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751 E Michigan Avenue Phoenix, AZ 85022

2 Beds 2 Baths 1,419 sqft Built 2000

$299,900

List Price

$1,260

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 26, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $211.35
  • 3 Days on Market
  • MLS # : 6198528
  • Updated Date : 02/26/2021 at 23:53
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,419 sqft
  • Baths : 2 full
Listing Agent

Re/max Excalibur

Listing Agent's Description

Charming 2 bedroom, 2 bathroom + bonus room in fabulous North Phoenix location! Open and bright oversized corner lot that is move in ready. Open concept family room and kitchen concept that features a split floorplan, large master bedroom with walk in closet. Tile and carpet in all the right places, tons of cabinet space, big lot, and great location makes this highly desirable home a true gem and won't last long! See private remarks for further showing instructions.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Arizona Carousel

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $83k271k

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

Neighborhood: Arizona Carousel

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900950100010501100115012001250130013501400145015001550Rent in $8621567

* 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
Echo Mountain Primary School Primary Regular 609 37 4
Vista Verde Middle School Middle Regular 637 31 4
North Canyon High School High Regular 1,957 86 4

Echo Mountain Primary School

  • Education Level: Primary
  • # of students: 609
  • # of teachers: 37
4
GreatSchools Rating

Vista Verde Middle School

  • Education Level: Middle
  • # of students: 637
  • # of teachers: 31
4
GreatSchools Rating

North Canyon High School

  • Education Level: High
  • # of students: 1,957
  • # of teachers: 86
4
GreatSchools Rating
 

$269,910$329,890$299,900

PURCHASE PRICE

$1,134$1,386$1,260

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,260
EXPENSES Loan Payment -$1,042
Property Tax -$189
Property Insurance -$55
HOA -$85
Property Management Fees -$99
CASH FLOW
-$209

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.

$299,900

PROJECTED PRICE

$1,260

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.32%
Appreciation Year (1-5) 6.5%
Maintenance Year (1-5) 8.00%
Vacancy 6.56%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

11530-$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$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,224

INVESTMENT

$85,224

Down Payment
$74,975
Rehab Estimate
$5,750
Closing Costs
$4,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,975
Loan Amount $224,925
See What Happens When You Reinvest Cash Flow

1.92

YEARS SAVED

$3,625

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,260

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,367

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,225
1$1,2252$1,2503$1,2604$1,400
$1,400
RENT COMPS ANALYSIS
  • 751 E Michigan Avenue Phoenix, AZ 3
    • 2 beds 2 baths ∙ 1,419 Sqft ∙ Built 2000 2 beds 2 baths ∙ 1,419 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $1,260
    • $0.89
    •  
  • 1028 E Charleston Avenue Phoenix, AZ 1
    • 2 beds 2 baths ∙ 1,214 Sqft ∙ Built 1983 2 beds 2 baths ∙ 1,214 Sqft ∙ Built 1983
    LEASED 02/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,225
    • $1.01
    •  
  • 124 E Hartford Avenue Phoenix, AZ 2
    • 2 beds 2 baths ∙ 1,256 Sqft ∙ Built 1983 2 beds 2 baths ∙ 1,256 Sqft ∙ Built 1983
    LEASED 10/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $1.00
    •  
  • 1446 E Grovers Avenue #17 Phoenix, AZ 4
    • 2 beds 3 baths ∙ 1,600 Sqft ∙ Built 1987 2 beds 3 baths ∙ 1,600 Sqft ∙ Built 1987
    LEASED 08/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.88
    •  
PROPERTY LISTING DETAILS
Monique Walker
Re/max Excalibur
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6198528
Last Updated: 02/26/2021
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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