Updated over 7 years ago on .
4 Condominiums in North Phoenix - Excellent for Buy and Hold
Four Condominium ranch style Units (2 Bedroom, 2 Bath, 863 sf) in desirable La Crescenta Condominiums. All leased to stable, long term tenants with professional property management in place. Solid Class B neighborhood. 408 units in the complex. The units are warrantable (Fannie and Freddie financing available). Addresses: (1) 501 W Hononegh Dr, Unit 6, Phoenix, AZ 85027, (2) 521 W Hononegh Dr, Unit 6, Phoenix, AZ 85027, (3) 20401 N 3rd Dr, Unit 6, Phoenix, AZ 85027 and (4) 601 W Tonopah Dr, Unit 6, Phoenix, AZ 85027. Condo units in this complex sell and lease fast. Community swimming pools. Good location.
Firm Sale Price: $130,000 per unit. All 4 units for $520,000. Similar units with upgraded kitchens, baths and flooring selling for $150,000.
Current Rent: $895 [Market Rent $1,000 based on comps]
Monthly Expenses:
HOA Fee: $150 [Includes blanket insurance policy]
Property Tax: $39 [$466 per year].
Insurance: $19 [$226 per year for $10M umbrella and interior contents]
Property Manager: $60