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106 W Washington Avenue Gilbert, AZ 85233

2 Beds 1 Baths 1,090 sqft Built 1934

$329,900

List Price

$1,400

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1934
  • Price/Sqft : $302.66
  • 3 Days on Market
  • MLS # : 6206147
  • Updated Date : 03/12/2021 at 05:35
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,090 sqft
  • Baths : 1 full
Listing Agent

Visionary Properties

Listing Agent's Description

It doesn't get any better then this!! This absolutely adorable 2 bed/1 bath remodeled historic bungalow in down town Gilbert has it all! The location is to die for. A 7 min walk to down town Gilbert and all its amenities. You will never get bored w/ all the restaurants, night life, and local farmers market. Take your kids to the recently remodeled Veterans park, or the water tower splash pad. An architectural engineer redesigned the roof. It was vaulted, with new trusses, plumbing, etc. It was quite the extensive remodel, yet the character and charm on the original bungalow style still exists. Newer roof, and tastefully remodeled kitchen with painted cabinetry, back splash, and butcher block counter tops. Relaxing, quaint, and lush describe this backyard zoned R2 for additional dwelling.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Lacy

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200k220k240k260k280k300k320kPrice in $72k337k

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

Neighborhood: Lacy

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8621866

* 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
Mesquite Jr High School Middle Regular 715 34 7
Mesquite High School High Regular 2,000 82 6
Mesquite Jr High School Middle Unknown NA

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

Mesquite Jr High School

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

$296,910$362,890$329,900

PURCHASE PRICE

$1,260$1,540$1,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,400
EXPENSES Loan Payment -$1,146
Property Tax -$194
Property Insurance -$48
Property Management Fees -$99
CASH FLOW
-$87

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.

$329,900

PROJECTED PRICE

$1,400

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.32%
Appreciation Year (1-5) 6.4%
Maintenance Year (1-5) 8.00%
Vacancy 6.56%
Length of Stay Years 2

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$93,174

INVESTMENT

$93,174

Down Payment
$82,475
Rehab Estimate
$5,750
Closing Costs
$4,949

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,146

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $82,475
Loan Amount $247,425
See What Happens When You Reinvest Cash Flow

4.25

YEARS SAVED

$13,067

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $0

    LIST RENT
  • $0

    LIST RENT PER SQFT
  • $1,466

    COMP ESTIMATED VALUE
  • $1.35

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$1,0003$1,299
$1,299
RENT COMPS ANALYSIS
  • 106 W Washington Avenue Gilbert, AZ 1
    • 2 beds 1 baths ∙ 1,090 Sqft ∙ Built 1934 2 beds 1 baths ∙ 1,090 Sqft ∙ Built 1934
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 6 E Linda Lane #a Gilbert, AZ 2
    • 2 beds 1 baths ∙ 800 Sqft ∙ Built 1950 2 beds 1 baths ∙ 800 Sqft ∙ Built 1950
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,000
    • $1.25
    •  
  • 6 E Linda Lane #b Gilbert, AZ 3
    • 2 beds 1 baths ∙ 900 Sqft ∙ Built 1950 2 beds 1 baths ∙ 900 Sqft ∙ Built 1950
    LEASED 09/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,299
    • $1.44
    •  
PROPERTY LISTING DETAILS
Tammy L Chapman
Visionary Properties
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6206147
Last Updated: 03/12/2021
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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