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1461 E Edgewood Avenue Mesa, AZ 85204

3 Beds 2 Baths 1,880 sqft Built 1976

$298,500

List Price

$1,470

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 22, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1976
  • Price/Sqft : $158.78
  • 3 Days on Market
  • MLS # : 6184516
  • Updated Date : 01/23/2021 at 22:55
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,880 sqft
  • Baths : 1 full , 1 half
Listing Agent

Finlinson Properties, Ltd.

Listing Agent's Description

A Great Find! This is for the buyer that appreciates a brick home that provides a warm welcoming atmosphere with spacious common areas. Kitchen countertops and cabinets that look great. Other features include, carpet in living room, family room and all bedrooms. White tile in kitchen breakfast room, hallways and baths. Crown molding trims. Modernized sinks and fixtures. Warm paint schemes, ceiling fans, beautiful brick inlay wood burning fireplace, separate den/storage room and large laundry room. New owner(s) will want to put their special touches to the finishes. Spacious front and back yard in grass. NO Garage or Carport. The original contractor built new as a spacious family room. Great Location - convenient to freeway and close to schools. Don't pass this one up it won't last

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Reed Park

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $83k271k

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

Neighborhood: Reed Park

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500Rent in $7791567

* 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
Mesa High School High Regular 3,406 155 4

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

Mesa High School

  • Education Level: High
  • # of students: 3,406
  • # of teachers: 155
4
GreatSchools Rating
 

$268,650$328,350$298,500

PURCHASE PRICE

$1,323$1,617$1,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,470
EXPENSES Loan Payment -$1,037
Property Tax -$155
Property Insurance -$64
Property Management Fees -$99
CASH FLOW
$116

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.

$298,500

PROJECTED PRICE

$1,470

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.32%
Appreciation Year (1-5) 11.0%
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$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$84,853

INVESTMENT

$84,853

Down Payment
$74,625
Rehab Estimate
$5,750
Closing Costs
$4,478

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,037

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,625
Loan Amount $223,875
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$28,657

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,470

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $1,730

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,4703$1,4954$1,6955$1,950
$1,950
RENT COMPS ANALYSIS
  • 1461 E Edgewood Avenue Mesa, AZ 2
    • 3 beds 2 baths ∙ 1,880 Sqft ∙ Built 1976 3 beds 2 baths ∙ 1,880 Sqft ∙ Built 1976
    • Rent
    • Rent Per SQFT
    •  
    • $1,470
    • $0.78
    •  
  • 451 S Ridge -- Mesa, AZ 1
    • 3 beds 2 baths ∙ 1,563 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,563 Sqft ∙ Built 1962
    LEASED 09/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.89
    •  
  • 1559 E Flower Circle Mesa, AZ 3
    • 4 beds 2 baths ∙ 1,584 Sqft ∙ Built 1976 4 beds 2 baths ∙ 1,584 Sqft ∙ Built 1976
    LEASED 09/04/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.94
    •  
  • 1903 E Jarvis Avenue Mesa, AZ 4
    • 3 beds 2 baths ∙ 1,997 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,997 Sqft ∙ Built 1968
    LEASED 11/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.85
    •  
  • 1450 E Grove Avenue Mesa, AZ 5
    • 3 beds 3 baths ∙ 1,954 Sqft ∙ Built 1975 3 beds 3 baths ∙ 1,954 Sqft ∙ Built 1975
    LEASED 08/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.00
    •  
PROPERTY LISTING DETAILS
Gary Finlinson
Finlinson Properties, Ltd.
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6184516
Last Updated: 01/23/2021
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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