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738 E Irma Lane Phoenix, AZ 85024

3 Beds 2 Baths 2,319 sqft Built 1999

$431,900

List Price

$2,140

$1.9K - $2.4K

Rent Est.

PROPERTY INFO

January 29, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $186.24
  • 3 Days on Market
  • MLS # : 6186672
  • Updated Date : 01/30/2021 at 20:16
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,319 sqft
  • Baths : 2 full
Listing Agent

West Usa Realty

Listing Agent's Description

Welcome to North Phoenix! Beautiful single level home located in a quaint neighborhood, tucked next to a mountain preserve. 2 NEW ACs/WATER HEATER/POOL PUMP. Unique courtyard entrance & flexible floor plan. 3 beds/2 baths/2 bonus rooms. French doors lead to separate wing with a bonus room, 2 guest bedrooms & full bath; perfect for teenagers, in-law suite, game room, home school headquarters. Down the hall is the owner's suite, laundry & 2nd bonus room (currently an office) could easily become a 4th bedroom. Open kitchen concept & high ceilings create a spacious environment to entertain guests. Generous backyard w/ pavers/grass/pool, w/ no neighbors behind you! Just 1 block away from community park; shaded playground, sport courts, grassy areas. Near 101/I-17/51, Desert Ridge, Norterra.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Arroyo Rojo

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340kPrice in $91k358k

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

Neighborhood: Arroyo Rojo

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600170018001900Rent in $9341981

* 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
Deer Valley Middle School Middle Regular 616 31 5
Barry Goldwater High School High Regular 1,856 88 4

Deer Valley Middle School

  • Education Level: Middle
  • # of students: 616
  • # of teachers: 31
5
GreatSchools Rating

Barry Goldwater High School

  • Education Level: High
  • # of students: 1,856
  • # of teachers: 88
4
GreatSchools Rating
 

$388,710$475,090$431,900

PURCHASE PRICE

$1,926$2,354$2,140

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,140
EXPENSES Loan Payment -$1,500
Property Tax -$259
Property Insurance -$72
HOA -$41
Property Management Fees -$99
CASH FLOW
$168

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.

$431,900

PROJECTED PRICE

$2,140

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 6.3%
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$1.4M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

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$120,204

INVESTMENT

$120,204

Down Payment
$107,975
Rehab Estimate
$5,750
Closing Costs
$6,479

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,500

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $107,975
Loan Amount $323,925
See What Happens When You Reinvest Cash Flow

7.42

YEARS SAVED

$39,591

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,140

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $2,354

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$2,050
1$2,0502$2,1403$2,1954$2,2955$2,600
$2,600
RENT COMPS ANALYSIS
  • 738 E Irma Lane Phoenix, AZ 2
    • 3 beds 2 baths ∙ 2,319 Sqft ∙ Built 1999 3 beds 2 baths ∙ 2,319 Sqft ∙ Built 1999
    • Rent
    • Rent Per SQFT
    •  
    • $2,140
    • $0.92
    •  
  • 1127 E Mohawk Drive Phoenix, AZ 1
    • 4 beds 2 baths ∙ 2,129 Sqft ∙ Built 1999 4 beds 2 baths ∙ 2,129 Sqft ∙ Built 1999
    LEASED 04/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $0.96
    •  
  • 918 E Topeka Drive Phoenix, AZ 3
    • 4 beds 2 baths ∙ 2,152 Sqft ∙ Built 1985 4 beds 2 baths ∙ 2,152 Sqft ∙ Built 1985
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $1.02
    •  
  • 20826 N 7th Place Phoenix, AZ 4
    • 3 beds 3 baths ∙ 2,178 Sqft ∙ Built 1998 3 beds 3 baths ∙ 2,178 Sqft ∙ Built 1998
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $1.05
    •  
  • 21020 N 16th Way Phoenix, AZ 5
    • 4 beds 3 baths ∙ 2,516 Sqft ∙ Built 1996 4 beds 3 baths ∙ 2,516 Sqft ∙ Built 1996
    LEASED 09/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,600
    • $1.03
    •  
PROPERTY LISTING DETAILS
Jessica Yarger
West Usa Realty
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6186672
Last Updated: 01/30/2021
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.

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