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1501 W Emerald Key Court Gilbert, AZ 85233

3 Beds 3 Baths 2,717 sqft Built 1993

$679,000

List Price

$2,640

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $249.91
  • 2 Days on Market
  • MLS # : 6200181
  • Updated Date : 02/27/2021 at 14:20
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,717 sqft
  • Baths : 2 full , 1 half
Listing Agent

The Transition Group, L.l.c.

Listing Agent's Description

One of the rarest opportunities in Arizona! Having a home on the water. Spacious 3 bed, 2.5 bath in highly sought after Gilbert in quiet, relaxing community of The Islands only minutes from shopping, freeways, parks, dining, and other amenities. Vaulted ceilings, open floorpan, marble tile floors, newer A/C units installed only two years ago, pool recently resurfaced and new pool pump installed, and many other upgrades. There will be an Open House Sunday, February 28, from 12pm to 3pm.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: The Islands

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $122k367k

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

Neighborhood: The Islands

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2110012001300140015001600170018001900Rent in $10201981

* 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
Mesquite Jr High School Middle Regular 715 34 7
Mesquite High School High Regular 2,000 82 6
Mesquite Jr High School Middle Unknown NA

Mesquite Jr High School

  • Education Level: Middle
  • # of students: 715
  • # of teachers: 34
7
GreatSchools Rating

Mesquite High School

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

Mesquite Jr High School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$611,100$746,900$679,000

PURCHASE PRICE

$2,376$2,904$2,640

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,640
EXPENSES Loan Payment -$2,358
Property Tax -$411
Property Insurance -$80
HOA -$9
Property Management Fees -$99
CASH FLOW
-$317

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.

$679,000

PROJECTED PRICE

$2,640

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 7.3%
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$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$185,685

INVESTMENT

$185,685

Down Payment
$169,750
Rehab Estimate
$5,750
Closing Costs
$10,185

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,358

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $169,750
Loan Amount $509,250
See What Happens When You Reinvest Cash Flow

3

YEARS SAVED

$16,280

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
  • $2,758

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,4953$2,6954$2,7955$2,950
$2,950
RENT COMPS ANALYSIS
  • 1501 W Emerald Key Court Gilbert, AZ 1
    • 3 beds 3 baths ∙ 2,717 Sqft ∙ Built 1993 3 beds 3 baths ∙ 2,717 Sqft ∙ Built 1993
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 1118 W Newport Beach Drive Gilbert, AZ 2
    • 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
    •  
  • 1426 W Key Largo Court Gilbert, AZ 3
    • 4 beds 3 baths ∙ 2,740 Sqft ∙ Built 1986 4 beds 3 baths ∙ 2,740 Sqft ∙ Built 1986
    LEASED 07/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,695
    • $0.98
    •  
  • 1418 W Emerald Key Court Gilbert, AZ 4
    • 3 beds 3 baths ∙ 2,798 Sqft ∙ Built 1986 3 beds 3 baths ∙ 2,798 Sqft ∙ Built 1986
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,795
    • $1.00
    •  
  • 773 S Ocean Drive Gilbert, AZ 5
    • 4 beds 3 baths ∙ 2,719 Sqft ∙ Built 1994 4 beds 3 baths ∙ 2,719 Sqft ∙ Built 1994
    LEASED 04/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.08
    •  
PROPERTY LISTING DETAILS
Andrew Mckee
The Transition Group, L.l.c.
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6200181
Last Updated: 02/27/2021
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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