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3318 E Montecito Avenue Phoenix, AZ 85018

4 Beds 3 Baths 2,190 sqft Built 1961

$675,000

List Price

$2,510

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

February 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1961
  • Price/Sqft : $308.22
  • 3 Days on Market
  • MLS # : 6192168
  • Updated Date : 02/13/2021 at 15:14
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,190 sqft
  • Baths : 3 full
Listing Agent

Re/max Excalibur

Listing Agent's Description

THIS HOME IS INCREDIBLE! Updated from top to bottom with a rare separate guest house casita. Come see this Stunning Newly updated home for sale in the highly desired 85018 zip code of Arcadia Lite. New kitchen makeover with newly updated cabinets & hardware. European Oak hardwood flooring throughout most of home. New interior paint, new baseboard, new fixtures. Completely remodeled guest bathroom. Beautiful landscaped front and back yard with a large covered patio. THE BEST PART is the bonus room, a detached casita with full kitchenette and full bathroom. Perfect for any visiting family or friends. An incredible addition to this already amazing home. Hurry in and see it, this one will not last long!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Sherwood Glen

NeighborhoodNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400k450k500k550kPrice in $91k564k

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

Neighborhood: Sherwood Glen

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001200140016001800200022002400Rent in $9342411

* 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 Unknown NA
Phoenix Coding Academy High Regular 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
 

$607,500$742,500$675,000

PURCHASE PRICE

$2,259$2,761$2,510

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,510
EXPENSES Loan Payment -$2,345
Property Tax -$428
Property Insurance -$70
Property Management Fees -$99
CASH FLOW
-$431

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.

$675,000

PROJECTED PRICE

$2,510

PROJECTED RENT

0.37%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.35%
Appreciation Year (1-5) 8.5%
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$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$184,625

INVESTMENT

$184,625

Down Payment
$168,750
Rehab Estimate
$5,750
Closing Costs
$10,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,345

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $168,750
Loan Amount $506,250
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$11,480

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,510

    LIST RENT
  • $1.15

    LIST RENT PER SQFT
  • $2,661

    COMP ESTIMATED VALUE
  • $1.22

    COMP AVG. RENT PER SQFT
Comps Range
$2,195
1$2,1952$2,4503$2,5104$2,6005$2,999
$2,999
RENT COMPS ANALYSIS
  • 3318 E Montecito Avenue Phoenix, AZ 3
    • 4 beds 3 baths ∙ 2,190 Sqft ∙ Built 1961 4 beds 3 baths ∙ 2,190 Sqft ∙ Built 1961
    • Rent
    • Rent Per SQFT
    •  
    • $2,510
    • $1.15
    •  
  • 3140 E Meadowbrook Avenue Phoenix, AZ 1
    • 3 beds 2 baths ∙ 2,004 Sqft ∙ Built 1977 3 beds 2 baths ∙ 2,004 Sqft ∙ Built 1977
    LEASED 08/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $1.10
    •  
  • 3502 E Elm Street Phoenix, AZ 2
    • 3 beds 2 baths ∙ 1,996 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,996 Sqft ∙ Built 1958
    LEASED 03/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $1.23
    •  
  • 3037 E Sells Drive Phoenix, AZ 4
    • 3 beds 2 baths ∙ 2,093 Sqft ∙ Built 1952 3 beds 2 baths ∙ 2,093 Sqft ∙ Built 1952
    LEASED 11/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.24
    •  
  • 3427 E Minnezona Avenue Phoenix, AZ 5
    • 3 beds 3 baths ∙ 2,322 Sqft ∙ Built 1967 3 beds 3 baths ∙ 2,322 Sqft ∙ Built 1967
    LEASED 09/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,999
    • $1.29
    •  
PROPERTY LISTING DETAILS
Grant Stonerook
Re/max Excalibur
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6192168
Last Updated: 02/13/2021
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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