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907 E Berridge Lane Phoenix, AZ 85014

3 Beds 2 Baths 1,587 sqft Built 1954

$399,000

List Price

$1,710

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

November 02, 2020 RECENTLY ADDED
FACTS
  • Built In 1954
  • Price/Sqft : $251.42
  • 2 Days on Market
  • MLS # : 6155004
  • Updated Date : 11/02/2020 at 00:39
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,587 sqft
  • Baths : 2 full
Listing Agent

Homesmart

Listing Agent's Description

Desirable Central corridor/Madison school district brick single level home close to down town . 1587 sq.ft built in 1954 which soon becomes historic. Open bright living room , 3 bedrooms 2 bath & formal dining. Almost new island kitchen with granite countertops & stainless steel appliances. . No HOA, No carpet , laminate floors, ceiling fans. Nice back yard with grass & extra wide carport with a garage door & automatic opener which one can enter from an alley. Seller is willing to give paint & some flooring allowance. Easy to show.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Bethany Estates

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340kPrice in $91k347k

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

Neighborhood: Bethany Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600Rent in $9341695

* 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
Madison 1 Middle School Primary Regular 923 50 7
Madison 1 Middle School Middle Regular 923 50 7
North High School High Regular 2,616 128 5

Madison 1 Middle School

  • Education Level: Primary
  • # of students: 923
  • # of teachers: 50
7
GreatSchools Rating

Madison 1 Middle School

  • Education Level: Middle
  • # of students: 923
  • # of teachers: 50
7
GreatSchools Rating

North High School

  • Education Level: High
  • # of students: 2,616
  • # of teachers: 128
5
GreatSchools Rating
 

$359,100$438,900$399,000

PURCHASE PRICE

$1,539$1,881$1,710

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,710
EXPENSES Loan Payment -$1,472
Property Tax -$287
Property Insurance -$58
Property Management Fees -$99
CASH FLOW
-$206

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$399,000

PROJECTED PRICE

$1,710

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.35%
Appreciation Year (1-5) 11.6%
Maintenance Year (1-5) 8.00%
Vacancy 6.24%
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-$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$111,485

INVESTMENT

$111,485

Down Payment
$99,750
Rehab Estimate
$5,750
Closing Costs
$5,985

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,472

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $99,750
Loan Amount $299,250
See What Happens When You Reinvest Cash Flow

3.25

YEARS SAVED

$12,284

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,710

    LIST RENT
  • $1.08

    LIST RENT PER SQFT
  • $1,789

    COMP ESTIMATED VALUE
  • $1.13

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,6953$1,7104$1,7955$2,200
$2,200
RENT COMPS ANALYSIS
  • 907 E Berridge Lane Phoenix, AZ 3
    • 3 beds 2 baths ∙ 1,587 Sqft ∙ Built 1954 3 beds 2 baths ∙ 1,587 Sqft ∙ Built 1954
    • Rent
    • Rent Per SQFT
    •  
    • $1,710
    • $1.08
    •  
  • 6609 N 10th Place Phoenix, AZ 1
    • 3 beds 2 baths ∙ 1,512 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,512 Sqft ∙ Built 1953
    LEASED 12/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.06
    •  
  • 6741 N 11th Street Phoenix, AZ 2
    • 4 beds 2 baths ∙ 1,485 Sqft ∙ Built 1951 4 beds 2 baths ∙ 1,485 Sqft ∙ Built 1951
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.14
    •  
  • 5634 N 6th Street #1 Phoenix, AZ 4
    • 3 beds 2 baths ∙ 1,530 Sqft ∙ Built 1949 3 beds 2 baths ∙ 1,530 Sqft ∙ Built 1949
    LEASED 05/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $1.17
    •  
  • 6125 N Central Avenue #11 Phoenix, AZ 5
    • 3 beds 2 baths ∙ 1,933 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,933 Sqft ∙ Built 1965
    LEASED 06/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $1.14
    •  
PROPERTY LISTING DETAILS
Tamara Abramova
Homesmart
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6155004
Last Updated: 11/02/2020
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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