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1235 N Banning -- Mesa, AZ 85205

3 Beds 3 Baths 1,906 sqft Built 2018

INVESTimate

$365,900

List Price

$1,690

$1,521 - $1,859

Rent Est.

$391,733  ( +7.06%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 2018
  • Price/Sqft : $191.97
  • 5 Days on Market
  • MLS # : 6121201
  • Updated Date : 08/21/2020 at 23:07
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,906 sqft
  • Baths : 2 full , 1 half
Listing Agent

Homesmart

Listing Agent's Description

Welcome Home! This home will make you feel warm and cozy the minute you walk in! Offering a nice, open, great room floor plan with 9' ceilings. Popular upgrades include white cabinets, WOOD LOOK TILE planks, granite counter tops, under mount sink, GAS stove, black stainless steel appliances, designer paint, 15 FOOT SLIDER, covered patio, & no maintenance ARTIFICIAL TURF. Head upstairs and you will find conveniently located laundry, a nice sized loft, great for watching your favorite movie or sports game! 3 bedrooms including the master suite! The master en-suite provides a walk-in shower, double sinks. This home is turn key, move in ready, schedule a tour and make it yours today!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Falcon Field

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280kPrice in $109k290k

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

Neighborhood: Falcon Field

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210501100115012001250130013501400145015001550Rent in $10181567

* 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
Franklin At Alma Elementary School Primary Regular 280 13 10
Franklin At Alma Elementary School Middle Regular 280 13 10
Red Mountain High School High Regular 3,347 145 7

Franklin At Alma Elementary School

  • Education Level: Primary
  • # of students: 280
  • # of teachers: 13
10
GreatSchools Rating

Franklin At Alma Elementary School

  • Education Level: Middle
  • # of students: 280
  • # of teachers: 13
10
GreatSchools Rating

Red Mountain High School

  • Education Level: High
  • # of students: 3,347
  • # of teachers: 145
7
GreatSchools Rating
 

$329,310$402,490$365,900

PURCHASE PRICE

$1,521$1,859$1,690

RENT

DOWN PAYMENT
FINANCING

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$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,690
EXPENSES Loan Payment -$1,350
Property Tax -$190
Property Insurance -$64
HOA -$80
Property Management Fees -$99
CASH FLOW
-$93

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$365,900

PROJECTED PRICE

$1,690

PROJECTED RENT

0.46%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.35%
Appreciation Year (1-5) 7.06%
Maintenance Year (1-5) 8.00%
Vacancy 6.24%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$102,714

INVESTMENT

$102,714

Down Payment
$91,475
Rehab Estimate
$5,750
Closing Costs
$5,489

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,350

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $91,475
Loan Amount $274,425
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$18,312

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
  • $1,711

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$1,6503$1,6954$1,7755$1,975
$1,975
RENT COMPS ANALYSIS
  • 1235 N Banning -- Mesa, 1
    • 3 beds 3 baths ∙ 1,906 Sqft ∙ Built 2018 3 beds 3 baths ∙ 1,906 Sqft ∙ Built 2018
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 5450 E Mclellan Road #236 Mesa, 2
    • 3 beds 2 baths ∙ 1,803 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,803 Sqft ∙ Built 1999
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.92
    •  
  • 5415 E Mckellips Road #64 Mesa, 3
    • 3 beds 3 baths ∙ 1,968 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,968 Sqft ∙ Built 2001
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.86
    •  
  • 1514 N Banning -- Mesa, 4
    • 3 beds 3 baths ∙ 1,906 Sqft ∙ Built 2017 3 beds 3 baths ∙ 1,906 Sqft ∙ Built 2017
    LEASED 01/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $0.93
    •  
  • 1347 N Balboa Street Mesa, 5
    • 4 beds 3 baths ∙ 2,254 Sqft ∙ Built 2019 4 beds 3 baths ∙ 2,254 Sqft ∙ Built 2019
    LEASED 01/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.88
    •  
PROPERTY LISTING DETAILS
D Troy Holland
Homesmart
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6121201
Last Updated: 08/21/2020
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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