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3131 E Legacy Drive #2038 Phoenix, AZ 85042

3 Beds 2 Baths 1,795 sqft Built 2002

$365,000

List Price

$1,760

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $203.34
  • 1 Days on Market
  • MLS # : 6210306
  • Updated Date : 03/27/2021 at 22:38
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,795 sqft
  • Baths : 2 full
Listing Agent

Re/max Alliance Group

Listing Agent's Description

Overlooking the 14th hole on the Legacy Golf Resort course sits this luxurious unit with 2 car garage! High end furnishings and classy art work, this fantastic 3 bedroom has golf course and mountain Views from every window! Split Master boasts private spacious balcony, walk in closet, step in shower, separate tub, dual sinks & water closet. Large Chef's delight kitchen with granite counters, french door fridge, gas cooktop, b/in microwave, coffee station and bar cart; w/electric grill on balcony off dining room! Great location close to Sky Harbor, Tempe Diablo Stadium, shopping and restaurants! Enjoy reduced green fees for the Legacy resort and the resort style pool, spa and fitness room in this luxury gated community! Smart tv's in every room, comfy beds more! Dialed in Vacation Rental

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Cachet at Legacy Condominiums

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340kPrice in $91k358k

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

Neighborhood: Cachet at Legacy Condominiums

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
South Mountain High School High Regular 1,706 102 2
Phoenix Coding Academy High Unknown NA
Phoenix Coding Academy High Regular NA

South Mountain High School

  • Education Level: High
  • # of students: 1,706
  • # of teachers: 102
2
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
 

$328,500$401,500$365,000

PURCHASE PRICE

$1,584$1,936$1,760

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,760
EXPENSES Loan Payment -$1,268
Property Tax -$237
Property Insurance -$62
HOA -$270
Property Management Fees -$99
CASH FLOW
-$176

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.

$365,000

PROJECTED PRICE

$1,760

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 4.0%
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

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$102,475

INVESTMENT

$102,475

Down Payment
$91,250
Rehab Estimate
$5,750
Closing Costs
$5,475

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,268

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $91,250
Loan Amount $273,750
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$6,093

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,760

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $2,001

    COMP ESTIMATED VALUE
  • $1.12

    COMP AVG. RENT PER SQFT
Comps Range
$1,760
1$1,7602$1,8003$1,8004$2,2505$2,290
$2,290
RENT COMPS ANALYSIS
  • 3131 E Legacy Drive #2038 Phoenix, AZ 1
    • 3 beds 2 baths ∙ 1,795 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,795 Sqft ∙ Built 2002
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,760
    • $0.98
    •  
  • 7029 S Golfside Lane Phoenix, AZ 2
    • 3 beds 3 baths ∙ 1,678 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,678 Sqft ∙ Built 2000
    property image
    LEASED 02/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.07
    •  
  • 7718 S 38th Street Phoenix, AZ 3
    • 3 beds 3 baths ∙ 1,688 Sqft ∙ Built 2010 3 beds 3 baths ∙ 1,688 Sqft ∙ Built 2010
    property image
    LEASED 01/08/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.07
    •  
  • 3825 E Branham Lane Phoenix, AZ 4
    • 3 beds 3 baths ∙ 1,938 Sqft ∙ Built 2018 3 beds 3 baths ∙ 1,938 Sqft ∙ Built 2018
    property image
    LEASED 02/06/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.16
    •  
  • 2833 E Hidalgo Avenue Phoenix, AZ 5
    • 4 beds 3 baths ∙ 1,968 Sqft ∙ Built 2017 4 beds 3 baths ∙ 1,968 Sqft ∙ Built 2017
    property image
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,290
    • $1.16
    •  
PROPERTY LISTING DETAILS
Denise L Pias
Re/max Alliance Group
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6210306
Last Updated: 03/27/2021
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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