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1062 S Storment Lane Gilbert, AZ 85296

3 Beds 3 Baths 1,588 sqft Built 2007

$319,000

List Price

$1,540

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2007
  • Price/Sqft : $200.88
  • 3 Days on Market
  • MLS # : 6164858
  • Updated Date : 12/05/2020 at 23:29
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,588 sqft
  • Baths : 2 full , 1 half
Listing Agent

Go Arizona Homes

Listing Agent's Description

This is a beautiful cozy home in a great neighborhood close to highway access and shopping. Nice and bright with beautiful laminate wood floors throughout the main level. Stair-stepped upgraded cabinets. Gorgeous granite counters with stone backsplash. Upgraded SS appliances. Walk in pantry with storage behind and under stairs. Powder room downstairs. All 3 bedrooms are upstairs and have plush carpeting & ceiling fans. Spacious master with plenty of closet space, and a double vanity. Laundry is conveniently located upstairs. The lovely brick paver courtyard has a wonderful retractable awning. Soft water system, insulated garage door. Close to schools, shopping and the loop 202.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Cooley Station North

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $122k358k

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

Neighborhood: Cooley Station North

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600170018001900Rent in $9611981

* 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
Gateway Pointe Elementary School Primary Regular 755 36 7
Gateway Pointe Elementary School Middle Regular 755 36 7
Williams Field High School High Regular 1,705 64 7

Gateway Pointe Elementary School

  • Education Level: Primary
  • # of students: 755
  • # of teachers: 36
7
GreatSchools Rating

Gateway Pointe Elementary School

  • Education Level: Middle
  • # of students: 755
  • # of teachers: 36
7
GreatSchools Rating

Williams Field High School

  • Education Level: High
  • # of students: 1,705
  • # of teachers: 64
7
GreatSchools Rating
 

$287,100$350,900$319,000

PURCHASE PRICE

$1,386$1,694$1,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,540
EXPENSES Loan Payment -$1,177
Property Tax -$218
Property Insurance -$58
HOA -$110
Property Management Fees -$99
CASH FLOW
-$122

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.

$319,000

PROJECTED PRICE

$1,540

PROJECTED RENT

0.48%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 5.4%
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$200k$400k$600k$800k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$90,285

INVESTMENT

$90,285

Down Payment
$79,750
Rehab Estimate
$5,750
Closing Costs
$4,785

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,177

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $79,750
Loan Amount $239,250
See What Happens When You Reinvest Cash Flow

3.42

YEARS SAVED

$10,639

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,540

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $1,648

    COMP ESTIMATED VALUE
  • $1.04

    COMP AVG. RENT PER SQFT
Comps Range
$1,540
1$1,5402$1,5503$1,6504$1,7005$1,750
$1,750
RENT COMPS ANALYSIS
  • 1062 S Storment Lane Gilbert, AZ 1
    • 3 beds 3 baths ∙ 1,588 Sqft ∙ Built 2007 3 beds 3 baths ∙ 1,588 Sqft ∙ Built 2007
    • Rent
    • Rent Per SQFT
    •  
    • $1,540
    • $0.97
    •  
  • 3849 E Jasper Drive Gilbert, AZ 2
    • 3 beds 3 baths ∙ 1,521 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,521 Sqft ∙ Built 2006
    LEASED 11/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.02
    •  
  • 3644 E Orchid Lane Gilbert, AZ 3
    • 3 beds 3 baths ∙ 1,576 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,576 Sqft ∙ Built 2002
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.05
    •  
  • 3454 E Windsor Drive Gilbert, AZ 4
    • 3 beds 2 baths ∙ 1,733 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,733 Sqft ∙ Built 2006
    LEASED 12/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.98
    •  
  • 3854 E Sabra Lane Gilbert, AZ 5
    • 3 beds 3 baths ∙ 1,588 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,588 Sqft ∙ Built 2006
    LEASED 09/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.10
    •  
PROPERTY LISTING DETAILS
Debra S Coray
Go Arizona Homes
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6164858
Last Updated: 12/05/2020
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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