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506 W Fellars Drive Phoenix, AZ 85023

3 Beds 2 Baths 1,771 sqft Built 1991

$355,000

List Price

$1,670

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

November 03, 2020 RECENTLY ADDED
FACTS
  • Built In 1991
  • Price/Sqft : $200.45
  • 6 Days on Market
  • MLS # : 6155444
  • Updated Date : 11/07/2020 at 14:55
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,771 sqft
  • Baths : 2 full
Listing Agent

Delex Realty

Listing Agent's Description

Fabulous home! Nestled on a quiet lot in the beautiful Turtle Creek this property is a winner. Newer fixtures, newer flooring in guest bedroom, spaicous, bright and open. Perfect North/South exposure. The home features tile and laminate floors, vaulted ceilings, stone fireplace in living room, oversized master suite with walk in closet and separate tub and shower. Kitchen opened to a spacious family room. Very private back yard with huge covered patio. Close to shopping, major freeways, schools, resorts, dining, hiking, etc. Excellent North Phoenix Location. Don't miss out!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Turtle Creek

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340kPrice in $91k358k

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

Neighborhood: Turtle Creek

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8821981

* 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
Lookout Mountain Elementary School Primary Regular 1,022 50 9
Lookout Mountain Elementary School Middle Regular 1,022 50 9
Thunderbird High School High Regular 1,507 63 6

Lookout Mountain Elementary School

  • Education Level: Primary
  • # of students: 1,022
  • # of teachers: 50
9
GreatSchools Rating

Lookout Mountain Elementary School

  • Education Level: Middle
  • # of students: 1,022
  • # of teachers: 50
9
GreatSchools Rating

Thunderbird High School

  • Education Level: High
  • # of students: 1,507
  • # of teachers: 63
6
GreatSchools Rating
 

$319,500$390,500$355,000

PURCHASE PRICE

$1,503$1,837$1,670

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,670
EXPENSES Loan Payment -$1,310
Property Tax -$212
Property Insurance -$62
HOA -$19
Property Management Fees -$99
CASH FLOW
-$32

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.

$355,000

PROJECTED PRICE

$1,670

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 5.9%
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$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$99,825

INVESTMENT

$99,825

Down Payment
$88,750
Rehab Estimate
$5,750
Closing Costs
$5,325

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,310

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $88,750
Loan Amount $266,250
See What Happens When You Reinvest Cash Flow

5.08

YEARS SAVED

$21,746

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,670

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $1,913

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$1,670
1$1,6702$1,6953$1,9004$1,9005$1,950
$1,950
RENT COMPS ANALYSIS
  • 506 W Fellars Drive Phoenix, AZ 1
    • 3 beds 2 baths ∙ 1,771 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,771 Sqft ∙ Built 1991
    • Rent
    • Rent Per SQFT
    •  
    • $1,670
    • $0.94
    •  
  • 16036 N 11th Avenue #1075 Phoenix, AZ 2
    • 3 beds 3 baths ∙ 1,678 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,678 Sqft ∙ Built 2003
    LEASED 06/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.01
    •  
  • 131 W Fellars Drive Phoenix, AZ 3
    • 3 beds 2 baths ∙ 1,720 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,720 Sqft ∙ Built 1995
    LEASED 10/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.10
    •  
  • 16408 N 1st Drive Phoenix, AZ 4
    • 3 beds 2 baths ∙ 1,659 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,659 Sqft ∙ Built 1995
    LEASED 10/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.15
    •  
  • 1108 W Marconi Avenue Phoenix, AZ 5
    • 4 beds 2 baths ∙ 1,838 Sqft ∙ Built 1991 4 beds 2 baths ∙ 1,838 Sqft ∙ Built 1991
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.06
    •  
PROPERTY LISTING DETAILS
Slava Kostadinova
Delex Realty
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6155444
Last Updated: 11/07/2020
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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