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815 E Grovers Avenue #62 Phoenix, AZ 85022

2 Beds 3 Baths 1,390 sqft Built 1982

$230,000

List Price

$1,290

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

November 27, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1982
  • Price/Sqft : $165.47
  • 3 Days on Market
  • MLS # : 6165232
  • Updated Date : 11/27/2020 at 10:14
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,390 sqft
  • Baths : 2 full , 1 half
Listing Agent

Offerpad

Listing Agent's Description

VACANT! Welcome home to this 2 bedroom, 2.5 bath Condo! Fresh interior paint. Freshly painted kitchen and bathroom cabinets give it a light and bright feel! New luxury vinyl plank flooring throughout the home. New Stainless-steel appliances - range, microwave and dishwasher. Resurfaced counter-tops in bathrooms and tub/shower resurfacing. Patio in the back to enjoy the Arizona sun!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Villa del Mar Condominiums

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260kPrice in $71k271k

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

Neighborhood: Villa del Mar Condominiums

ZipNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500Rent in $8621597

* 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
 

$207,000$253,000$230,000

PURCHASE PRICE

$1,161$1,419$1,290

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,290
EXPENSES Loan Payment -$849
Property Tax -$145
Property Insurance -$54
HOA -$193
Property Management Fees -$99
CASH FLOW
-$50

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.

$230,000

PROJECTED PRICE

$1,290

PROJECTED RENT

0.56%

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

PROJECTED ANNUAL CASH FLOW

11530-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$66,700

INVESTMENT

$66,700

Down Payment
$57,500
Rehab Estimate
$5,750
Closing Costs
$3,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$849

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $57,500
Loan Amount $172,500
See What Happens When You Reinvest Cash Flow

4

YEARS SAVED

$9,860

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,290

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,422

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,2253$1,2904$1,350
$1,350
RENT COMPS ANALYSIS
  • 815 E Grovers Avenue #62 Phoenix, AZ 3
    • 2 beds 3 baths ∙ 1,390 Sqft ∙ Built 1982 2 beds 3 baths ∙ 1,390 Sqft ∙ Built 1982
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,290
    • $0.93
    •  
  • 17017 N 12th Street #1099 Phoenix, AZ 1
    • 2 beds 2 baths ∙ 1,167 Sqft ∙ Built 1996 2 beds 2 baths ∙ 1,167 Sqft ∙ Built 1996
    property image
    LEASED 06/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $1.03
    •  
  • 1028 E Charleston Avenue Phoenix, AZ 2
    • 2 beds 2 baths ∙ 1,214 Sqft ∙ Built 1983 2 beds 2 baths ∙ 1,214 Sqft ∙ Built 1983
    property image
    LEASED 02/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,225
    • $1.01
    •  
  • 17017 N 12 Street #1091 Phoenix, AZ 4
    • 2 beds 2 baths ∙ 1,317 Sqft ∙ Built 1996 2 beds 2 baths ∙ 1,317 Sqft ∙ Built 1996
    property image
    LEASED 04/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.03
    •  
PROPERTY LISTING DETAILS
Derek Dickson
Offerpad
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6165232
Last Updated: 11/27/2020
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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