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1842 E Cortez Drive Gilbert, AZ 85234

2 Beds 2 Baths 1,003 sqft Built 1988

$289,975

List Price

$1,350

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

January 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $289.11
  • 3 Days on Market
  • MLS # : 6181352
  • Updated Date : 01/15/2021 at 17:44
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,003 sqft
  • Baths : 2 full
Listing Agent

Homesmart

Listing Agent's Description

UPGRADES GALORE! With exquisite curb appeal, and a picture-perfect front yard, this beauty will impress you! Step inside to be greeted by the large living & dining area w/vaulted ceiling that adds to the spacious feel. Charming kitchen provides HIGH-END appliances, plenty of cabinets, and newer GARBAGE DISPOSAL (2019). Master bedroom has sliding door to back patio, and bathroom with GLASS SHOWER. NEW A/C unit (2020). Upgraded dual pane PELLA WINDOWS w/argon gas including sliding door. WHOLE HOUSE FILTRATION SYSTEM, REVERSE OSMOSIS-no need to purchase bottled water & WATER SOFTENER. Newer HOT WATER TANK (2018). Backyard with COVERED PATIO, ARITFICIAL TURF (front and back), and COZY FIREPIT. CUL-DE-SAC adjacent to a park. CALL FOR FULL LIST OF UPGRADES. Buyer to confirm all facts.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Anchor Point at Val Vista Lakes

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $122k358k

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

Neighborhood: Anchor Point at Val Vista Lakes

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600170018001900Rent in $9211981

* 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
Val Vista Lakes Elementary School Primary Regular 544 35 6
Highland Jr High School Middle Regular 1,269 59 8
Highland High School High Regular 3,065 123 8

Val Vista Lakes Elementary School

  • Education Level: Primary
  • # of students: 544
  • # of teachers: 35
6
GreatSchools Rating

Highland Jr High School

  • Education Level: Middle
  • # of students: 1,269
  • # of teachers: 59
8
GreatSchools Rating

Highland High School

  • Education Level: High
  • # of students: 3,065
  • # of teachers: 123
8
GreatSchools Rating
 

$260,978$318,973$289,975

PURCHASE PRICE

$1,215$1,485$1,350

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,350
EXPENSES Loan Payment -$1,007
Property Tax -$171
Property Insurance -$47
HOA -$95
Property Management Fees -$99
CASH FLOW
-$68

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.

$289,975

PROJECTED PRICE

$1,350

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 6.1%
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$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,593

INVESTMENT

$82,593

Down Payment
$72,494
Rehab Estimate
$5,750
Closing Costs
$4,350

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,007

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $72,494
Loan Amount $217,481
See What Happens When You Reinvest Cash Flow

3.92

YEARS SAVED

$10,474

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,350

    LIST RENT
  • $1.35

    LIST RENT PER SQFT
  • $1,369

    COMP ESTIMATED VALUE
  • $1.37

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,3753$1,4504$1,5005$1,500
$1,500
RENT COMPS ANALYSIS
  • 1842 E Cortez Drive Gilbert, AZ 1
    • 2 beds 2 baths ∙ 1,003 Sqft ∙ Built 1988 2 beds 2 baths ∙ 1,003 Sqft ∙ Built 1988
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.35
    •  
  • 1633 E Lakeside Drive #65 Gilbert, AZ 2
    • 2 beds 2 baths ∙ 1,043 Sqft ∙ Built 1997 2 beds 2 baths ∙ 1,043 Sqft ∙ Built 1997
    LEASED 05/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $1.32
    •  
  • 1120 N Val Vista Drive #103 Gilbert, AZ 3
    • 2 beds 2 baths ∙ 1,063 Sqft ∙ Built 1992 2 beds 2 baths ∙ 1,063 Sqft ∙ Built 1992
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.36
    •  
  • 1633 E Lakeside Drive #133 Gilbert, AZ 4
    • 2 beds 2 baths ∙ 1,082 Sqft ∙ Built 1994 2 beds 2 baths ∙ 1,082 Sqft ∙ Built 1994
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.39
    •  
  • 1633 E Lakeside Drive #112 Gilbert, AZ 5
    • 2 beds 2 baths ∙ 1,082 Sqft ∙ Built 1995 2 beds 2 baths ∙ 1,082 Sqft ∙ Built 1995
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $1.39
    •  
PROPERTY LISTING DETAILS
Jeff Franklin
Homesmart
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6181352
Last Updated: 01/15/2021
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. © 2020 Arizona Regional Multiple Listing Service, Inc. All rights reserved.

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