2944 W Cypress St, Phoenix, AZ 85009

Studio-- baths600 sqft

Sold: $45,000
Sold on 12/21/12
Zestimate®: $58,987
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My Notes

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Price Reduced!APN #: 108-16-094 **Duplex: Two = 2 bed/ 1 bath (Each unit is detached from the other)DETAILS & REHAB: This property is already rent ready and both units are currently rented and are on a month to month lease. Tenants are happy and comfortable with the property and they are willing to stay if the new owner allows them to or owner can have them go. Items that may need addressing but not necessary, due to tenants being happy to current conditions, include update light fixtures and touch up paint. It is convenient located near parks, entertainment, restaurants, State Fair grounds, I-10, I-17, and Route 60. * 1 unit = $500 a month / 2 unit = $400 = Total Gross Rents a month : $900* * All on 1 meter and 1 parcel number Upside: Two sources of income on one lot. Property is already rehabbed and rent ready. Units are a little undersized, 2nd unit doesn?t have central air but has swamp cooler in window and tenant is happy with the living condition and affordable rents. - $900 ( month rents ) X 12 ( months) = $10,800 ( gross rents a year )- $10,800 ( gross rents ) X 30% ( reduced out for maintenance, less vacancies, taxes and insurance ) = $3240- $3240 ( Net Operating expense ) - $10,800 ( Gross rents a year ) = $7560 ( Net Operating income a year ) / 12 mo = $630 mo income - $7560 ( Net Operating Income ) / $54,000 ( Initial Investment ) = 14% Cap- $10,800 ( Gross Rents a year ) / $54,000 ( Initial Investment ) = 20% ROI FINANCING: Cash/ Hard Money TERMS:Open escrow with $2000 non refundable earnest deposit to our Title Company of choice. Please call to confirm Title Company. Cash or Hard Money only. Property comes in "AS-IS" condition. Buyer pays all closing costs and escrow fees. * Process to Move forward: - The Property has tenants in place so when we a have opportunities like this where the subject property is occupied. We require you to look at the pictures and drive the neighborhood without disturbing the tenants first before stating you want to buy the property. - Once you are 100% to move forward, I request that you give me a call and get a cashiers check made out for $2,000 made out to our title company with the subject property address in the memo section. - Once You have cashier?s check in place, we will sign contracts and give you a 24 hours inspection period where we will schedule with the tenants to get you inside of the property to do a walk thru so you can verify the pictures we provided you in the link is the exactly the same way and overall condition of the property as it is now. - After the expectation has been completed, money goes non refundable and we have a 3 - 5 day close of escrow from that date. (things do vary time to time and we want to make sure everyone is as comfortable as possible on all sides of the transaction but this process and protocol helps stream line the whole process and prevents curious buyers from disturbing the tenants and wasting time when we only want to be dealing with serious buyers/ investors prepared to move forward )  More Less 

Facts

  • Lot: 6,368 sqft
  • Multi Family
  • Built in 1936
  • Cooling: Evaporative
  • Last sold: Dec 2012 for $45,000
  • Price/sqft: $75

Construction

  • Construction quality: 5.0
  • Exterior material: Wood
  • Roof type: Asphalt
  • Room count: 4
  • # Stories: 1.0
  • Unit count: 1

Other

  • Floor size: 600 sqft
  • Parcel #: 10816094
  • Zillow Home ID: 7510804

Zestimate Details

Zestimate
A Zestimate home valuation is Zillow's estimated market value. It is not an appraisal. Use it as a starting point to determine a home's value. Learn more

The Value Range is the high and low estimate market value for which Zillow values a home. The more information, the smaller the range, and the more accurate the Zestimate. See data coverage and accuracy table

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$58,987
+$2,581 Last 30 days
$48K
$68K
Zestimate range
Rent Zestimate A Rent Zestimate is Zillow's estimated monthly rental price, computed using a proprietary formula. It is a starting point in determining the monthly rental price for a specific property. Learn more

The Rent Range is the high and low estimate for which an apartment or home could rent. The more information we have, the smaller the range, and the more accurate the Rent Zestimate. See data coverage and accuracy table
$687/mo
-$14 Last 30 days
$536
$1.1K
Zestimate range

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Market guide

Zillow predicts Phoenix home values will rise 3.2% next year, compared to a 3.2% rise for Phoenix Metro as a whole. Among Phoenix homes, this home is valued 65.3% less than the midpoint (median) home, and is valued 34.2% less per square foot.

Foreclosures will be a factor impacting home values in the next several years. In Phoenix, the number of foreclosures waiting to be sold is 27.9% greater than in Phoenix Metro, and 120.5% greater than the national average. This higher local number may prevent Phoenix home values from rising as quickly as other regions in Phoenix Metro.

Learn more about forecast calculations or Phoenix home values.
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