Prime Scottsdale Investment Opportunity: High-Yield 6-Bedroom Home with Finished Basement at 8638 E EL CHARRO LN

Scottsdale, Arizona, is widely recognized as a top destination for those seeking a superior quality of life combined with excellent investment potential. With its stunning desert landscapes, vibrant arts scene, and world-renowned golf courses, Scottsdale offers a perfect blend of natural beauty and urban sophistication. The city’s booming tourism industry, coupled with thriving job markets in tech and healthcare, makes it an ideal location for families, professionals, and investors alike.

Scottsdale’s real estate market continues to flourish, presenting a variety of opportunities from luxurious estates to high-demand rental properties. Among these, short-term vacation rentals in Scottsdale are particularly sought after, consistently generating some of the highest revenues in Arizona. With top-rated schools, upscale dining, and a rich cultural heritage, Scottsdale is not only a great place to live but also an excellent place to invest.

Property Overview

This week’s featured property is located at 8638 E EL CHARRO LN, in the highly desirable Park Scottsdale community. Normally, I don’t highlight homes in Scottsdale due to limited value opportunities, but this one is an exception. Here’s why:

• Size and Layout: This 6-bedroom, 3-bath, 2,728-square-foot home comes with an extra bonus room and a rare finished basement, offering a total of 7 rooms. This unique layout provides tremendous potential for high revenue generation, particularly in the short-term rental market.
• Market Status: The property has been on the market for over 150 days, which might typically signal a drawback, but in this case, it opens the door for negotiation on price and terms, making it a golden opportunity for the right investor.
• Current List Price: $745,000, offering significant value for the size and location.

Visualizing the Potential

This property is nestled in a prime Scottsdale neighborhood, surrounded by upscale amenities, renowned dining, and top-rated schools. With its proximity to major attractions and business centers, it offers a blend of suburban tranquility and urban convenience, making it a prime location for both short-term and long-term rentals.

Investment Potential

Despite its standout features, the property is being sold as-is and lacks a pool—a common amenity in Scottsdale. However, for those experienced in flipping or rehabbing, this property offers a great opportunity to add value and increase profitability.

Revenue Projections and Financial Overview

Given the property’s unique characteristics and the work needed, I’ve adjusted the revenue projections to reflect the necessary updates. Here’s a detailed breakdown:

Primary Residence with 20% Down:

• Monthly Mortgage: $3,767
• 2023 Monthly Property Tax: $160
• Monthly HOA: $0

Investment Property with 25% Down:

• Monthly Mortgage: $3,793
• 2023 Monthly Property Tax: $160
• Monthly HOA: $0

Estimated Long-Term Rental Rate:

• $4,500 - $5,200 per month

Estimated Annual Short-Term Rental Revenue:

• $130,000 - $153,000

Estimated Monthly Expenses for Mid/Short-Term Rental:

• $485

Total Average Monthly Profit:

• $14,000

Low Season Monthly Revenue:

• $7,800

High Season Monthly Revenue:

• $31,700

Comparative Market Analysis (CMA)

In the Park Scottsdale area, properties with similar layouts and features have recently sold for $800,000 to $1 million. This home’s unique attributes, like the finished basement, offer additional value, especially in the short-term rental market. Nearby properties that have been renovated are commanding even higher prices, indicating strong potential for appreciation.

Why This Property Stands Out

• Finished Basement: Rare in Scottsdale, this feature adds considerable value and appeal to potential renters or buyers.
• Negotiation Potential: With the property being on the market for over 150 days, there is a strong possibility to negotiate a favorable deal.
• High Revenue Potential: Despite needing some updates, the property has the potential to generate significant income, particularly in the high season, making it an excellent investment.

Investor Insights

For investors considering this property, there are several strategies to maximize returns:

• Flipping: Renovating the property, adding a pool, and modernizing the interiors could significantly increase its market value, offering a substantial profit upon resale.
• Short-Term Rental: Given Scottsdale’s booming tourism market, turning this property into a vacation rental could yield high returns, especially during the peak season.
• Hold and Rent: For those looking for a steady income stream, holding the property and renting it out long-term offers reliable monthly revenue with the potential for future appreciation.

Case Study: Successful Flip in Scottsdale

A similar property in the neighborhood was purchased for $650,000, renovated with a $100,000 budget, and sold for $950,000 within six months. The key to this successful flip was modernizing the interior, landscaping, and adding a pool. The finished basement and additional living space provided a unique selling point, much like 8638 E EL CHARRO LN.

Interactive Elements

Use the mortgage calculator below to estimate your monthly payments based on different financing scenarios. Mortgage Calculator

Let's Connect

Don’t miss out on this unique investment opportunity in one of Scottsdale’s most desirable communities. If you’re interested in learning more about this property, viewing it, or receiving complete bids and expected costs to get this home ready as a high-producing vacation rental, please reach out. I’m here to provide all the information you need to make an informed investment decision.

Limited-Time Offer: With the property being on the market for over 150 days, now is the perfect time to negotiate a favorable deal. Contact me today to discuss the recommended offer and contract terms.