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3102 N 22nd Street Phoenix, AZ 85016

3 Beds 2 Baths 1,369 sqft Built 1955

$399,000

List Price

$1,440

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1955
  • Price/Sqft : $291.45
  • 4 Days on Market
  • MLS # : 6186712
  • Updated Date : 01/29/2021 at 16:33
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,369 sqft
  • Baths : 2 full
Listing Agent

Homesmart

Listing Agent's Description

This absolutely charming, totally renovated 2 bdrm, 1 bath bungalow featuring a detached rear guest studio is centrally located on a corner lot in one of Phoenix's hottest areas. Tenants are in place in both homes on a mo-mo basis, with rear home paying $550 and front home $1,200. This home is the perfect opportunity for an investor who can benefit from excellent tenants and income while appreciating the value in the current upward market. Also ideal for a first-time homebuyer, small family, retiree, or winter (secondary) home. Live in one home and rent the other, or combine both as a 3 bdrm 2 bath. This is maintenance free living with no HOA....which is ideal for VRBO or AirBnB. The homes are on separate electric meters, however share City of Phoenix services. Bonus 2-car carport f

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Olive Manors

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $83k271k

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

Neighborhood: Olive Manors

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900950100010501100115012001250130013501400145015001550Rent in $8621567

* 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
Camelback High School High Regular 2,048 110 4
Phoenix Coding Academy High Regular NA
Phoenix Coding Academy High Unknown NA

Camelback High School

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

Phoenix Coding Academy

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating

Phoenix Coding Academy

  • Education Level: High
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

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

PURCHASE PRICE

$1,296$1,584$1,440

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,440
EXPENSES Loan Payment -$1,386
Property Tax -$253
Property Insurance -$54
Property Management Fees -$99
CASH FLOW
-$352

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

$1,440

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.32%
Appreciation Year (1-5) 6.7%
Maintenance Year (1-5) 8.00%
Vacancy 6.56%
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-$8.0k-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

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 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,386

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $99,750
Loan Amount $299,250
See What Happens When You Reinvest Cash Flow

1.42

YEARS SAVED

$2,780

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,440

    LIST RENT
  • $1.05

    LIST RENT PER SQFT
  • $1,797

    COMP ESTIMATED VALUE
  • $1.31

    COMP AVG. RENT PER SQFT
Comps Range
$1,440
1$1,4402$1,6003$1,8004$1,9955$2,300
$2,300
RENT COMPS ANALYSIS
  • 3102 N 22nd Street Phoenix, AZ 1
    • 3 beds 2 baths ∙ 1,369 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,369 Sqft ∙ Built 1955
    • Rent
    • Rent Per SQFT
    •  
    • $1,440
    • $1.05
    •  
  • 2427 E Avalon Drive Phoenix, AZ 2
    • 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1947 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 1947
    LEASED 05/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.19
    •  
  • 2502 E Avalon Drive Phoenix, AZ 3
    • 4 beds 2 baths ∙ 1,552 Sqft ∙ Built 1950 4 beds 2 baths ∙ 1,552 Sqft ∙ Built 1950
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.16
    •  
  • 2235 E Mitchell Drive Phoenix, AZ 4
    • 3 beds 2 baths ∙ 1,421 Sqft ∙ Built 1948 3 beds 2 baths ∙ 1,421 Sqft ∙ Built 1948
    LEASED 07/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.40
    •  
  • 2533 E Flower Street Phoenix, AZ 5
    • 3 beds 2 baths ∙ 1,531 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,531 Sqft ∙ Built 1950
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.50
    •  
PROPERTY LISTING DETAILS
Inge Oliverio
Homesmart
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6186712
Last Updated: 01/29/2021
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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