Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

702 W Wilshire Drive Phoenix, AZ 85007

4 Beds 3 Baths 1,792 sqft Built 1946

$535,000

List Price

$2,050

$1.8K - $2.3K

Rent Est.

PROPERTY INFO

January 29, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1946
  • Price/Sqft : $298.55
  • 3 Days on Market
  • MLS # : 6186357
  • Updated Date : 01/29/2021 at 22:28
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,792 sqft
  • Baths : 3 full
Listing Agent

Realty One Group

Listing Agent's Description

Charming red brick home w/ no HOA, resides in the historic Encanto district. It has all the right upgrades as well as potential income. Fresh paint, brand new flooring throughout, updated kitchen/bathrooms & more! Oversized primary bedroom. Detached 2 car garage. Private entry to the guest house. Centrally located with an abundance of local dining and shopping nearby. Within steps of Encanto Park/Golf Course. Just a short drive to Park Central, Phoenix Country Club, Downtown Phoenix, many art museums, and more! Quick access to the I-10 and I-17 for commuting.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Encanto Vista

NeighborhoodNIR Market*CityMarket2010Year20002019100k150k200k250k300k350k400k450kPrice in $91k460k

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

Neighborhood: Encanto Vista

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100011001200130014001500160017001800190020002100Rent in $9342104

* 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
Encanto School Primary Alternative 664 32 3
Osborn Middle School Middle Alternative 565 30 5
Central High School High Regular 2,251 136 3

Encanto School

  • Education Level: Primary
  • # of students: 664
  • # of teachers: 32
3
GreatSchools Rating

Osborn Middle School

  • Education Level: Middle
  • # of students: 565
  • # of teachers: 30
5
GreatSchools Rating

Central High School

  • Education Level: High
  • # of students: 2,251
  • # of teachers: 136
3
GreatSchools Rating
 

$481,500$588,500$535,000

PURCHASE PRICE

$1,845$2,255$2,050

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,050
EXPENSES Loan Payment -$1,858
Property Tax -$282
Property Insurance -$62
Property Management Fees -$99
CASH FLOW
-$251

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.

$535,000

PROJECTED PRICE

$2,050

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 5.5%
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$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$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$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$147,525

INVESTMENT

$147,525

Down Payment
$133,750
Rehab Estimate
$5,750
Closing Costs
$8,025

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,858

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $133,750
Loan Amount $401,250
See What Happens When You Reinvest Cash Flow

3.17

YEARS SAVED

$13,358

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
  • $1,994

    COMP ESTIMATED VALUE
  • $1.11

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$1,8753$1,8904$2,0005$2,100
$2,100
RENT COMPS ANALYSIS
  • 702 W Wilshire Drive Phoenix, AZ 1
    • 4 beds 3 baths ∙ 1,792 Sqft ∙ Built 1946 4 beds 3 baths ∙ 1,792 Sqft ∙ Built 1946
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 1601 N 13th Avenue Phoenix, AZ 2
    • 3 beds 2 baths ∙ 1,821 Sqft ∙ Built 1951 3 beds 2 baths ∙ 1,821 Sqft ∙ Built 1951
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $1.03
    •  
  • 437 W Mulberry Drive Phoenix, AZ 3
    • 3 beds 2 baths ∙ 1,763 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,763 Sqft ∙ Built 1955
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,890
    • $1.07
    •  
  • 2914 N 17th Avenue Phoenix, AZ 4
    • 3 beds 2 baths ∙ 1,842 Sqft ∙ Built 1947 3 beds 2 baths ∙ 1,842 Sqft ∙ Built 1947
    LEASED 03/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.09
    •  
  • 1609 W Vernon Avenue Phoenix, AZ 5
    • 3 beds 2 baths ∙ 1,672 Sqft ∙ Built 1940 3 beds 2 baths ∙ 1,672 Sqft ∙ Built 1940
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.26
    •  
PROPERTY LISTING DETAILS
Kathryn R Arter
Realty One Group
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6186357
Last Updated: 01/29/2021
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.

BESbswy