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137 N 87th Place Mesa, AZ 85207

3 Beds 3 Baths 2,217 sqft Built 2006

$499,900

List Price

$1,680

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

February 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $225.48
  • 2 Days on Market
  • MLS # : 6193871
  • Updated Date : 02/13/2021 at 16:59
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,217 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Integrity First

Listing Agent's Description

Custom home by Mannheim Homes in Mesa situated on a 1 acre lot! This 3 bedroom, plus den, 2.5 bathroom home offers a lot of nice features, including: two-tone custom paint and tile throughout home. Spacious kitchen has large island, built-in desk and tons of cabinets. Master suite offers large room with dual vanities and separate tub/shower. Lot is completely fenced in with block - backyard has large covered patio with built-in BBQ, brick pavers and plenty of room for a pool. Sellers have added a large RV gate to access storage shed and covered parking garages that are perfect for RV's, boats and toys. Property also features a 600Sf. guest home that has 2 lofts (bedrooms), kitchen and full bathroom that's perfect for a in-laws suite or 'man-cave.' NO HOA - don't miss out!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: East Mesa

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $109k322k

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

Neighborhood: East Mesa

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800Rent in $10181805

* 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
Fremont Junior High School Middle Regular 976 48 7
Red Mountain High School High Regular 3,347 145 7

Fremont Junior High School

  • Education Level: Middle
  • # of students: 976
  • # of teachers: 48
7
GreatSchools Rating

Red Mountain High School

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

$449,910$549,890$499,900

PURCHASE PRICE

$1,512$1,848$1,680

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,680
EXPENSES Loan Payment -$1,736
Property Tax -$295
Property Insurance -$70
Property Management Fees -$99
CASH FLOW
-$520

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.

$499,900

PROJECTED PRICE

$1,680

PROJECTED RENT

0.34%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.35%
Appreciation Year (1-5) 6.5%
Maintenance Year (1-5) 8.00%
Vacancy 6.24%
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$1.4M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$138,224

INVESTMENT

$138,224

Down Payment
$124,975
Rehab Estimate
$5,750
Closing Costs
$7,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,736

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $124,975
Loan Amount $374,925
See What Happens When You Reinvest Cash Flow

0.83

YEARS SAVED

$1,690

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,680

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,835

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6803$1,6954$1,7505$1,850
$1,850
RENT COMPS ANALYSIS
  • 137 N 87th Place Mesa, AZ 2
    • 3 beds 3 baths ∙ 2,217 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,217 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,680
    • $0.76
    •  
  • 153 N Greenwood Street Mesa, AZ 1
    • 3 beds 3 baths ∙ 1,892 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,892 Sqft ∙ Built 2003
    LEASED 09/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.84
    •  
  • 435 S 89th Way Mesa, AZ 3
    • 4 beds 3 baths ∙ 1,922 Sqft ∙ Built 1999 4 beds 3 baths ∙ 1,922 Sqft ∙ Built 1999
    LEASED 03/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.88
    •  
  • 141 N Greenwood -- Mesa, AZ 4
    • 3 beds 3 baths ∙ 2,132 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,132 Sqft ∙ Built 2003
    LEASED 11/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.82
    •  
  • 7948 E Butte Street Mesa, AZ 5
    • 4 beds 3 baths ∙ 2,412 Sqft ∙ Built 2015 4 beds 3 baths ∙ 2,412 Sqft ∙ Built 2015
    LEASED 04/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.77
    •  
PROPERTY LISTING DETAILS
Korey L. Stewart
Keller Williams Integrity First
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6193871
Last Updated: 02/13/2021
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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