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228 N Concord Street Gilbert, AZ 85234

3 Beds 2 Baths 1,566 sqft Built 1986

$369,000

List Price

$1,740

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

January 22, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1986
  • Price/Sqft : $235.63
  • 3 Days on Market
  • MLS # : 6184649
  • Updated Date : 01/22/2021 at 21:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,566 sqft
  • Baths : 2 full
Listing Agent

Homesmart

Listing Agent's Description

Located in the highly sought after area of North Gilbert. Walk to Downtown Gilbert and Freestone Park! ALL ON MAIN FLOOR - NO STAIRS! 2 CAR ATTACHED GARAGE! 3 bedrooms + DEN, 2 full baths. Tile and Laminate throughout. NO CARPET! Newer HVAC unit. Newer Anderson windows on west side of house. LARGE private patio and NO MAINTENANCE backyard! HOA takes care of most of the front except infront of border by house. OPEN BRIGHT KITCHEN with white cabinets with tile COUNTERTOPS, STAINLESS STEEL APPLIANCES, FLAT TOP RANGE w/Built in Microwave. 2 Tone Paint. Resort Style COMMUNITY POOL! Tons of Walking/Biking Trails. Walking distance to tons of shopping and restaurants in Downtown Gilbert. Easy access and minutes from Loop 202 and 60. Award Winning Gilbert Schools!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Gilbert

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $122k358k

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

Neighborhood: Gilbert

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2110012001300140015001600170018001900Rent in $10361987

* 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
Sonoma Ranch Elementary School Primary Regular 510 36 8
Greenfield Junior High School Middle Regular 917 44 9
Gilbert High School High Regular 2,470 113 7

Sonoma Ranch Elementary School

  • Education Level: Primary
  • # of students: 510
  • # of teachers: 36
8
GreatSchools Rating

Greenfield Junior High School

  • Education Level: Middle
  • # of students: 917
  • # of teachers: 44
9
GreatSchools Rating

Gilbert High School

  • Education Level: High
  • # of students: 2,470
  • # of teachers: 113
7
GreatSchools Rating
 

$332,100$405,900$369,000

PURCHASE PRICE

$1,566$1,914$1,740

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,740
EXPENSES Loan Payment -$1,282
Property Tax -$217
Property Insurance -$58
HOA -$102
Property Management Fees -$99
CASH FLOW
-$17

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.

$369,000

PROJECTED PRICE

$1,740

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 5.0%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$103,535

INVESTMENT

$103,535

Down Payment
$92,250
Rehab Estimate
$5,750
Closing Costs
$5,535

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,282

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $92,250
Loan Amount $276,750
See What Happens When You Reinvest Cash Flow

4.92

YEARS SAVED

$18,500

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,740

    LIST RENT
  • $1.11

    LIST RENT PER SQFT
  • $1,797

    COMP ESTIMATED VALUE
  • $1.15

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6953$1,6954$1,7005$1,740
$1,740
RENT COMPS ANALYSIS
  • 228 N Concord Street Gilbert, AZ 5
    • 3 beds 2 baths ∙ 1,566 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,566 Sqft ∙ Built 1986
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,740
    • $1.11
    •  
  • 1108 E Harbor View Drive Gilbert, AZ 1
    • 3 beds 2 baths ∙ 1,521 Sqft ∙ Built 1992 3 beds 2 baths ∙ 1,521 Sqft ∙ Built 1992
    property image
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.05
    •  
  • 802 E Vaughn Avenue Gilbert, AZ 2
    • 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,400 Sqft ∙ Built 1986
    property image
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.21
    •  
  • 143 N Nielson Street Gilbert, AZ 3
    • 3 beds 2 baths ∙ 1,493 Sqft ∙ Built 1989 3 beds 2 baths ∙ 1,493 Sqft ∙ Built 1989
    property image
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.14
    •  
  • 120 S 29th Place Gilbert, AZ 4
    • 3 beds 2 baths ∙ 1,428 Sqft ∙ Built 1980 3 beds 2 baths ∙ 1,428 Sqft ∙ Built 1980
    property image
    LEASED 01/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.19
    •  
PROPERTY LISTING DETAILS
Megan E. Williams
Homesmart
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6184649
Last Updated: 01/22/2021
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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