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4644 N 22nd Street #2026 Phoenix, AZ 85016

2 Beds 2 Baths 1,591 sqft Built 1997

$305,000

List Price

$2,000

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

November 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1997
  • Price/Sqft : $191.70
  • 5 Days on Market
  • MLS # : 6159175
  • Updated Date : 11/13/2020 at 12:12
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,591 sqft
  • Baths : 2 full
Listing Agent

American Equity Realty

Listing Agent's Description

Fantastic location in the Biltmore area near shopping, dining, and entertainment. La Terraza at Biltmore is a gated community with a heated pool, spa, fitness center, and clubhouse. The B3 floor plan has 2 bedrooms, 2 bathrooms, a large loft and 2 attached oversized garages. This unit also has a wood burning fireplace in the living room, tile floors, granite counters, stainless steel appliances and a fantastic view of the pool! The refrigerator, washer, and dryer all convey. The unit is currently occupied by a tenant on a month-to-month lease which can be ended with 30 days notice.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: La Terraza at Biltmore Condominiums

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340kPrice in $91k358k

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

Neighborhood: La Terraza at Biltmore Condominiums

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
Madison Camelview Elementary School Primary Regular 689 33 4
Madison Park Middle School Middle Regular 423 22 4
Camelback High School High Regular 2,048 110 4

Madison Camelview Elementary School

  • Education Level: Primary
  • # of students: 689
  • # of teachers: 33
4
GreatSchools Rating

Madison Park Middle School

  • Education Level: Middle
  • # of students: 423
  • # of teachers: 22
4
GreatSchools Rating

Camelback High School

  • Education Level: High
  • # of students: 2,048
  • # of teachers: 110
4
GreatSchools Rating
 

$274,500$335,500$305,000

PURCHASE PRICE

$1,800$2,200$2,000

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,000
EXPENSES Loan Payment -$1,125
Property Tax -$219
Property Insurance -$58
HOA -$313
Property Management Fees -$99
CASH FLOW
$185

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.

$305,000

PROJECTED PRICE

$2,000

PROJECTED RENT

0.66%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 6.7%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

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$86,575

INVESTMENT

$86,575

Down Payment
$76,250
Rehab Estimate
$5,750
Closing Costs
$4,575

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,125

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $76,250
Loan Amount $228,750
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$34,640

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,000

    LIST RENT
  • $1.26

    LIST RENT PER SQFT
  • $2,005

    COMP ESTIMATED VALUE
  • $1.26

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$1,8493$2,0004$2,1505$2,245
$2,245
RENT COMPS ANALYSIS
  • 4644 N 22nd Street #2026 Phoenix, AZ 3
    • 2 beds 2 baths ∙ 1,591 Sqft ∙ Built 1997 2 beds 2 baths ∙ 1,591 Sqft ∙ Built 1997
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.26
    •  
  • 2019 E Campbell Avenue #109 Phoenix, AZ 1
    • 2 beds 3 baths ∙ 1,535 Sqft ∙ Built 2000 2 beds 3 baths ∙ 1,535 Sqft ∙ Built 2000
    property image
    LEASED 03/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.17
    •  
  • 2019 E Campbell Avenue #104 Phoenix, AZ 2
    • 2 beds 3 baths ∙ 1,535 Sqft ∙ Built 2001 2 beds 3 baths ∙ 1,535 Sqft ∙ Built 2001
    property image
    LEASED 10/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,849
    • $1.20
    •  
  • 4361 N 24th Way Phoenix, AZ 4
    • 2 beds 3 baths ∙ 1,775 Sqft ∙ Built 2006 2 beds 3 baths ∙ 1,775 Sqft ∙ Built 2006
    property image
    LEASED 08/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.21
    •  
  • 4301 N 21st Street #29 Phoenix, AZ 5
    • 2 beds 3 baths ∙ 1,540 Sqft ∙ Built 2000 2 beds 3 baths ∙ 1,540 Sqft ∙ Built 2000
    property image
    LEASED 10/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,245
    • $1.46
    •  
PROPERTY LISTING DETAILS
Steve Mcclung
American Equity Realty
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6159175
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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