$549,900
Investment Summary
- Monthly Cash Flow
- -$1,078
- Cap Rate
- 3.3%
- Cash-on-Cash Return
- -10.2%
- Debt Coverage Ratio
- 0.59
- Internal Rate of Return (5 years)
- -5.9%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual Cash Flow / Cash Invested
Calculation:
Annual cash flow divided by initial cash invested.
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Property Description
This architecturally significant c.1950 Ralph Haver, AIA home combines iconic mid-century modern architecture, renovated interiors and an inimitable indoor/outdoor connection in one of the most desirable Haverhoods---Marlen Grove. While gracefully preserved in all the right places, the renovation served to enhance the home's mid-century modern design, infusing it with new finishes that are both authentic and cohesive. This treasured home transcends time with its clean lines and refined spaces. Signature exterior Haver design elements include low-sloped roofline, vaulted + beamed ceilings, block construction and clerestory windows. An architectural carport, often referred to as a 'patio-port' in later Haver designs, features post and beam construction and is accessed from a paver lined circular driveway, which can accommodate 6+ cars. The pony landscape wall at the front of the property features modern breeze block accents. A cheery tangerine hued door is adorned with an atomic gold starburst doorknob escutcheon and original fluted side light windows. An open floorplan offers dreamy natural light, vaulted ceilings + exposed beams, clerestory windows and defined, yet flexible spaces. Exemplifying meticulous attention to detail, both in and out, this home offers a timeless modern aesthetic. The kitchen is top notch in every way with amazing space to prep and enjoy meals. Savor every moment with family and friends at the breakfast bar island, which offers a retro sputnik chandelier and generous seating for casual dining. Completely renovated in 2017, the kitchen features cinnamon maple Euro-style cabinetry, white solid surface counters with integrated sink, porcelain tile flooring and stainless steel appliances including built-in microwave, gas range/oven, dishwasher and refrigerator. The adjacent formal dining room is perfect for hosting family and friends with doors that open the covered rear patio. Designed to create memorable gatherings, the living, kitchen and dining rooms open to one another and effortlessly harmonize, providing an ideal space for indoor entertaining. Prioritizing an open, comfortable space, the living room offers modern porcelain flooring ('17), vaulted ceilings and Haver's signature vaulted + beamed ceilings with clerestory windows. Mortar-washed block walls are a preserved treasure found throughout the home; a testament to the meticulous original craftsmanship found in Ralph Haver homes. The primary suite overlooks the rear yard and has vaulted + beamed ceilings, clerestory windows and porcelain tile floors. The remodeled primary bath showcases a new contemporary tiled shower ('24), pedestal sink and porcelain tile floors. Both secondary bedrooms have vaulted + beamed ceilings, clerestory windows and designer wall sconces. The hall bath is beautifully remodeled with genuine marble tiled shower surround with refinished cast iron tub, modern vanity, contemporary finishes with Delta fixtures. The rear yard is a homesteader's dream with sprawling flood-irrigated lawn, mature fruit-bearing trees and a flourishing garden. Fresh broccoli, peppers and pumpkin are growing out back, along with vibrant hibiscus, ornamental orange trees and prodcuing mulberry, lemon, lime and peach trees. A c.1950s detached mid-century modern building has 204 square feet of open space and it makes a wonderful home office. It features vaulted + beamed ceilings, mini split AC, carpet, French doors and 2 windows. What a perfect space for a studio, home office, gym or climate-controlled storage. There is a newer Tuff shed for additional storage needs along with new custom steel RV gate and block fencing. Recent home system updates: new foam roof '24 (under warranty), HVAC '18, tankless gas water heater '18, whole house filtration '24, Milgard and new Anderson dual pane windows. Additional features include a locking mailbox and access to quantum fiber internet. Escape the ordinary and discover the ultimate enclave of Haver's mid-century modern homes. Prepare to fall in love with the vibrant Marlen Grove 'Haverhood, with its 5 amazing street iconic mid-century modern homes. Enjoy the best of walkable Phoenix with local shopping, entertainment, recreation and art nearby. Home is walking distance to Federal Pizza, Bird Call, Neighborly, Joyride Tacos, Better Buzz Coffee, Otro, Culinary Dropout, Doughbird, The Yard, Lucis, Dicks Hideaway, Phoenix City Grill and The Womack. You'll love the proximity to the Biltmore Fashion Park/Resort/Golf, Palo Verde golf course and Piestewa Peak. Just 10 minutes to both downtown Phoenix and old town Scottsdale. Ideally located in the highly rated Madison elementary school district. If you have been searching for a distinguished mid-century modern home, this is it!
