Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

3166 N 24th Drive Phoenix, AZ 85015

3 Beds 2 Baths 1,530 sqft Built 1965

$350,000

List Price

$1,420

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1965
  • Price/Sqft : $228.76
  • 11 Days on Market
  • MLS # : 6186506
  • Updated Date : 02/06/2021 at 21:36
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,530 sqft
  • Baths : 2 full
Listing Agent

Berkshire Hathaway Homeservices Arizona Properties

Listing Agent's Description

Seldom does a home come on the market that offers: HUGE LOT. HUGE WOKSHOP. Plenty of room for all your toys, hobbies and entertaining. This three bedroom, two bath features an oversizede two gar garage, and behind the garage is a work shop 22' x 15' Home also features: recent dual pane windows throughout, roof, air conditioner, also recent kitchen. Home has TWO RV GATES. There is even room to park your helicopter in the back yard by the work shop. and you may need approval from the city of Phoenix for that type of accomplishment . Feels like you are living in the country, yet you are still in the city.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Siesta Terrace

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $77k271k

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

Neighborhood: Siesta Terrace

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500Rent in $8231567

* 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
Central High School High Regular 2,251 136 3
Phoenix Coding Academy High Regular NA
Phoenix Coding Academy High Unknown NA

Central High School

  • Education Level: High
  • # of students: 2,251
  • # of teachers: 136
3
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
 

$315,000$385,000$350,000

PURCHASE PRICE

$1,278$1,562$1,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,420
EXPENSES Loan Payment -$1,216
Property Tax -$187
Property Insurance -$57
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 15% of earned rent to cover both maintenance and periods of vacancy.

$350,000

PROJECTED PRICE

$1,420

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.32%
Appreciation Year (1-5) 9.8%
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-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$98,500

INVESTMENT

$98,500

Down Payment
$87,500
Rehab Estimate
$5,750
Closing Costs
$5,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,216

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $87,500
Loan Amount $262,500
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$10,865

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,420

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,553

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$1,420
1$1,4202$1,4753$1,4754$1,7255$1,800
$1,800
RENT COMPS ANALYSIS
  • 3166 N 24th Drive Phoenix, AZ 1
    • 3 beds 2 baths ∙ 1,530 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,530 Sqft ∙ Built 1965
    • Rent
    • Rent Per SQFT
    •  
    • $1,420
    • $0.93
    •  
  • 3418 N 23rd Avenue Phoenix, AZ 2
    • 3 beds 2 baths ∙ 1,471 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,471 Sqft ∙ Built 1953
    LEASED 10/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $1.00
    •  
  • 2340 W Osborn Road Phoenix, AZ 3
    • 3 beds 2 baths ∙ 1,441 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,441 Sqft ∙ Built 1953
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $1.02
    •  
  • 2322 W Cheery Lynn Road Phoenix, AZ 4
    • 3 beds 2 baths ∙ 1,654 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,654 Sqft ∙ Built 1954
    LEASED 12/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $1.04
    •  
  • 1937 W Weldon Avenue Phoenix, AZ 5
    • 4 beds 2 baths ∙ 1,800 Sqft ∙ Built 1950 4 beds 2 baths ∙ 1,800 Sqft ∙ Built 1950
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.00
    •  
PROPERTY LISTING DETAILS
Dan Mcginnis
Berkshire Hathaway Homeservices Arizona Properties
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6186506
Last Updated: 02/06/2021
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.

BESbswy