Home Buying in Phoenix>Question Details

Jeany, Home Buyer in Austin, TX

Which of the following properties would make the best investment for both rental and appreciation? Looking for under $85K cash deal. Thanks!

Asked by Jeany, Austin, TX Mon Oct 17, 2011

22236 N 29TH DRIVE, Phoenix, AZ 85027 $78,210 2003
2602 E PARADISE LANE, Phoenix, AZ 85032 $78,400 2005
3614 W ESCUDA DRIVE, Glendale, AZ 85308 $78,900 1992
80 N COLORADO STREET, Chandler, AZ 85225 $74,200 1951
250 W JUNIPER AVENUE #84, Gilbert, AZ 85233 $78,900 1996
7451 E NARANJA AVENUE, Mesa, AZ 85209  $83,900 1995
890 W ASPEN WAY, Gilbert, AZ 85233 $94,900 2004

Help the community by answering this question:


1). 22236 N 29TH DRIVE, Phoenix, AZ 85027 $78,210 2003
The cons: No pool in community. What’s the HOA price? Homes built on top of each other. Parking sux. Bad traffic and little far from everything.
The pros: A deal at $70K bank pay 3% closing cost. Rental income $1,100. Overall pretty good investment property.

2) 2602 E PARADISE LANE, Phoenix, AZ 85032 $78,400 2005
This is a Short Sale. Why bother with these? If you’re an investor you should already know Short Sale really means long sale. Don’t waste your time move on.

3). 3614 W ESCUDA DRIVE, Glendale, AZ 85308 $78,900 1992
Excellent location for a rental. Close to Scottsdale that’s a plus 10 minute drive. Here’s the bad. The place is only 1,146 sq ft? This is the size of a condo. Who is going to fit in this place a midget family? $78K over priced. Absolutely no deal here. Rental income would be $800 if you’re lucky. A deal would be $62K for that tiny place.

4). 80 N COLORADO STREET, Chandler, AZ 85225 $74,200 1951
Didn’t pull up. Could be sold.

5). 250 W JUNIPER AVENUE #84, Gilbert, AZ 85233 $78,900 1996
Another short sale. Don’t waste your time. Concentrate on foreclosures and traditional sales.

6). 7451 E NARANJA AVENUE, Mesa, AZ 85209 $83,900 1995
Another tiny home. 1,099 sq ft??? This is a home? My old 1 bedroom 1 bath condo in Scottsdale is bigger then this house. Built for midgets. $83K? Are you kidding? This is supposed to be a bargain in this distressed market? You’re lucky to get $70K. Rental income would be $775 a month.

7). 890 W ASPEN WAY, Gilbert, AZ 85233 $94,900 2004
Great area. Community pool. Can get $1,100 no prob rental income. Other will say you can get more. Listen to investors not salesman. $94K. Not a bargain. $82K would be a bargain.

Consider this Mr. Investor. The following is based on 3 bedroom 2 bath home 1,500 sq ft average home. Rent on average in Scottsdale with a1970’s with a ugly dated kitchen is $1,350 and up a month selling for $180K and up. Anything over this people can afford to buy way rent? If you ask for more rent you’re pushing it. Gilbert, Chandler, N Phoenix on average is $1,000-$1,100 average price is $115K. And the lower income areas with new home communities can rent for $875-$950 selling at $65K. So you’re better off trying to purchase there. You can purchase 2 homes for $140K and get $1,750 rental income vs. Scottsdale $1,350 a month. I purchased a 3/2 built 2009 1,400 sq ft home beautiful community pools $40,600. I get $950 rent a month. Not the greatest area but who cares. Think like an investor. Not like a home buyer.

Good luck out there.

Investor Mike
Gilbert, AZ
0 votes Thank Flag Link Tue Oct 18, 2011
To the future investor. I will give you some tips. Being an investor is way different from being a home buyer. A home buyer cares about the kitchen cabinet colors. The carpet. The grass out front. The beautiful mountain views and so on. It’s all about the exciting buying experience. And as for the cut throat investor; who cares about colors. What matters are 3 things and nothing more. Price, location, rental income. Buy at the cheapest price. Make sure the location is not in a ghetto. Make is at least a working class neighborhood close to jobs and entertainment. And last get as much rent as possible without being too greedy having home sit empty for months.

Good luck with investing.

0 votes Thank Flag Link Tue Oct 18, 2011
My pick of the week. All my favorite properties are based on 3 things.
Rental income

8330 W SHERIDAN STREET, Phoenix, AZ 85037
MLS# 4660045
3 bed 2.5 baths. 1,449 sq ft. $67,900K Community pool.

Super awesome deal here. Clean clean beautiful community. Good size. This home needs nothing. Taxes just over $1K. HOA little high at $99 a month but the community pool will get you an extra $50 a month. Close to the stadium. Close to I-10 highway. Location is little so so. But for the price can’t go wrong with this one. This is a money maker.
I’d offer full price on this. Bank pay 3% closing cost. Rent for $1,100. You can rent this place out in 2 weeks.

