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1000 E Houston Avenue Gilbert, AZ 85234

3 Beds 2 Baths 2,246 sqft Built 1974

$675,000

List Price

$2,010

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

January 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1974
  • Price/Sqft : $300.53
  • 4 Days on Market
  • MLS # : 6186781
  • Updated Date : 01/30/2021 at 16:11
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,246 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Integrity First

Listing Agent's Description

The Farmhouse You Have Been Waiting For!!! A MUST See! Completely remodeled IRRIGATED horse property in the heart of Gilbert. This fantastic piece of property sits on 1+ acres, with a DETACHED GARAGE, Covered RV PARKING, and 2 Stall Horse Facility w/ Pasture. Inside, you will find a beautifully remodeled open concept floor plan, complete with a Gourmet Kitchen, 42in White Cabinetry, Marble Countertops, Flat Cooktop Stove and Built in Ovens. Home has oversized wood-look tile, upgraded bathrooms, and fresh paint throughout. Enjoy the mature trees, NEW extended patio, and Wood Plank fencing in your peaceful backyard. All with NO HOA. Make your appointment today!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Porter Acres

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $122k493k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: Porter Acres

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2110012001300140015001600170018001900200021002200Rent in $10362236

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Highland Jr High School Middle Regular 1,269 59 8
Highland High School High Regular 3,065 123 8
Mesquite Jr High School Middle Unknown NA

Highland Jr High School

  • Education Level: Middle
  • # of students: 1,269
  • # of teachers: 59
8
GreatSchools Rating

Highland High School

  • Education Level: High
  • # of students: 3,065
  • # of teachers: 123
8
GreatSchools Rating

Mesquite Jr High School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$607,500$742,500$675,000

PURCHASE PRICE

$1,809$2,211$2,010

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,010
EXPENSES Loan Payment -$2,345
Property Tax -$397
Property Insurance -$71
Property Management Fees -$99
CASH FLOW
-$901

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$675,000

PROJECTED PRICE

$2,010

PROJECTED RENT

0.30%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 6.1%
Maintenance Year (1-5) 8.00%
Vacancy 6.60%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530-$15k-$10k-$5.0k$0.0$5.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$184,625

INVESTMENT

$184,625

Down Payment
$168,750
Rehab Estimate
$5,750
Closing Costs
$10,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 70% down payment or higher enables the proceeds from the asset to cover all costs.

$2,345

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $168,750
Loan Amount $506,250
See What Happens When You Reinvest Cash Flow

0.25

YEARS SAVED

$135

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $2,010

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $2,263

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$2,010
1$2,0102$2,1003$2,1004$2,2955$2,350
$2,350
RENT COMPS ANALYSIS
  • 1000 E Houston Avenue Gilbert, AZ 1
    • 3 beds 2 baths ∙ 2,246 Sqft ∙ Built 1974 3 beds 2 baths ∙ 2,246 Sqft ∙ Built 1974
    • Rent
    • Rent Per SQFT
    •  
    • $2,010
    • $0.89
    •  
  • 1410 E Beacon Drive Gilbert, AZ 2
    • 4 beds 3 baths ∙ 2,067 Sqft ∙ Built 1992 4 beds 3 baths ∙ 2,067 Sqft ∙ Built 1992
    LEASED 10/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.02
    •  
  • 1510 E Beacon Drive Gilbert, AZ 3
    • 3 beds 3 baths ∙ 2,067 Sqft ∙ Built 1992 3 beds 3 baths ∙ 2,067 Sqft ∙ Built 1992
    LEASED 11/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.02
    •  
  • 361 E Aspen Way Gilbert, AZ 4
    • 4 beds 3 baths ∙ 2,302 Sqft ∙ Built 1984 4 beds 3 baths ∙ 2,302 Sqft ∙ Built 1984
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $1.00
    •  
  • 1419 E Encinas Avenue Gilbert, AZ 5
    • 4 beds 3 baths ∙ 2,370 Sqft ∙ Built 1992 4 beds 3 baths ∙ 2,370 Sqft ∙ Built 1992
    LEASED 08/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,350
    • $0.99
    •  
PROPERTY LISTING DETAILS
Heather Openshaw
Keller Williams Integrity First
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6186781
Last Updated: 01/30/2021
support@investimateroi.com

Indicates a property listed by a real estate brokerage other than HomeUnion/Investimate by Mynd. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. Copyright (c) 2021 Arizona Regional Multiple Listing Service, Inc. All rights reserved.

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