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4304 S Fair Lane Tempe, AZ 85282

3 Beds 2 Baths 1,597 sqft Built 1978

$379,000

List Price

$1,480

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1978
  • Price/Sqft : $237.32
  • 3 Days on Market
  • MLS # : 6159493
  • Updated Date : 11/13/2020 at 12:12
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,597 sqft
  • Baths : 2 full
Listing Agent

My Home Group Real Estate

Listing Agent's Description

Amazing property on large lot directly across from park. Quality upgrades throughout. High end kitchen with stainless steel appliances, granite counters, and soft close floor to ceiling cabinets. Oversized laundry room can double as pantry. Amazing wood look tile floors with new padding and carpets in bedrooms. Beautiful windows and doors 2014. Large covered patio with wet bar. RARE detached oversized 740 sq/ft 2 car garage/workshop with direct access from RV Gate with long storage closet. Separate detached storage shed. Large grass yard with fully gated pool. This property has it all on a large cul de sac like lot.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Tempe South Mountain

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $86k290k

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

Neighborhood: Tempe South Mountain

NeighborhoodNIR Market*CityMarket2010Year20002019 Q280090010001100120013001400150016001700Rent in $7611703

* 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
Frank Elementary School Primary Regular 565 35 1
Gililland Middle School Middle Regular 901 59 3
Tempe High School High Regular 1,550 78 3

Frank Elementary School

  • Education Level: Primary
  • # of students: 565
  • # of teachers: 35
1
GreatSchools Rating

Gililland Middle School

  • Education Level: Middle
  • # of students: 901
  • # of teachers: 59
3
GreatSchools Rating

Tempe High School

  • Education Level: High
  • # of students: 1,550
  • # of teachers: 78
3
GreatSchools Rating
 

$341,100$416,900$379,000

PURCHASE PRICE

$1,332$1,628$1,480

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,480
EXPENSES Loan Payment -$1,398
Property Tax -$250
Property Insurance -$58
Property Management Fees -$99
CASH FLOW
-$325

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.

$379,000

PROJECTED PRICE

$1,480

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.35%
Appreciation Year (1-5) 11.0%
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$200k$400k$600k$800k$1.0M$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

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$106,185

INVESTMENT

$106,185

Down Payment
$94,750
Rehab Estimate
$5,750
Closing Costs
$5,685

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,398

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $94,750
Loan Amount $284,250
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$4,600

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,480

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,641

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,375
1$1,3752$1,4503$1,4804$1,4955$1,695
$1,695
RENT COMPS ANALYSIS
  • 4304 S Fair Lane Tempe, AZ 3
    • 3 beds 2 baths ∙ 1,597 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,597 Sqft ∙ Built 1978
    • Rent
    • Rent Per SQFT
    •  
    • $1,480
    • $0.93
    •  
  • 5645 S 42nd Street Phoenix, AZ 1
    • 3 beds 2 baths ∙ 1,405 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,405 Sqft ∙ Built 1993
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.98
    •  
  • 4434 E Hidalgo Avenue Phoenix, AZ 2
    • 4 beds 3 baths ∙ 1,452 Sqft ∙ Built 1975 4 beds 3 baths ∙ 1,452 Sqft ∙ Built 1975
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.00
    •  
  • 4507 E Wayland Road Phoenix, AZ 4
    • 3 beds 2 baths ∙ 1,512 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,512 Sqft ∙ Built 1978
    LEASED 09/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.99
    •  
  • 2126 W Hermosa Drive Tempe, AZ 5
    • 3 beds 2 baths ∙ 1,490 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,490 Sqft ∙ Built 1978
    LEASED 07/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.14
    •  
PROPERTY LISTING DETAILS
Matthew Hopkins
My Home Group Real Estate
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6159493
Last Updated: 11/13/2020
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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