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402 W Cheery Lynn Road Phoenix, AZ 85013

3 Beds 2 Baths 1,758 sqft Built 1953

$432,500

List Price

$1,800

$1.6K - $2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 25, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1953
  • Price/Sqft : $246.02
  • 4 Days on Market
  • MLS # : 6211436
  • Updated Date : 03/27/2021 at 22:23
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,758 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty Biltmore Partners

Listing Agent's Description

**RARE OPPORTUNITY** for investor or primary residence! This Central Phoenix enclave of mid-century homes provides a prime location just north of St. Joseph's healthcare campus and a short walking distance to restaurants, shopping, coffee shops and light rail on Central Ave. Homes in this neighborhood don't come to market often. With over 1700 sq ft and a private pool, although the interior needs updating, here is a great opportunity to make this one like others in the neighborhood in to a spectacular MCM property. Interior features stained concrete floors, family room w/ fireplace, master bed w/ensuite and 2 additional bedrooms. Lots of storage and a beautiful side covered patio & private pool. The original kitchen is easily opened up to create the desirable open concept space.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Park Central

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300kPrice in $83k312k

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

Neighborhood: Park Central

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600Rent in $8621695

* 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
Encanto School Primary Alternative 664 32 3
Osborn Middle School Middle Alternative 565 30 5
Central High School High Regular 2,251 136 3

Encanto School

  • Education Level: Primary
  • # of students: 664
  • # of teachers: 32
3
GreatSchools Rating

Osborn Middle School

  • Education Level: Middle
  • # of students: 565
  • # of teachers: 30
5
GreatSchools Rating

Central High School

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

$389,250$475,750$432,500

PURCHASE PRICE

$1,620$1,980$1,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$1,502
Property Tax -$228
Property Insurance -$61
Property Management Fees -$99
CASH FLOW
-$91

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.

$432,500

PROJECTED PRICE

$1,800

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.32%
Appreciation Year (1-5) 8.4%
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$1.4M

PROJECTED ANNUAL CASH FLOW

11530$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$120,363

INVESTMENT

$120,363

Down Payment
$108,125
Rehab Estimate
$5,750
Closing Costs
$6,488

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,502

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $108,125
Loan Amount $324,375
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$18,955

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,800

    LIST RENT
  • $1.02

    LIST RENT PER SQFT
  • $1,881

    COMP ESTIMATED VALUE
  • $1.07

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,6753$1,8004$1,8905$2,000
$2,000
RENT COMPS ANALYSIS
  • 402 W Cheery Lynn Road Phoenix, AZ 3
    • 3 beds 2 baths ∙ 1,758 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,758 Sqft ∙ Built 1953
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.02
    •  
  • 3600 N 5th Avenue #203 Phoenix, AZ 1
    • 3 beds 2 baths ∙ 1,706 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,706 Sqft ∙ Built 1961
    LEASED 06/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.97
    •  
  • 1717 W Osborn Road Phoenix, AZ 2
    • 3 beds 2 baths ∙ 1,602 Sqft ∙ Built 1945 3 beds 2 baths ∙ 1,602 Sqft ∙ Built 1945
    LEASED 07/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $1.05
    •  
  • 437 W Mulberry Drive Phoenix, AZ 4
    • 3 beds 2 baths ∙ 1,763 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,763 Sqft ∙ Built 1955
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,890
    • $1.07
    •  
  • 3333 N 13th Avenue Phoenix, AZ 5
    • 3 beds 2 baths ∙ 1,684 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,684 Sqft ∙ Built 1955
    LEASED 11/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.19
    •  
PROPERTY LISTING DETAILS
Shane Burleson
Keller Williams Realty Biltmore Partners
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6211436
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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