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1538 E 3rd Avenue Mesa, AZ 85204

3 Beds 2 Baths 1,542 sqft Built 1959

INVESTimate

$299,900

List Price

$1,360

$1,224 - $1,496

Rent Est.

$332,769  ( +10.96%)   1 YR EST. FORECAST

PROPERTY INFO

August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 1959
  • Price/Sqft : $194.49
  • 2 Days on Market
  • MLS # : 6122392
  • Updated Date : 08/25/2020 at 14:10
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,542 sqft
  • Baths : 2 full
Listing Agent

Gentry Real Estate

Listing Agent's Description

Wow! Your home sweet home is here! Well maintained single level property in the heart of desirable Mesa is waiting just for you. Offering a large beautiful grassy front landscaping and 1 car garage. Step inside to discover a welcoming interior complete with 3 bed, 2 bath, picture windows that bring in so much natural light, and so much more. Practice your cooking skills in this dreamy eat-in kitchen providing everything you need; tile back-splash, honey oak cabinetry, recessed/fluorescent lighting, and sparkling stainless steel appliances. Large backyard with covered patio and separate work-shop is ready to make it your own. Close to shopping, dining, schools, and so much more. What are you waiting for? Hurry start calling. This house can be yours today!

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
 

$269,910$329,890$299,900

PURCHASE PRICE

$1,224$1,496$1,360

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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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 $1,360
EXPENSES Loan Payment -$1,107
Property Tax -$156
Property Insurance -$57
Property Management Fees -$99
CASH FLOW
-$58

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.

$299,900

PROJECTED PRICE

$1,360

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.32%
Appreciation Year (1-5) 10.96%
Maintenance Year (1-5) 8.00%
Vacancy 6.56%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,224

INVESTMENT

$85,224

Down Payment
$74,975
Rehab Estimate
$5,750
Closing Costs
$4,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,107

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $74,975
Loan Amount $224,925
See What Happens When You Reinvest Cash Flow

4.67

YEARS SAVED

$16,851

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,360

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,476

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,295
1$1,2952$1,3603$1,3954$1,4955$1,625
$1,625
RENT COMPS ANALYSIS
  • 1538 E 3rd Avenue Mesa, 2
    • 3 beds 2 baths ∙ 1,542 Sqft ∙ Built 1959 3 beds 2 baths ∙ 1,542 Sqft ∙ Built 1959
    • Rent
    • Rent Per SQFT
    •  
    • $1,360
    • $0.88
    •  
  • 1164 E Nielson Avenue Mesa, 1
    • 3 beds 2 baths ∙ 1,347 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,347 Sqft ∙ Built 1957
    LEASED 04/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.96
    •  
  • 451 S Ridge -- Mesa, 3
    • 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
    •  
  • 9 N Fraser Drive Mesa, 4
    • 3 beds 2 baths ∙ 1,564 Sqft ∙ Built 1945 3 beds 2 baths ∙ 1,564 Sqft ∙ Built 1945
    LEASED 06/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.96
    •  
  • 1514 E 2nd Street Mesa, 5
    • 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 1960
    LEASED 06/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $1.02
    •  
PROPERTY LISTING DETAILS
Brian Kingdeski
Gentry Real Estate
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6122392
Last Updated: 08/25/2020
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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