Investor Mike
Gilbert, AZ
0 votes Thank Flag Link Tue Oct 18, 2011
Hello Jeany,

Where are you finding these properties? I checked a couple of addresses and they either have multiple offers received or the property is not shown as pending or with offers?

Are you working with a RE broker in Phoenix? If you are not I would like to set up the search for the areas where I feel the rental income and appreciation is possible. On the latter please note that we can follow trends but we can't promise whether a property will increase or decrease from the original purchased price.

If you like additional information, I have included my contact information below.


Milly Casas

Milly Sells AZ
e-mai: milly@millycasas.com
webiste: Millysellsaz.com

Phone: 480-466-0264
0 votes Thank Flag Link Mon Oct 17, 2011
Jeany I just saw your second comment about property management and looking for a buyer's agent. I would be happy to be your buyer's agent. I do not do property management but can refer you to competent and reliable property managers.

Ann Griffin
0 votes Thank Flag Link Mon Oct 17, 2011
I would love to have the opportunity to chat with you over the phone or email about great areas for rental properties.

I grew up in the Phoenix area and have been and agent and broker in the valley since 1998.
0 votes Thank Flag Link Mon Oct 17, 2011
Hi Jeany, this is a very big question; too big to answer accurately in this forum. I do work in Phoenix, Mesa, Gilbert and Chandler etc, and will work out a rough estimate for you if you choose to email me directly at ann.griffin@pruaz.com. I am personally a property investor and have owned distant properties so I am familiar with issues you need to have addressed.

General comments:
1. never purchase a property sight unseen, no matter how good a deal it seems to be. As your Realtor, I would be sure to see each property, send you additional photos and video, and any other observations (for example, obvious needed repairs.)
2. Cash deals are much loved by sellers right now so you have some leverage in terms of price that way. However short sale properties will still take much longer to close than bank-owned or regular resales.
3. You should not expect much in the way of equity appreciation for the next 5 years in the Phoenix marketplace. We are just beginning to see small signs of appreciation in some markets. So you need to be in it for the long haul and get good cash flow income. As a property investor myself, I can do these calculations for you although I will not post this work in Trulia.
4. Properties under $100,000 are very hot commodities just now, so its important for you to have a clear idea what you want, and be prepared to act quickly when the right property comes along.

I hope to hear from you.
Best wishes.
Ann Griffin
Prudential Arizona Properties
0 votes Thank Flag Link Mon Oct 17, 2011
It sounds like that I need a buyer's agent with investor home experience. I'd also need property mgmt co referral. I live in Austin, Tx. Anyone interested?
0 votes Thank Flag Link Mon Oct 17, 2011
Dear Jeany:

Have your agent look at the properties for you to determine their condition and lot location. Then check what home have sold for in each subdivision in these various cities.

Your Realtor can lthen look at each neighborhood and see what homes have sold for by the same builder and models.

If you wish to search on your own first by map or hundreds of other criteria: http://link.flexmls.com/ua948or6wf0,12

There is no cost to you in most situations to have a Realtor do this work for you and find you the best house in the best neighborhood and at the best price.

Jeff Masich, Realtor
Arizona Homes and Land
HomeSmart Realty
Web Reference: http://ArizonaHomesLand.com
0 votes Thank Flag Link Mon Oct 17, 2011
Jeany, I don't work much in the Chandler, Gilbert, Meas area, but out of the Phoenix and Glendale properties I like the property on 29th the best because of the age of the home. However it looks like that the highest and best offers were due on 10/4.

Good area though for rentals though being right around the 101 and 17 interchange
0 votes Thank Flag Link Mon Oct 17, 2011

This is definitely a question for your agent. This is exactly what buyer's agents do all day, every day. Look for an agent with experience as a investor agent. They will be able to give you the numbers on cash flow and return on investment, etc.

Our firm works with investors and would be happy to help. If you would like assistance, we do need some additional information. Please call my office at 623-505-4585, ext 612.

Fred Shocklie
Morechoices Real Estate LLC
Web Reference: http://www.morechoices.com
0 votes Thank Flag Link Mon Oct 17, 2011
The only way to truely be able to tell you is to see each one and assess what each home is worth in todays market. There ar emany variables such as condition and neighborhood. A good buyer broker can easily provide the information to you to make a realistic estimate.. Good luck on your search
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Oct 17, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer