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7348 W Morrow Drive Glendale, AZ 85308

3 Beds 2 Baths 1,911 sqft Built 1990

$450,000

List Price

$1,800

$1.6K - $2K

Rent Est.

PROPERTY INFO

November 04, 2020 RECENTLY ADDED
FACTS
  • Built In 1990
  • Price/Sqft : $235.48
  • 5 Days on Market
  • MLS # : 6156168
  • Updated Date : 11/04/2020 at 17:49
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,911 sqft
  • Baths : 2 full
Listing Agent

Homesmart

Listing Agent's Description

Beautifully Remodeled Home with Golf course views. Open floor plan with travertine/wood flooring throughout and new carpet, updated kitchen cabinets with neutral paint. Fully Remodeled bathrooms/showers...Furniture is available in separate bill of sale

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Arrowhead Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $104k387k

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

Neighborhood: Arrowhead Ranch

ZipNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600170018001900Rent in $9521981

* 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
Arrowhead Elementary School Primary Regular 584 32 8
Arrowhead Elementary School Middle Regular 584 32 8
Mountain Ridge High School High Regular 2,206 94 7

Arrowhead Elementary School

  • Education Level: Primary
  • # of students: 584
  • # of teachers: 32
8
GreatSchools Rating

Arrowhead Elementary School

  • Education Level: Middle
  • # of students: 584
  • # of teachers: 32
8
GreatSchools Rating

Mountain Ridge High School

  • Education Level: High
  • # of students: 2,206
  • # of teachers: 94
7
GreatSchools Rating
 

$405,000$495,000$450,000

PURCHASE PRICE

$1,620$1,980$1,800

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,800
EXPENSES Loan Payment -$1,660
Property Tax -$320
Property Insurance -$63
HOA -$5
Property Management Fees -$99
CASH FLOW
-$347

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.

$450,000

PROJECTED PRICE

$1,800

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 4.8%
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-$5.0k$0.0$5.0k$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$125,000

INVESTMENT

$125,000

Down Payment
$112,500
Rehab Estimate
$5,750
Closing Costs
$6,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,660

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $112,500
Loan Amount $337,500
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$5,915

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,800

    LIST RENT
  • $0.99

    LIST RENT PER SQFT
  • $1,818

    COMP ESTIMATED VALUE
  • $1

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6503$1,8004$1,8955$1,900
$1,900
RENT COMPS ANALYSIS
  • 7348 W Morrow Drive Glendale, AZ 3
    • 3 beds 2 baths ∙ 1,818 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,818 Sqft ∙ Built 1990
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.99
    •  
  • 7203 W Kimberly Way Glendale, AZ 1
    • 4 beds 3 baths ∙ 1,626 Sqft ∙ Built 1986 4 beds 3 baths ∙ 1,626 Sqft ∙ Built 1986
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.98
    •  
  • 7518 W Wescott Drive Glendale, AZ 2
    • 3 beds 2 baths ∙ 1,670 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,670 Sqft ∙ Built 1990
    LEASED 06/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.99
    •  
  • 7378 W Taro Lane Glendale, AZ 4
    • 3 beds 2 baths ∙ 1,818 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,818 Sqft ∙ Built 1990
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $1.04
    •  
  • 7139 W Mcrae Way Glendale, AZ 5
    • 3 beds 2 baths ∙ 1,911 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,911 Sqft ∙ Built 1985
    LEASED 11/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.99
    •  
PROPERTY LISTING DETAILS
Roman Kushmakov
Homesmart
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6156168
Last Updated: 11/04/2020
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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