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Property: 4014 E Devonshire Ave, Phoenix, AZ 85018
Strategy: Scrape existing structure, build new 3,400 sq ft luxury spec home
· Lot Purchase Price: $685,000
· Build Size: 3,400 sq ft
· Build Cost: $275/sq ft = $935,000
· Soft Costs/Carry/Permits: $400,000
· Total Project Cost: $2,020,000
1. 4023 E Devonshire Ave - 3,619 sq ft sold for $2,300,000 (~$635/sq ft), Jan 2025, 0.1 miles
2. 4019 E Devonshire Ave - 3,650 sq ft sold for $2,400,000 (~$658/sq ft), Dec 2024, 0.1 miles
3. 4233 E Amelia Ave - 4,200 sq ft sold for $3,000,000 (~$714/sq ft), 2025, 0.3 miles
4. 4030 E Mitchell Dr - 3,200 sq ft sold for $2,150,000 (~$672/sq ft), 2024, 0.5 miles
· $700/sq ft: $2,380,000
· $750/sq ft: $2,550,000
· $800/sq ft: $2,720,000
· ARV $2,380,000 → Profit: $360,000 (ROI 17.8%)
· ARV $2,550,000 → Profit: $530,000 (ROI 26.2%)
· ARV $2,720,000 → Profit: $700,000 (ROI 34.7%)
· Total Project Cost: ~$2.02M
· Breakeven ARV: ~$2.2M
· Target ARV: $2.5–$2.7M based on surrounding new builds
· Strong path to 25–35% ROI if top finishes and design are delivered
| File Name | Size | |
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4014_E_Devonshire_Underwriting_Summary.docx |
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5 Bedrooms | 4.5 Baths | 6,000 ft
4 Bedrooms | 3 Baths | 3,500 ft
4 Bedrooms | 2 Baths | 2,466 ft
