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3440 E Cortez Street Phoenix, AZ 85028

3 Beds 2 Baths 1,649 sqft Built 1971

$460,000

List Price

$1,840

$1.7K - $2K

Rent Est.

PROPERTY INFO

November 21, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1971
  • Price/Sqft : $278.96
  • 2 Days on Market
  • MLS # : 6163635
  • Updated Date : 11/21/2020 at 16:48
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,649 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

With a freshly painted exterior, this home catches your eye the moment you pull into the driveway. The open concept floor plan is bright and inviting, while the kitchen sports a massive island and plenty of counter space. The laundry room will take your breath away with its butcher block countertops and ample storage. Complete with new wood-look vinyl flooring, new carpet, New roof, updated electrical panel, and tastefully remodeled bathrooms, this home is waiting for you to turn the key and make it your own.

SEE MORE

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
Desert Cove Elementary School Primary Regular 523 37 6
Desert Cove Elementary School Middle Regular 523 37 6
Shadow Mountain High School High Regular 1,390 67 3

Desert Cove Elementary School

  • Education Level: Primary
  • # of students: 523
  • # of teachers: 37
6
GreatSchools Rating

Desert Cove Elementary School

  • Education Level: Middle
  • # of students: 523
  • # of teachers: 37
6
GreatSchools Rating

Shadow Mountain High School

  • Education Level: High
  • # of students: 1,390
  • # of teachers: 67
3
GreatSchools Rating
 

$414,000$506,000$460,000

PURCHASE PRICE

$1,656$2,024$1,840

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,840
EXPENSES Loan Payment -$1,697
Property Tax -$290
Property Insurance -$59
Property Management Fees -$99
CASH FLOW
-$305

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.

$460,000

PROJECTED PRICE

$1,840

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 6.5%
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$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$127,650

INVESTMENT

$127,650

Down Payment
$115,000
Rehab Estimate
$5,750
Closing Costs
$6,900

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,697

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $115,000
Loan Amount $345,000
See What Happens When You Reinvest Cash Flow

2.33

YEARS SAVED

$8,890

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,840

    LIST RENT
  • $1.12

    LIST RENT PER SQFT
  • $2,098

    COMP ESTIMATED VALUE
  • $1.27

    COMP AVG. RENT PER SQFT
Comps Range
$1,840
1$1,8402$1,8953$2,0004$2,0005$2,150
$2,150
RENT COMPS ANALYSIS
  • 3440 E Cortez Street Phoenix, AZ 1
    • 3 beds 2 baths ∙ 1,649 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,649 Sqft ∙ Built 1971
    • Rent
    • Rent Per SQFT
    •  
    • $1,840
    • $1.12
    •  
  • 3422 E Altadena Avenue Phoenix, AZ 2
    • 3 beds 2 baths ∙ 1,513 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,513 Sqft ∙ Built 1971
    LEASED 10/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $1.25
    •  
  • 3702 E Shaw Butte Drive Phoenix, AZ 3
    • 3 beds 2 baths ∙ 1,844 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,844 Sqft ∙ Built 1962
    LEASED 10/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.08
    •  
  • 3238 E Poinsettia Drive Phoenix, AZ 4
    • 3 beds 2 baths ∙ 1,471 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,471 Sqft ∙ Built 1974
    LEASED 09/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.36
    •  
  • 11608 N 32nd Place Phoenix, AZ 5
    • 3 beds 2 baths ∙ 1,532 Sqft ∙ Built 1974 3 beds 2 baths ∙ 1,532 Sqft ∙ Built 1974
    LEASED 03/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.40
    •  
PROPERTY LISTING DETAILS
Nick A Rendon
Coldwell Banker Realty
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6163635
Last Updated: 11/21/2020
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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