Here are some more of the investment properties I’ve been shopping in the West Valley suburbs of Phoenix. These are all potentially premium rental homes. All but one faces North or South. All but one is lender-owned, a much easier way to buy than a short sale. All of them are in premium, high-demand subdivisions.
In other words, I eliminated everything that was less likely to appreciate and rent well. These homes should stay rented to premium tenants while you own them, then sell easily to owner-occupants on the way out.
The prices are all over the map, and they matter not at all. It’s reasonable to treat all of these homes as selling for $70 – $80 a square foot, with the smaller homes going for slightly more, the larger ones for less — this because plumbing is the big money in a house and smaller homes have proportionately more plumbing.
Some of these homes need work to make them rentable, but none of them needs very much — perhaps $5,000 at the most. If it’s possible to pick up one of these for $10,000 less than recent comparable sales, it is eminently profitable to do the repairs on the way in. Paying more for turn-key condition may not be the best strategy. In any case, we can arrange for any needed repairs to be done quickly and economically.
- 10529 West Almeria Rd, Avondale, AZ, Sunrise at Harbor Shores, Lender Owned, $124,900
- 10806 West Virginia Av, Avondale, AZ, Upland Park, Lender Owned, $119,900
- 10809 West Citrus Wy, Avondale, AZ, Garden Lakes, Lender Owned, $156,000
- 111190 West Coronado Rd, Avondale, AZ, Crystal Point, Lender Owned, $104,900
- 11194 West Berkeley Rd, Avondale, AZ, Crystal Point, Lender Owned, $154,900
- 11206 West Holly St, Avondale, AZ, Crystal Point, Lender Owned, $129,500
- 11222 West Almeria Rd, Avondale, AZ, Crystal Point, Lender Owned, $129,900
- 12367 West Hadley St, Avondale, AZ, Coldwater Springs, Lender Owned, $134,900
- 12500 West Adams St, Avondale, AZ, Coldwater Springs, Lender Owned, $117,100
- 12513 West Adams St, Avondale, AZ, Coldwater Springs, Lender Owned, $121,850
- 12783 West Palm Ln, Avondale, AZ, Rancho Santa Fe, Lender Owned, $149,900
- 12921 West Alvarado Rd, Avondale, AZ, Rancho Santa Fe, Lender Owned, $119,800
- 15847 West Papago St, Goodyear, AZ, Estrella Vista, Short Sale, $130,000
I’ll be writing about this in this week’s Arizona Republic: Seller-paid down-payment assistance is essentially gone from our marketplace. This had accounted for as much as 40% of recent sales, so there are going to be a whole lot fewer buyers chasing a large number of available homes. This should make sellers very interested in negotiating price. We are on the cusp of a perfect storm for investors to pick up premium rental homes at unbelievable bargain prices.
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Roshni Poddar says:
Thats a real good analysis Greg…Thanks for the Stats…It will be of great help to me….
September 11, 2008 — 1:13 pm