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1862 N Morris -- Mesa, AZ 85201

4 Beds 2 Baths 1,723 sqft Built 1962

INVESTimate

$303,900

List Price

$1,510

$1,359 - $1,661

Rent Est.

$329,975  ( +8.58%)   1 YR EST. FORECAST

PROPERTY INFO

August 23, 2020 RECENTLY ADDED
FACTS
  • Built In 1962
  • Price/Sqft : $176.38
  • 4 Days on Market
  • MLS # : 6121634
  • Updated Date : 08/23/2020 at 12:42
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,723 sqft
  • Baths : 2 full
Listing Agent

My Home Group Real Estate

Listing Agent's Description

The open floor plan and upscale kitchen of this 4 bedroom, 2 bathroom Mesa home with no HOA is sure to steal your heart! Step inside to discover fresh interior paint and gorgeous flooring throughout. The island kitchen boasts beautiful backsplash, clean white cabinets, and stainless steel appliances. Retreat to the primary bedroom which has a stunning barn door entry to its ensuite bathroom with updated, double vanity sinks! Living at this home, you'll enjoy a front and back patio for relaxing with a book or entertaining friends and family! The huge backyard will offer ample possibilities for yard games or a pet to roam. This conveniently located home is near local shops, the 202 Loop, Mesa Country Club, and is within walking distance of Whitman park!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: NCRA

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $83k271k

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

Neighborhood: NCRA

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500Rent in $7871567

* 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
Westwood High School High Regular 3,131 145 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

Westwood High School

  • Education Level: High
  • # of students: 3,131
  • # of teachers: 145
4
GreatSchools Rating
 

$273,510$334,290$303,900

PURCHASE PRICE

$1,359$1,661$1,510

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,510
EXPENSES Loan Payment -$1,121
Property Tax -$158
Property Insurance -$61
Property Management Fees -$99
CASH FLOW
$71

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.

$303,900

PROJECTED PRICE

$1,510

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.32%
Appreciation Year (1-5) 8.58%
Maintenance Year (1-5) 8.00%
Vacancy 6.56%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$86,284

INVESTMENT

$86,284

Down Payment
$75,975
Rehab Estimate
$5,750
Closing Costs
$4,559

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,121

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $75,975
Loan Amount $227,925
See What Happens When You Reinvest Cash Flow

7

YEARS SAVED

$29,875

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,510

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,645

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,3993$1,4954$1,5105$1,550
$1,550
RENT COMPS ANALYSIS
  • 1862 N Morris -- Mesa, 4
    • 4 beds 2 baths ∙ 1,723 Sqft ∙ Built 1962 4 beds 2 baths ∙ 1,723 Sqft ∙ Built 1962
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,510
    • $0.88
    •  
  • 2615 N Mesa Drive Mesa, 1
    • 3 beds 2 baths ∙ 1,394 Sqft ∙ Built 1961 3 beds 2 baths ∙ 1,394 Sqft ∙ Built 1961
    property image
    LEASED 08/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.00
    •  
  • 127 E Indigo Street Mesa, 2
    • 3 beds 2 baths ∙ 1,485 Sqft ∙ Built 1977 3 beds 2 baths ∙ 1,485 Sqft ∙ Built 1977
    property image
    LEASED 08/19/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,399
    • $0.94
    •  
  • 114 W Hunter Street Mesa, 3
    • 4 beds 2 baths ∙ 1,398 Sqft ∙ Built 1979 4 beds 2 baths ∙ 1,398 Sqft ∙ Built 1979
    property image
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.07
    •  
  • 1500 N Markdale Street #12 Mesa, 5
    • 3 beds 3 baths ∙ 1,914 Sqft ∙ Built 1974 3 beds 3 baths ∙ 1,914 Sqft ∙ Built 1974
    property image
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.81
    •  
PROPERTY LISTING DETAILS
George Laughton
My Home Group Real Estate
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6121634
Last Updated: 08/23/2020
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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