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661 W Carter Drive Tempe, AZ 85282

3 Beds 2 Baths 1,638 sqft Built 1998

$380,000

List Price

$1,550

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

October 29, 2020 RECENTLY ADDED
FACTS
  • Built In 1998
  • Price/Sqft : $231.99
  • 6 Days on Market
  • MLS # : 6153443
  • Updated Date : 10/29/2020 at 13:23
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,638 sqft
  • Baths : 2 full
Listing Agent

Kenneth James Realty

Listing Agent's Description

Welcome to your new home nestled in the highly desirable Casa Fiesta community of Tempe, AZ. This meticulously maintained single level home boasts nearly 1700 sq ft of living space w/ soaring vaulted ceilings, 3 spacious bedrooms, 2 baths and a spacious 2 car garage w/ additional storage cabinets. The airy updated kitchen features white cabinets, large kitchen island w/ granite countertop, breakfast bar and gorgeous views of the 3 acre park across the street. The living area beams w/ natural light and perfectly frames the well appointed backyard's fresh green grass and mature citrus trees. The bright and airy master bedroom is fit for a King and Queen and features large windows, spacious walk in closet and en suite that features a roomy walk in shower, private lavatory, large countertop

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Casa Fiesta

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $122k396k

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

Neighborhood: Casa Fiesta

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600170018001900Rent in $10001984

* 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
Arredondo Elementary School Primary Regular 350 21 5
Fees College Preparatory Middle School Middle Regular 925 59 4
Tempe High School High Regular 1,550 78 3

Arredondo Elementary School

  • Education Level: Primary
  • # of students: 350
  • # of teachers: 21
5
GreatSchools Rating

Fees College Preparatory Middle School

  • Education Level: Middle
  • # of students: 925
  • # of teachers: 59
4
GreatSchools Rating

Tempe High School

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

$342,000$418,000$380,000

PURCHASE PRICE

$1,395$1,705$1,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,550
EXPENSES Loan Payment -$1,402
Property Tax -$250
Property Insurance -$59
HOA -$21
Property Management Fees -$99
CASH FLOW
-$281

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.

$380,000

PROJECTED PRICE

$1,550

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 7.5%
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-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

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$106,450

INVESTMENT

$106,450

Down Payment
$95,000
Rehab Estimate
$5,750
Closing Costs
$5,700

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,402

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $95,000
Loan Amount $285,000
See What Happens When You Reinvest Cash Flow

2

YEARS SAVED

$5,642

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
  • $1,613

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$1,4503$1,6004$1,7955$1,950
$1,950
RENT COMPS ANALYSIS
  • 661 W Carter Drive Tempe, AZ 1
    • 3 beds 2 baths ∙ 1,638 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,638 Sqft ∙ Built 1998
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 724 E Oxford Drive Tempe, AZ 2
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1979 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1979
    property image
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.97
    •  
  • 940 W Oxford Drive Tempe, AZ 3
    • 3 beds 2 baths ∙ 1,490 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,490 Sqft ∙ Built 1978
    property image
    LEASED 09/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.07
    •  
  • 617 W Riviera Drive Tempe, AZ 4
    • 3 beds 2 baths ∙ 1,976 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,976 Sqft ∙ Built 1978
    property image
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.91
    •  
  • 670 W Fremont Drive Tempe, AZ 5
    • 4 beds 2 baths ∙ 1,976 Sqft ∙ Built 1998 4 beds 2 baths ∙ 1,976 Sqft ∙ Built 1998
    property image
    LEASED 07/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.99
    •  
PROPERTY LISTING DETAILS
Jaime Meraz
Kenneth James Realty
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6153443
Last Updated: 10/29/2020
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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