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624 E Concorda Drive Tempe, AZ 85282

3 Beds 2 Baths 1,623 sqft Built 1957

$424,000

List Price

$1,520

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1957
  • Price/Sqft : $261.24
  • 2 Days on Market
  • MLS # : 6157258
  • Updated Date : 12/05/2020 at 19:25
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,623 sqft
  • Baths : 1 full , 1 half
Listing Agent

Inteam Realty, Llc

Listing Agent's Description

Great home in a great location. Just finished remodeling the kitchen (full) and hall bath (full), master bath (partial). Paint done (in & out), roof in 2017, main sewer line replaced 2020 as well. Kitchen now features new cabinetry & quartz counter tops. Large front courtyard & big covered patio in the back. 2.5 Garage is extra long and has both a shop and large utility/laundry area. Laundry could be enclosed as an additional room. Three good sized bedrooms. New epoxy flooring looks great, but ready for any flooring change the buyer wants. W.Heater is gas. Garage backyard with gated access from alleyway. Lots of room for addition, guest house or pool. Easy access to ASU (less than a mile) and freeway.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Broadmor

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $122k374k

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

Neighborhood: Broadmor

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600170018001900Rent in $10001981

* 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
 

$381,600$466,400$424,000

PURCHASE PRICE

$1,368$1,672$1,520

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,520
EXPENSES Loan Payment -$1,564
Property Tax -$279
Property Insurance -$59
Property Management Fees -$99
CASH FLOW
-$481

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.

$424,000

PROJECTED PRICE

$1,520

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 7.3%
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$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$8.0k-$6.0k-$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$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$118,110

INVESTMENT

$118,110

Down Payment
$106,000
Rehab Estimate
$5,750
Closing Costs
$6,360

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,564

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $106,000
Loan Amount $318,000
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,157

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,520

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $1,716

    COMP ESTIMATED VALUE
  • $1.06

    COMP AVG. RENT PER SQFT
Comps Range
$1,520
1$1,5202$1,5953$1,6954$1,6955$1,800
$1,800
RENT COMPS ANALYSIS
  • 624 E Concorda Drive Tempe, AZ 1
    • 3 beds 2 baths ∙ 1,623 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,623 Sqft ∙ Built 1957
    • Rent
    • Rent Per SQFT
    •  
    • $1,520
    • $0.94
    •  
  • 2527 S Rita Lane Tempe, AZ 2
    • 3 beds 2 baths ∙ 1,540 Sqft ∙ Built 1964 3 beds 2 baths ∙ 1,540 Sqft ∙ Built 1964
    LEASED 07/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.04
    •  
  • 1122 E Campus Drive Tempe, AZ 3
    • 3 beds 2 baths ∙ 1,528 Sqft ∙ Built 1966 3 beds 2 baths ∙ 1,528 Sqft ∙ Built 1966
    LEASED 05/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.11
    •  
  • 1032 E Alameda Drive Tempe, AZ 4
    • 4 beds 3 baths ∙ 1,690 Sqft ∙ Built 1963 4 beds 3 baths ∙ 1,690 Sqft ∙ Built 1963
    LEASED 10/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.00
    •  
  • 1719 E Gaylon Drive Tempe, AZ 5
    • 4 beds 3 baths ∙ 1,664 Sqft ∙ Built 1971 4 beds 3 baths ∙ 1,664 Sqft ∙ Built 1971
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.08
    •  
PROPERTY LISTING DETAILS
Brent H. Porter
Inteam Realty, Llc
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6157258
Last Updated: 12/05/2020
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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