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6234 N 40th Drive Phoenix, AZ 85019

3 Beds 2 Baths 1,290 sqft Built 1960

INVESTimate

$235,000

List Price

$990

$891 - $1,089

Rent Est.

$257,983  ( +9.78%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1960
  • Price/Sqft : $182.17
  • 6 Days on Market
  • MLS # : 6120625
  • Updated Date : 08/24/2020 at 14:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,290 sqft
  • Baths : 2 full
Listing Agent

Tempus West Valley Realty

Listing Agent's Description

QUAINT 3 BEDROOM, 1.75 BATH, 1 CAR GARAGE RED BRICK HOME IN THE WEST PLAZA SUBDIVISION. FROM THE SECOND YOU WALK IN, YOU WILL NOTICE THE BRIGHT NATURAL LIGHT FROM THE LARGE LIVING AND DINING ROOM WINDOWS. LIVING ROOM HAS AN ADORABLE WINDOW SEAT! JUST SHY OF 1300 SQ.FT. THIS HOME HAS UPDATED FLOORING THROUGHOUT, LAMINATE IN MAIN LIVING AREAS & BEDROOMS, BATHROOMS & KITCHEN ARE TILE. STAINLESS APPLIANCES. SOFT CLOSE KITCHEN CABINETS. BOTH BATHROOMS HAVE UPDATED VANITIES & MEDICINE CABINETS. ENTIRE HOUSE HAS FRESH PAINT. LAUNDRY IS IN THE GARAGE. GARAGE HAS BUILT-IN SHELVING. BACK YARD HAS A COVERED PATIO THE LENGTH OF THE HOME. LOOKING FOR A GREAT INVESTMENT PROPERTY?? THERE IS ALREADY A TENANT IN PLACE! COME TAKE A LOOK!

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PRICE & RENT TRENDS

Neighborhood: Alhambra

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $83k271k

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

Neighborhood: Alhambra

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500Rent in $7781567

* 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
Catalina Ventura School Primary Regular 1,078 48 3
Catalina Ventura School Middle Regular 1,078 48 3
Alhambra High School High Regular 2,770 139 3

Catalina Ventura School

  • Education Level: Primary
  • # of students: 1,078
  • # of teachers: 48
3
GreatSchools Rating

Catalina Ventura School

  • Education Level: Middle
  • # of students: 1,078
  • # of teachers: 48
3
GreatSchools Rating

Alhambra High School

  • Education Level: High
  • # of students: 2,770
  • # of teachers: 139
3
GreatSchools Rating
 

$211,500$258,500$235,000

PURCHASE PRICE

$891$1,089$990

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $990
EXPENSES Loan Payment -$867
Property Tax -$129
Property Insurance -$52
Property Management Fees -$99
CASH FLOW
-$157

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.

$235,000

PROJECTED PRICE

$990

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.32%
Appreciation Year (1-5) 9.78%
Maintenance Year (1-5) 8.00%
Vacancy 6.56%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$68,025

INVESTMENT

$68,025

Down Payment
$58,750
Rehab Estimate
$5,750
Closing Costs
$3,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$867

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $58,750
Loan Amount $176,250
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$5,276

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $990

    LIST RENT
  • $0.77

    LIST RENT PER SQFT
  • $1,006

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$990
1$9902$1,1003$1,1954$1,210
$1,210
RENT COMPS ANALYSIS
  • 6234 N 40th Drive Phoenix, 1
    • 3 beds 2 baths ∙ 1,290 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,290 Sqft ∙ Built 1960
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $990
    • $0.77
    •  
  • 6692 N 43rd Avenue Glendale, 2
    • 3 beds 2 baths ∙ 1,408 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,408 Sqft ∙ Built 1963
    property image
    LEASED 10/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.78
    •  
  • 6535 N 44th Avenue Glendale, 3
    • 4 beds 2 baths ∙ 1,576 Sqft ∙ Built 1963 4 beds 2 baths ∙ 1,576 Sqft ∙ Built 1963
    property image
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $0.76
    •  
  • 4251 W Keim Drive Phoenix, 4
    • 3 beds 2 baths ∙ 1,522 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,522 Sqft ∙ Built 1957
    property image
    LEASED 12/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,210
    • $0.80
    •  
PROPERTY LISTING DETAILS
Sarah Stephens
Tempus West Valley Realty
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6120625
Last Updated: 08/24/2020
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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