2534 N. 8th Street, Phoenix, Arizona
Interested in building a historic, modern home together, customized to your needs? Read on.
A five minute to Urban Cookies for coffee and a cupcake, or to the Main Ingredient for dinner, or even just a quick walk up and down 8th Street will make you wonder how you lived in any other neighborhood. Coronado Historic District in Phoenix is the perfect melting pot of historic and modern design, and this Spanish Territorial house coupled with the new build design by Joel Contreras and Sarah Rhodes (myself) will find itself right at home.
Introducing a unique opportunity to be a part of a unique new project from the ground up! Along with the purchase of this home, you will receive plans created by Joel & myself, specifically for this home. They have not been permitted (but we have the blessing of Historic Preservation) thus this is the perfect stage for you (the buyer!) to enter this project!
Our current plans involve converting this home into a 3 bedroom, 2 bathroom space with two living areas, a courtyard with ample outdoor living space to enjoy our best seasons outside!
How much will this cost? Will I have any value in the home afterwards? (yes!)
Sale price: $305,000
Sale includes home, plans, and recommended finishes spec sheets
Home available in as-is condition, no concessions to be made
Buyer must perform their due diligence
Realtor fees are in addition to sale price if you opt to work with a Realtor
Project management fees are in addition to sale price (retaining Sarah on the project to manage and work with your contractor to ensure design maintains integrity)
Estimated renovation cost: $150,000 - $200,000
Total investment: $505,000-$525,000
After renovation value: $575,000-$600,000
Projected equity: $50,000-$95,000
How can I fund this project?
If you have cash - great! But not everyone can just pull $500,000 cash out of their back pockets.
This home is eligible for a renovation loan! You have the option of putting as little as 3% down on the home (around $9,000) for the purchase and renovation of the home. With this loan, it will be your responsibility to secure a licensed and insured contractor who is comfortable working with renovation loans for their payouts. (Should you decide to hire me for project management, this can be rolled into the financing as well!) I recommend Movement Mortgage for this style of loan. If you’re interested in seeing how much you can be approved for, give my friend Anthony Converti a call at (602) 774-6655. He is up to speed on this project, and he’s a GREAT person to work with for home loans!
What kind of buyer are you looking for for this project?
This project might be the perfect home for you if you:
love historic charm with modern design
love the Coronado neighborhood
have the ability to visualize a beautiful finished product and are not intimidated by a project and ugly demo!
are excited by the possibility of picking out your own finishes (or if not - excited by our recommended specifications and things we pick out for you!)
fangirl over Joel Contreras’ design work (let’s be real. Who doesn’t? Click here to see more of his design work. And then get SUPER EXCITED about living in one of his homes!)
are looking for someplace truly unique to call home.
Final Notes
We will be working with interested buyers on a first-come, first-serve basis. I ask that you have your financing in place before scheduling a time to meet up and see the property! Due to the volume of interest in this project that I did not anticipate (!!) I would recommend that if you are seriously interested, work out financing first and then email me as soon as possible (sarah@parohome.com) or call / text (602)-515-8306. Feel free to email me questions any time.
How long will this project take? It depends on what your contractor says - I would estimate 8-10 months, but it could be longer.
Speaking of contractors! It is your responsibility to find a licensed and insured contractor for the project. I can give advice and guide you in several directions, and give you names of some people you might want to call, but ultimately the decision is yours, and I cannot be held responsible for the contractor’s work, which is why I do not give direct recommendations. :)