The cons: No pool in community. Whatâ€™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 youâ€™re an investor you should already know Short Sale really means long sale. Donâ€™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 thatâ€™s a plus 10 minute drive. Hereâ€™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 youâ€™re lucky. A deal would be $62K for that tiny place.
4). 80 N COLORADO STREET, Chandler, AZ 85225 $74,200 1951
Didnâ€™t pull up. Could be sold.
5). 250 W JUNIPER AVENUE #84, Gilbert, AZ 85233 $78,900 1996
Another short sale. Donâ€™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? Youâ€™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 a1970â€™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 youâ€™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 youâ€™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.
Good luck with investing.
8330 W SHERIDAN STREET, Phoenix, AZ 85037
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 canâ€™t go wrong with this one. This is a money maker.
Iâ€™d offer full price on this. Bank pay 3% closing cost. Rent for $1,100. You can rent this place out in 2 weeks.
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 Sells AZ
I grew up in the Phoenix area and have been and agent and broker in the valley since 1998.
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.
Prudential Arizona Properties
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
Good area though for rentals though being right around the 101 and 17 interchange
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.
Morechoices Real Estate LLC