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1044 W Heather Avenue Gilbert, AZ 85233

3 Beds 3 Baths 1,315 sqft Built 1995

INVESTimate

$345,000

List Price

$1,550

$1,395 - $1,705

Rent Est.

$365,666  ( +5.99%)   1 YR EST. FORECAST

PROPERTY INFO

August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 1995
  • Price/Sqft : $262.36
  • 2 Days on Market
  • MLS # : 6122512
  • Updated Date : 08/25/2020 at 17:04
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,315 sqft
  • Baths : 2 full , 1 half
Listing Agent

Offerpad

Listing Agent's Description

VACANT!! Come see this updated single story home in Cayman Square! This home offers fresh interior paint throughout and no carpet. The kitchen features Corian countertops and stainless steel appliances. The primary bedroom has a full ensuite bathroom. All bedrooms are spacious and have ceiling fans. The backyard boasts a covered patio and private pool. Close to shopping, dining, and golf. Don't miss this one, view today!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Cayman Square

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $122k358k

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

Neighborhood: Cayman Square

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8941981

* 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
Playa Del Rey Elementary School Primary Regular 500 37 7
Mesquite Jr High School Middle Regular 715 34 7
Mesquite High School High Regular 2,000 82 6

Playa Del Rey Elementary School

  • Education Level: Primary
  • # of students: 500
  • # of teachers: 37
7
GreatSchools Rating

Mesquite Jr High School

  • Education Level: Middle
  • # of students: 715
  • # of teachers: 34
7
GreatSchools Rating

Mesquite High School

  • Education Level: High
  • # of students: 2,000
  • # of teachers: 82
6
GreatSchools Rating
 

$310,500$379,500$345,000

PURCHASE PRICE

$1,395$1,705$1,550

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,550
EXPENSES Loan Payment -$1,273
Property Tax -$203
Property Insurance -$53
HOA -$42
Property Management Fees -$99
CASH FLOW
-$120

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.

$345,000

PROJECTED PRICE

$1,550

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 5.99%
Maintenance Year (1-5) 8.00%
Vacancy 6.60%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$97,175

INVESTMENT

$97,175

Down Payment
$86,250
Rehab Estimate
$5,750
Closing Costs
$5,175

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,273

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $86,250
Loan Amount $258,750
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$13,621

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,550

    LIST RENT
  • $1.18

    LIST RENT PER SQFT
  • $1,414

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,4503$1,4954$1,5505$1,595
$1,595
RENT COMPS ANALYSIS
  • 1044 W Heather Avenue Gilbert, 4
    • 3 beds 3 baths ∙ 1,315 Sqft ∙ Built 1995 3 beds 3 baths ∙ 1,315 Sqft ∙ Built 1995
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.18
    •  
  • 909 W Wendy Way Gilbert, 1
    • 3 beds 2 baths ∙ 1,272 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,272 Sqft ∙ Built 2003
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.06
    •  
  • 928 W Aspen Way Gilbert, 2
    • 3 beds 2 baths ∙ 1,466 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,466 Sqft ∙ Built 2004
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.99
    •  
  • 25 N Cholla Street Gilbert, 3
    • 3 beds 2 baths ∙ 1,384 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,384 Sqft ∙ Built 1994
    LEASED 09/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.08
    •  
  • 183 N Tiago Drive Gilbert, 5
    • 3 beds 2 baths ∙ 1,358 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,358 Sqft ∙ Built 1998
    LEASED 01/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.17
    •  
PROPERTY LISTING DETAILS
Derek Dickson
Offerpad
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6122512
Last Updated: 08/25/2020
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. © 2020 Arizona Regional Multiple Listing Service, Inc. All rights reserved.

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