$342,500
Investment Summary
- Monthly Cash Flow
- -$359
- Cap Rate
- 4.4%
- Cash-on-Cash Return
- -5.5%
- Debt Coverage Ratio
- 0.78
- Internal Rate of Return (5 years)
- -1.3%
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
Prepare to fall in love with this authentic c.1963 mid-century modern condo just steps from old town Scottsdale! Perfectly positioned as a corner unit on the 2nd level of this iconic building allows for epic views of the resort-style pool and grounds. While gracefully preserved in all the right places, the extensive renovation served to enhance the home's mid-century modern design, infusing it with impressive interiors that perfectly align with the architecture. The open floorplan minimizes wasted space and offers 2 bedrooms and 1 bathroom, ideal for a minimalist lifestyle. The exposed concrete ceilings are an insanely cool original modern element that has been preserved. Contemporary finishes have been incorporated into the kitchen, creating a top-notch space to prep and enjoy meals. Birch cabinetry is paired with Karon + steel countertops, timeless subway tile backsplash, custom shelving and high-end appliances including a white Viking range/oven + hood, SubZero refrigerator and Bosch dishwasher. Meals can be enjoyed at the breakfast bar, at the dining table or al fresco on the private patio. Floor-to-ceiling windows + doors were replaced in 2019; they are a hallmark of the mid-century modern style and lend to an inimitable indoor/outdoor experience. They are also heat & sound resistant! The primary bedroom offers a walk-in closet, concrete floors and modern finishes. The completely remodeled modern bathroom features a gorgeous tiled shower with frameless glass enclosure and a floating birch vanity with vessel sink. Additional interior features: in-unit laundry hook-ups with LG stacked washer/dryer included, Nest smart thermostat, wood plank-wrapped accent walls, custom lighting, quality Kohler + Danze plumbing fixtures and smooth coat walls throughout. The immaculate grounds rival the finest resort with amazing Palm Springs vibes-- lush lawns, towering palm trees and the coolest architectural elements throughout the community. Many inspiring mid-century modern details have been preserved + enhanced including breeze block walls, retro ball lanterns, textural steel accents, decorative wrought iron railings, concrete window overhangs and solid block construction. There is 1 assigned covered parking space with ample guest parking available. Outdoor enthusiasts will love this Sunny old town Scottsdale location within walking/biking distance to nearby old town destinations including world-class shopping, top-rated eateries, esteemed art galleries and a bustling entertainment district. Outdoor enthusiasts will love the proximity to walking/biking paths on the scenic 11 mile long Indian Bend Wash greenbelt---an oasis of parks, lakes, paths and golf courses traversing through the heart of Scottsdale. Scottsdale is a haven outdoor recreation including spring training, golf, hiking and more. Convenient to Phx sky harbor airport, 202 & 101 freeways and ASU. A brand-new Whole Foods is in the permitting stages and will be just steps away from the community on the NE corner of Indian School & Miller. Located in the highly-rated Scottsdale school district: Navajo elementary (A+ School of Excellence), Mohave middle school and Saguaro high school. Don't miss this crazy cool opportunity to own a piece of mid mod Scottsdale.
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Location
Property Details
Parking
- Description: Assigned, Detached
- Details: Assigned, Detached
- Garage Spaces: 0
- Spaces Total: 1
Bedroom Information
- # of Bedrooms: 2
Bathroom Information
- # of Baths (Total): 1.0
Interior Features
- # of Rooms: 4
- # of Stories: 2
Exterior Features
- Exterior Walls Materials: Block
- Roof Material: Foam
HOA
- Has HOA: Yes
- Association: Alahambra Terrace
- HOA Fee: $333/monthly
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 17353263
- Lot Size: 88 sqft
Property Information
- Property Type: Condominium
- Style: Contemporary
- Year Built: 1963
Tax Information
- Annual Tax: $736
Utilities
- Water & Sewer: Public
- Heating: Natural Gas
- Cooling: Central Air
Location
- County: Maricopa
Listing Details
Investment Summary
- Monthly Cash Flow
- -$359
- Cap Rate
- 4.4%
- Cash-on-Cash Return
- -5.5%
- Debt Coverage Ratio
- 0.78
- Internal Rate of Return (5 years)
- -1.3%
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:
| $342,500 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$274,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $68,500 |
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:
| $10,275 |
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:
| $78,775 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 957 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $358 |
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:
| $2.51 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $274,000 |
|---|---|
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:
| $1,621 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $61 |
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:
| $168 |
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:
| $1,850 |
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:
| $2,400 | $28,800 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$144 | -$1,728 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $2,256 | $27,072 |
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. | 3% | -$61 | -$736 |
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% | -$168 | -$2,016 |
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% | -$192 | -$2,304 |
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% | -$120 | -$1,440 |
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% | -$120 | -$1,440 |
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. | 14% | -$333 | -$3,996 |
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 | 41% | -$994 | -$11,932 |
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:
| $1,262 | $15,144 |
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. | -$1,621 | -$19,452 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $359 | $4,308 |