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602 E Encanto Drive Tempe, AZ 85281

3 Beds 2 Baths 1,919 sqft Built 1955

$620,000

List Price

$1,880

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

February 10, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1955
  • Price/Sqft : $323.08
  • 5 Days on Market
  • MLS # : 6191821
  • Updated Date : 02/10/2021 at 21:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,919 sqft
  • Baths : 2 full
Listing Agent

Russ Lyon Sotheby's International Realty

Listing Agent's Description

This exquisite Mid-Century Modern gem of a home has been lovingly renovated and meticulously updated, resulting in the perfect combination of vintage charm and modern convenience walking distance to Arizona State University! New EVERYTHING...NEW front & rear landscape, NEW windows & doors, NEW interior utilities, NEW kitchen, and the list goes on! The heart of the home is an open-concept living/dining kitchen ideal for entertaining! This stylish abode features 3 bedrooms, 2 bathrooms in the main home + 300sf garage + 170sf detached shed/office which is adjacent to the private oasis backyard! Top Quality and perfection this Tempe beauty is ready to ENJOY!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Downtown Tempe - Rio Salado

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $109k290k

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

Neighborhood: Downtown Tempe - Rio Salado

NeighborhoodNIR Market*CityMarket2010Year20002019 Q280090010001100120013001400150016001700Rent in $7671703

* 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
Broadmor Elementary School Primary Regular 673 35 8
Connolly Middle School Middle Regular 1,058 57 6
Tempe High School High Regular 1,550 78 3

Broadmor Elementary School

  • Education Level: Primary
  • # of students: 673
  • # of teachers: 35
8
GreatSchools Rating

Connolly Middle School

  • Education Level: Middle
  • # of students: 1,058
  • # of teachers: 57
6
GreatSchools Rating

Tempe High School

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

$558,000$682,000$620,000

PURCHASE PRICE

$1,692$2,068$1,880

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,880
EXPENSES Loan Payment -$2,153
Property Tax -$408
Property Insurance -$65
Property Management Fees -$99
CASH FLOW
-$845

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.

$620,000

PROJECTED PRICE

$1,880

PROJECTED RENT

0.30%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.35%
Appreciation Year (1-5) 2.6%
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-$15k-$10k-$5.0k$0.0$5.0k

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$170,050

INVESTMENT

$170,050

Down Payment
$155,000
Rehab Estimate
$5,750
Closing Costs
$9,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,153

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $155,000
Loan Amount $465,000
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$121

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
  • $2,092

    COMP ESTIMATED VALUE
  • $1.09

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$1,7953$1,9504$2,3955$2,495
$2,495
RENT COMPS ANALYSIS
  • 602 E Encanto Drive Tempe, AZ 1
    • 3 beds 2 baths ∙ 1,919 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,919 Sqft ∙ Built 1955
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 1416 S College Avenue Tempe, AZ 2
    • 4 beds 2 baths ∙ 1,889 Sqft ∙ Built 1950 4 beds 2 baths ∙ 1,889 Sqft ∙ Built 1950
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.95
    •  
  • 610 E Alameda Drive Tempe, AZ 3
    • 3 beds 2 baths ∙ 1,980 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,980 Sqft ∙ Built 1963
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.98
    •  
  • 1128 E Broadmor Drive Tempe, AZ 4
    • 4 beds 2 baths ∙ 2,085 Sqft ∙ Built 1966 4 beds 2 baths ∙ 2,085 Sqft ∙ Built 1966
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $1.15
    •  
  • 1421 S Oakley Place Tempe, AZ 5
    • 3 beds 2 baths ∙ 1,956 Sqft ∙ Built 1952 3 beds 2 baths ∙ 1,956 Sqft ∙ Built 1952
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $1.28
    •  
PROPERTY LISTING DETAILS
Michel Edery
Russ Lyon Sotheby's International Realty
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6191821
Last Updated: 02/10/2021
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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