These houses are making me crazy. The Phoenix real estate market is awash in incredible bargains. I’m going to start writing about them until they’re sold.
Here’s the way it is: Decent-quality homes are for sale for fire-sale prices. Interest rates are at all time lows. Whether you’re buying a home for your family or a rental home — perhaps to produce income now and serve as a retirement home later — opportunities abound.
Today’s bargain is actually four bargains, four homes in the same floor plan in the Ryland at Heritage Point subdivision in Tolleson, Arizona.
If you follow that link, you’ll find photos on eleven houses, but today we’re just going to talk about the four that are selling for the lowest prices.
The photos I’m showing you are “warts and all” pictures. These are lender-owned homes, and all of them will need some work before they are move-in- or rent-ready. But, as you’ll see, most of them won’t need much work, and we can help arrange for contractors and handymen to get these minor jobs done — quickly and economically.
So let’s take a look at our four houses. Tolleson is a near-in suburb of Phoenix, and Ryland at Heritage Point is the jewel in its crown. There is a community pool and ample green belts, some with playgrounds. There is great shopping nearby, and freeway access could not be easier. You’re in the heart of the West Valley warehouse zone, so there are lots of good-paying jobs in the immediate area. In short, this is a nice place to live and a profitable place to own rental homes.
8330 West Hughes Drive Tolleson AZ 85353
This house is in decent shape overall. Alas, the air conditioner compressor will probably need to be replaced. The most recent sale in these units is $55,000, so $50,000 would be a fair offer on this home. You should figure your net entry cost at around $60,000, although it could be less.
2612 South 84th Glen Tolleson AZ 85353
This house is better than it looks right now. The lister promises to do something about the front-yard landscaping, and the rest of the house is not in awful shape. The carpet needs to go, and the house faces east — which means the back of the house will get very hot on summer afternoons. I like it at $52,000 to start.
2620 South 84th Glen Tolleson AZ 85353
Not awful, but it faces east, and there is a lot of bad decorating to be undone. I like it at $50,000 as a starting offer.
8433 West Preston Lane Tolleson AZ 85353
I see this one as a reject, but you might see it as a challenge — and a bargain. The kitchen has been gutted, down to the walls and plumbing. The water heater is gone and the AC compressor is damaged. It’s going to take $15,000 – $20,000 to whip this house into shape, so I think $35,000 is a fair place to start negotiations.
Why not lower on all these? Because the list prices on these homes are already so low that you will have competition in bidding on them. But each one can be made turn-key livable for about $60,000, gross, and this exact floorplan in this subdivision has sold as high as $237,000 in the past. They’ll rent for around $850 a month, so they’ll be cash-flow positive from the first tenant.
These are smokin’ deals. If you want to jump, email me or phone me at 602-740-7531 and we’ll get cracking.
Are these homes not for you? Fear not. I have thousands more available. We’ll talk about another great deal tomorrow.
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