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Location
Property Details
Parking
- Description: Open, Covered, Carport
- Details: Direct Access, Circular Driveway
- Garage Spaces: 0
- Spaces Total: 6
Bedroom Information
- # of Bedrooms: 3
Bathroom Information
- # of Baths (Total): 2.0
Interior Features
- # of Rooms: 6
- # of Stories: 1
Exterior Features
- Exterior Walls Materials: Block
- Roof Material: Rolled/Hot Mop
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 16205059
- Lot Size: 11330 sqft
Property Information
- Property Type: Single Family Residence
- Style: Contemporary
- Year Built: 1950
Tax Information
- Annual Tax: $2,414
Utilities
- Water & Sewer: Public
- Heating: Electric
- Cooling: Central Air, Ceiling Fan(s)
Location
- County: Maricopa
Listing Details
Investment Summary
- Monthly Cash Flow
- -$1,078
- Cap Rate
- 3.3%
- Cash-on-Cash Return
- -10.2%
- Debt Coverage Ratio
- 0.59
- Internal Rate of Return (5 years)
- -5.9%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual Cash Flow / Cash Invested
Calculation:
Annual cash flow divided by initial cash invested.
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Purchase Details
Purchase PriceThe price paid for the property. Purchase price:
| $549,900 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$439,920 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $109,980 |
Closing CostsFees and expenses associated with purchasing a property, typically ranging from 2% to 5% of the home’s purchase price, paid at the end of a home purchase to cover services like lending, title transfer, and taxes. Closing costs:
| $16,497 |
Rehab CostsCosts incurred to repair or improve the property, including: roof, flooring, exterior siding, kitchen, exterior paint, bathrooms, etc. Rehab costs:
| $0 |
Initial Cash InvestedThe total initial cash invested in the property. Calculation:Down payment + Buying costs + Rehab costs Initial cash invested:
| $126,477 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 1,618 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $340 |
Monthly Rent Per Square FootMonthly rent divided by the number of square feet. This ratio helps investors compare rental income efficiency across properties, markets, and unit sizes Calculation:Monthly Rent / Square Feet Monthly rent per square foot:
| $1.55 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $439,920 |
|---|---|
Loan to Value Ratio (LTV)Loan amount divided by the market value of the property. Calculation:Loan Amount / Market Value
Loan to value ratio:
| 80.0% |
Loan TypeThe type of loan (e.g., fixed, adjustable).
Loan type:
| Amortizing |
TermThe loan repayment period in years.
Term:
| 30 years |
Interest RateThe percentage a lender charges on the borrowed amount of a loan, determining the cost of borrowing money.
Interest rate:
| 5.875% |
Principal & Interest (PI)The principal is the portion of the loan payment that reduces the loan balance. The interest is the lender's charge for borrowing money. Calculation:(P * r * (1 + r) ** n) / ((1 + r) ** n - 1) Where:
P = Loan amount (principal)
Principal & interest:
| $2,602 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $201 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified.
Insurance:
| $175 |
Private Mortgage Insurance (PMI)A fee that borrowers pay when they take out a conventional loan with a loan-to-value (LTV) ratio above 80%.
Private mortgage insurance (PMI):
| $0 |
Monthly PaymentThe fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. Monthly payment:
| $2,978 |
Operating Income
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Gross RentThe total rental income received from tenants before deducting any expenses. Includes base rent, late fees, pet fees, parking fees, and other recurring charges.
Gross rent:
| $2,500 | $30,000 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$150 | -$1,800 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $2,350 | $28,200 |
Operating Expenses
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services. | 8% | -$201 | -$2,414 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified. | 7% | -$175 | -$2,100 |
Property ManagementThe costs associated with hiring a property manager to handle the day-to-day operations of a rental property. Includes management fees, leasing fes, eviction fees, etc. Calculation:Assumes 8% of gross rental income. | 8% | -$200 | -$2,400 |
Repairs & MaintenanceOngoing costs for routine upkeep and minor fixes needed to keep a property in good working condition. Calculation:Assumes 5% of gross rental income. Varies by property age and condition. | 5% | -$125 | -$1,500 |
Capital ExpensesLarge, infrequent costs for major improvements or replacements, like a new roof, HVAC system, or appliances. Calculation:Assumes 5% of gross rental income. Varies by property age. | 5% | -$125 | -$1,500 |
HOA FeesRegular dues paid to a Homeowners Association for community maintenance, amenities, and management. Similar fees include: Condo Association Fees, Co-op Maintenance Fees, etc. | n/a | n/a | n/a |
Operating ExpensesRecurring costs required to maintain and manage a rental property, including property taxes, insurance, maintenance, repairs, utilities (if paid by the owner), property management fees, and other day-to-day expenses. Calculation:Insurance + Property Taxes + Property Management + Repairs & Maintenance + Capital Expenditures + HOA Fees | 33% | -$826 | -$9,914 |
Cash Flow
| Monthly | Yearly | |
|---|---|---|
Net Operating Income (NOI)The income generated from a property after deducting all operating expenses but before deducting mortgage payments, taxes, and capital expenditures. Calculation:Gross Operating Income - Operating Expenses
Net operating income:
| $1,524 | $18,288 |
Mortgage PaymentThe fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. | -$2,602 | -$31,224 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $1,078 | $12,936 |