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3038 E Kings Avenue Phoenix, AZ 85032

3 Beds 3 Baths 1,619 sqft Built 2004

INVESTimate

$284,900

List Price

$1,620

$1,458 - $1,782

Rent Est.

$303,362  ( +6.48%)   1 YR EST. FORECAST

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 2004
  • Price/Sqft : $175.97
  • 6 Days on Market
  • MLS # : 6120712
  • Updated Date : 08/21/2020 at 12:16
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,619 sqft
  • Baths : 2 full , 1 half
Listing Agent

Offerpad

Listing Agent's Description

VACANT!! Come see this two story home on a corner lot in Kay Acres! This home offers a NEW A/C unit and fresh exterior two-tone paint. Wood look tile on the main floor and carpet on the second. Formal living room off the entry and an open kitchen/dining space at the back of the home. The kitchen features granite countertops and tiled backsplash, an island for extra prep and storage, a breakfast bar, and new stainless steel appliances. Half bath on the main floor for guests' convenience. The primary suite, two additional bedrooms and a full bathroom as well as the laundry located on the second floor. The primary bedroom has a full ensuite bathroom with dual sinks and a private water closet. One bedroom has a private balcony. The backyard has a covered patio and artificial grass.

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PRICE & RENT TRENDS

Neighborhood: Paradise Valley Village

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340kPrice in $91k358k

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

Neighborhood: Paradise Valley Village

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600170018001900Rent in $9341981

* 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
Palomino Intermediate School Primary Regular 499 25 2
Greenway Middle School Middle Regular 518 26 2
Paradise Valley High School High Regular 1,806 99 5

Palomino Intermediate School

  • Education Level: Primary
  • # of students: 499
  • # of teachers: 25
2
GreatSchools Rating

Greenway Middle School

  • Education Level: Middle
  • # of students: 518
  • # of teachers: 26
2
GreatSchools Rating

Paradise Valley High School

  • Education Level: High
  • # of students: 1,806
  • # of teachers: 99
5
GreatSchools Rating
 

$256,410$313,390$284,900

PURCHASE PRICE

$1,458$1,782$1,620

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,620
EXPENSES Loan Payment -$1,051
Property Tax -$179
Property Insurance -$59
HOA -$59
Property Management Fees -$99
CASH FLOW
$173

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.

$284,900

PROJECTED PRICE

$1,620

PROJECTED RENT

0.57%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 6.48%
Maintenance Year (1-5) 8.00%
Vacancy 6.60%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$81,249

INVESTMENT

$81,249

Down Payment
$71,225
Rehab Estimate
$5,750
Closing Costs
$4,274

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,051

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $71,225
Loan Amount $213,675
See What Happens When You Reinvest Cash Flow

8.42

YEARS SAVED

$37,116

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,620

    LIST RENT
  • $1

    LIST RENT PER SQFT
  • $1,607

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,375
1$1,3752$1,4953$1,6004$1,6205$1,800
$1,800
RENT COMPS ANALYSIS
  • 3038 E Kings Avenue Phoenix, 4
    • 3 beds 3 baths ∙ 1,619 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,619 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $1,620
    • $1.00
    •  
  • 16216 N 30th Place Phoenix, 1
    • 3 beds 3 baths ∙ 1,458 Sqft ∙ Built 2014 3 beds 3 baths ∙ 1,458 Sqft ∙ Built 2014
    LEASED 07/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.94
    •  
  • 3008 E Kings Avenue Phoenix, 2
    • 3 beds 3 baths ∙ 1,653 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,653 Sqft ∙ Built 2005
    LEASED 11/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.90
    •  
  • 3113 E Danbury Road #17 Phoenix, 3
    • 3 beds 3 baths ∙ 1,549 Sqft ∙ Built 2014 3 beds 3 baths ∙ 1,549 Sqft ∙ Built 2014
    LEASED 09/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.03
    •  
  • 3335 E Kelton Lane Phoenix, 5
    • 3 beds 2 baths ∙ 1,638 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,638 Sqft ∙ Built 1992
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.10
    •  
PROPERTY LISTING DETAILS
Derek Dickson
Offerpad
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6120712
Last Updated: 08/21/2020
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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