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22240 S 224th Place Queen Creek, AZ 85142

4 Beds 2 Baths 2,061 sqft Built 2016

$399,900

List Price

$1,790

$1.6K - $2K

Rent Est.

PROPERTY INFO

January 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2016
  • Price/Sqft : $194.03
  • 4 Days on Market
  • MLS # : 6186835
  • Updated Date : 01/30/2021 at 02:48
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,061 sqft
  • Baths : 2 full
Listing Agent

Realty One Group

Listing Agent's Description

Come see this home and all it has to offer! The kitchen boasts granite counter tops, a massive island, a breakfast bar, undermount sink, gorgeous espresso cabinets (LOTS of them!), a double wall oven, and a large corner pantry. The kitchen is the heart of this home! The large open floorplan brings in plenty of light. Step out the large glass sliding door and check out that brand new backyard! The pavers and artificial turf are just perfect. Room enough for a game of catch with Jr., while still being low maintenance. You will love the large master bedroom with walk in closet. The soaker tub is the ideal spot to relax after dealing with zoom calls all day! Make sure you take time to explore the many parks in the neighborhood as well as the amazing community pool!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Meridian

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $122k358k

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

Neighborhood: Meridian

ZipNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600170018001900Rent in $9801981

* 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
Jack Barnes Elementary School Primary Regular 489 23 10
Queen Creek Middle School Middle Regular 787 33 6
Queen Creek High School High Regular 1,799 73 5

Jack Barnes Elementary School

  • Education Level: Primary
  • # of students: 489
  • # of teachers: 23
10
GreatSchools Rating

Queen Creek Middle School

  • Education Level: Middle
  • # of students: 787
  • # of teachers: 33
6
GreatSchools Rating

Queen Creek High School

  • Education Level: High
  • # of students: 1,799
  • # of teachers: 73
5
GreatSchools Rating
 

$359,910$439,890$399,900

PURCHASE PRICE

$1,611$1,969$1,790

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,790
EXPENSES Loan Payment -$1,389
Property Tax -$292
Property Insurance -$67
HOA -$102
Property Management Fees -$99
CASH FLOW
-$159

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.

$399,900

PROJECTED PRICE

$1,790

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 6.7%
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$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$0.0$5.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$111,724

INVESTMENT

$111,724

Down Payment
$99,975
Rehab Estimate
$5,750
Closing Costs
$5,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,389

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $99,975
Loan Amount $299,925
See What Happens When You Reinvest Cash Flow

3.17

YEARS SAVED

$9,952

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,790

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,778

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,6753$1,7904$1,8955$1,900
$1,900
RENT COMPS ANALYSIS
  • 22240 S 224th Place Queen Creek, AZ 3
    • 4 beds 2 baths ∙ 2,061 Sqft ∙ Built 2016 4 beds 2 baths ∙ 2,061 Sqft ∙ Built 2016
    • Rent
    • Rent Per SQFT
    •  
    • $1,790
    • $0.87
    •  
  • 22261 E Via Del Palo -- Queen Creek, AZ 1
    • 3 beds 3 baths ∙ 1,893 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,893 Sqft ∙ Built 2006
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.79
    •  
  • 23382 S 222nd Street Queen Creek, AZ 2
    • 4 beds 2 baths ∙ 2,038 Sqft ∙ Built 2005 4 beds 2 baths ∙ 2,038 Sqft ∙ Built 2005
    LEASED 06/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.82
    •  
  • 22507 E Creosote Drive Queen Creek, AZ 4
    • 4 beds 2 baths ∙ 1,942 Sqft ∙ Built 2015 4 beds 2 baths ∙ 1,942 Sqft ∙ Built 2015
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.98
    •  
  • 22560 E Via Estancia -- Queen Creek, AZ 5
    • 4 beds 2 baths ∙ 2,202 Sqft ∙ Built 2019 4 beds 2 baths ∙ 2,202 Sqft ∙ Built 2019
    LEASED 11/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.86
    •  
PROPERTY LISTING DETAILS
Jeremy Brewer
Realty One Group
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6186835
Last Updated: 01/30/2021
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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