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3973 E Melinda Drive Phoenix, AZ 85050

2 Beds 3 Baths 1,497 sqft Built 2008

$389,900

List Price

$2,030

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2008
  • Price/Sqft : $260.45
  • 3 Days on Market
  • MLS # : 6181707
  • Updated Date : 01/16/2021 at 19:16
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,497 sqft
  • Baths : 2 full , 1 half
Listing Agent

Homesmart

Listing Agent's Description

This beautiful 2 bed, 2.5 bath home is a rare find in the highly sought-after master planned Fireside Community. It is nicely appointed w/ neutral colors, granite counters, staggered maple cabinets & stainless steel appliances. Oversized tile on main level & newer upgraded carpet upstairs. This super clean home offers a spacious great room floor plan & 2 master suites. Fresh paint throughout the interior & exterior. The private patio has travertine pavers & 2 car garage has built in cabinets. This gated community offers resort-style top notch amenities & this very well-maintained home is move-in ready! The refrigerator & washer/dryer stay & there is a 1 year home warranty included. Easy access to the 101 & 51 Freeways, Great schools, shopping & restaurants nearby.... & it's under $400K!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Fireside

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340kPrice in $91k358k

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

Neighborhood: Fireside

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000120014001600180020002200240026002800Rent in $9342898

* 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
Fireside Elementary School Primary Regular 763 38 NA
Explorer Middle School Middle Regular 883 35 10
Pinnacle High School High Regular 2,443 96 8

Fireside Elementary School

  • Education Level: Primary
  • # of students: 763
  • # of teachers: 38
NA
GreatSchools Rating

Explorer Middle School

  • Education Level: Middle
  • # of students: 883
  • # of teachers: 35
10
GreatSchools Rating

Pinnacle High School

  • Education Level: High
  • # of students: 2,443
  • # of teachers: 96
8
GreatSchools Rating
 

$350,910$428,890$389,900

PURCHASE PRICE

$1,827$2,233$2,030

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,030
EXPENSES Loan Payment -$1,354
Property Tax -$246
Property Insurance -$56
HOA -$37
Property Management Fees -$99
CASH FLOW
$238

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.

$389,900

PROJECTED PRICE

$2,030

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 2.4%
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

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$109,074

INVESTMENT

$109,074

Down Payment
$97,475
Rehab Estimate
$5,750
Closing Costs
$5,849

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,354

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $97,475
Loan Amount $292,425
See What Happens When You Reinvest Cash Flow

8.5

YEARS SAVED

$44,428

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $0

    LIST RENT
  • $0

    LIST RENT PER SQFT
  • $2,032

    COMP ESTIMATED VALUE
  • $1.36

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,0503$2,0504$2,0505$2,195
$2,195
RENT COMPS ANALYSIS
  • 3973 E Melinda Drive Phoenix, AZ 1
    • 2 beds 3 baths ∙ 1,497 Sqft ∙ Built 2008 2 beds 3 baths ∙ 1,497 Sqft ∙ Built 2008
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 3935 E Rough Rider Road #1224 Phoenix, AZ 2
    • 2 beds 2 baths ∙ 1,589 Sqft ∙ Built 2007 2 beds 2 baths ∙ 1,589 Sqft ∙ Built 2007
    LEASED 08/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $1.29
    •  
  • 3935 E Rough Rider Road #1238 Phoenix, AZ 3
    • 2 beds 3 baths ∙ 1,490 Sqft ∙ Built 2010 2 beds 3 baths ∙ 1,490 Sqft ∙ Built 2010
    LEASED 11/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $1.38
    •  
  • 3935 E Rough Rider Road #1225 Phoenix, AZ 4
    • 2 beds 2 baths ∙ 1,589 Sqft ∙ Built 2010 2 beds 2 baths ∙ 1,589 Sqft ∙ Built 2010
    LEASED 12/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $1.29
    •  
  • 3940 E Melinda Drive Phoenix, AZ 5
    • 2 beds 3 baths ∙ 1,497 Sqft ∙ Built 2008 2 beds 3 baths ∙ 1,497 Sqft ∙ Built 2008
    LEASED 12/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $1.47
    •  
PROPERTY LISTING DETAILS
Jared Schutz
Homesmart
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6181707
Last Updated: 01/16/2021
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. © 2020 Arizona Regional Multiple Listing Service, Inc. All rights reserved.

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