Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

1231 W Mediterranean Drive Gilbert, AZ 85233

4 Beds 3 Baths 2,377 sqft Built 1991

$420,000

List Price

$1,930

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1991
  • Price/Sqft : $176.69
  • 2 Days on Market
  • MLS # : 6157520
  • Updated Date : 11/06/2020 at 19:58
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,377 sqft
  • Baths : 2 full , 1 half
Listing Agent

Stunning Homes Realty

Listing Agent's Description

Stunning Remodeled 2-Story Home in the highly desired Lake Community ''The Islands''. Minutes to Downtown Gilbert, Schools & More. This 4 bed, 2.5 bath home has NEW Interior paint, Wood look Tile flooring & Fixtures throughout. This home features high ceilings, formal living & dining rooms, family room plus a gorgeous custom tile fireplace. Powder Room/half bath downstairs, perfect for guest. Spacious eat-in kitchen w/updated white cabinetry, black hardware, quartz counter, Tile backsplash & Stainless Steel Appliances. Huge master suite boasts sitting area, large walkin closet & Ensuite w/dual vanity, garden tub & shower! 2 car garage has built-in cabinets. Spacious backyard with covered patio, grassy landscaping and plenty of space to entertain. Hurry this one will go fast!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Islands Patio Homes

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $122k358k

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

Neighborhood: Islands Patio Homes

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600170018001900Rent in $9221981

* 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
Islands Elementary School Primary Regular 598 39 7
Islands Elementary School Middle Regular 598 39 7
Mesquite High School High Regular 2,000 82 6

Islands Elementary School

  • Education Level: Primary
  • # of students: 598
  • # of teachers: 39
7
GreatSchools Rating

Islands Elementary School

  • Education Level: Middle
  • # of students: 598
  • # of teachers: 39
7
GreatSchools Rating

Mesquite High School

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

$378,000$462,000$420,000

PURCHASE PRICE

$1,737$2,123$1,930

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,930
EXPENSES Loan Payment -$1,550
Property Tax -$247
Property Insurance -$74
HOA -$102
Property Management Fees -$99
CASH FLOW
-$141

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.

$420,000

PROJECTED PRICE

$1,930

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 5.6%
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$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$117,050

INVESTMENT

$117,050

Down Payment
$105,000
Rehab Estimate
$5,750
Closing Costs
$6,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,550

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $105,000
Loan Amount $315,000
See What Happens When You Reinvest Cash Flow

3.58

YEARS SAVED

$16,042

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
  • $2,223

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$1,8953$1,9954$2,3005$2,495
$2,495
RENT COMPS ANALYSIS
  • 1231 W Mediterranean Drive Gilbert, AZ 1
    • 4 beds 3 baths ∙ 2,377 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,377 Sqft ∙ Built 1991
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 1256 W Atlantic Drive Gilbert, AZ 2
    • 4 beds 3 baths ∙ 2,255 Sqft ∙ Built 1987 4 beds 3 baths ∙ 2,255 Sqft ∙ Built 1987
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.84
    •  
  • 626 W Palo Verde Street Gilbert, AZ 3
    • 4 beds 3 baths ∙ 2,210 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,210 Sqft ∙ Built 1988
    LEASED 08/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.90
    •  
  • 1413 W Coral Reef Drive Gilbert, AZ 4
    • 4 beds 3 baths ∙ 2,289 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,289 Sqft ∙ Built 1988
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.00
    •  
  • 1118 W Newport Beach Drive Gilbert, AZ 5
    • 4 beds 3 baths ∙ 2,493 Sqft ∙ Built 1987 4 beds 3 baths ∙ 2,493 Sqft ∙ Built 1987
    LEASED 08/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $1.00
    •  
PROPERTY LISTING DETAILS
Elmon Krupnik
Stunning Homes Realty
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6157520
Last Updated: 11/06/2020
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.

BESbswy