YEARS SAVED

$19,408

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $0

    LIST RENT
  • $0

    LIST RENT PER SQFT
  • $2,329

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,0953$2,1004$2,3955$2,500
$2,500
RENT COMPS ANALYSIS
  • 302 E Caribbean Lane Phoenix, AZ 1
    • 4 beds 3 baths ∙ 2,413 Sqft ∙ Built 1974 4 beds 3 baths ∙ 2,413 Sqft ∙ Built 1974
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 101 W Kathleen Road Phoenix, AZ 2
    • 4 beds 2 baths ∙ 2,345 Sqft ∙ Built 1979 4 beds 2 baths ∙ 2,345 Sqft ∙ Built 1979
    property image
    LEASED 12/03/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.89
    •  
  • 16009 N 7th Drive Phoenix, AZ 3
    • 4 beds 3 baths ∙ 2,261 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,261 Sqft ∙ Built 1991
    property image
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.93
    •  
  • 209 E Coral Gables Drive Phoenix, AZ 4
    • 4 beds 3 baths ∙ 2,376 Sqft ∙ Built 1977 4 beds 3 baths ∙ 2,376 Sqft ∙ Built 1977
    property image
    LEASED 09/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $1.01
    •  
  • 14624 N 7th Place Phoenix, AZ 5
    • 4 beds 2 baths ∙ 2,427 Sqft ∙ Built 1987 4 beds 2 baths ∙ 2,427 Sqft ∙ Built 1987
    property image
    LEASED 09/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $1.03
    •  
PROPERTY LISTING DETAILS
Matt M Perfette
Jason Mitchell Real Estate
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6200127
Last Updated: 02/27/2021
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. Copyright (c) 2021 Arizona Regional Multiple Listing Service, Inc. All rights reserved.

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