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246 W Mclellan Road Mesa, AZ 85201

3 Beds 2 Baths 1,392 sqft Built 1973

$306,000

List Price

$1,300

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

November 20, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1973
  • Price/Sqft : $219.83
  • 3 Days on Market
  • MLS # : 6156107
  • Updated Date : 11/20/2020 at 16:39
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,392 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Realty East Valley

Listing Agent's Description

This is a RARE Opportunity For Fabulous 3 Bedroom Block Home w/PRIVATE POOL in Heart of North Mesa w/NO HOA!!! Incredible Yard w/Fresh Overseeded Grass Front & Rear, New Plants & Stone throughout property. Major Improvements to this Home Just Completed in 2019-2020 Include All New Roof, New Exterior Paint, New Water Heater, New Water Softener, New Rear Block Wall, New Dishwasher & Garbage Disposal, Too!! 2 Car Garage and RV Gate with Room for Extra Parking, Boat or Trailer! Extra Storage Shed is Huge Plus!! Sought after location just off the North 202 Loop. You'll Fall in love with this Charming Single Level Home w/wood flooring & tile...NO CARPET! 2 Bathrooms have both been updated with New Raised Toilets & Fixtures. Master Bath has New Vanity & New Wood Plank Tile just installed.

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
 

$275,400$336,600$306,000

PURCHASE PRICE

$1,170$1,430$1,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,300
EXPENSES Loan Payment -$1,129
Property Tax -$159
Property Insurance -$54
Property Management Fees -$99
CASH FLOW
-$141

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.

$306,000

PROJECTED PRICE

$1,300

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.32%
Appreciation Year (1-5) 8.6%
Maintenance Year (1-5) 8.00%
Vacancy 6.56%
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-$4.0k-$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$86,840

INVESTMENT

$86,840

Down Payment
$76,500
Rehab Estimate
$5,750
Closing Costs
$4,590

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,129

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $76,500
Loan Amount $229,500
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$10,885

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,300

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,409

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,3953$1,4954$1,5005$1,500
$1,500
RENT COMPS ANALYSIS
  • 246 W Mclellan Road Mesa, AZ 1
    • 3 beds 2 baths ∙ 1,392 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,392 Sqft ∙ Built 1973
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.93
    •  
  • 222 W Brown Road #88 Mesa, AZ 2
    • 3 beds 2 baths ∙ 1,343 Sqft ∙ Built 1981 3 beds 2 baths ∙ 1,343 Sqft ∙ Built 1981
    LEASED 09/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.04
    •  
  • 114 W Hunter Street Mesa, AZ 3
    • 4 beds 2 baths ∙ 1,398 Sqft ∙ Built 1979 4 beds 2 baths ∙ 1,398 Sqft ∙ Built 1979
    LEASED 06/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.07
    •  
  • 910 N Cherry -- Mesa, AZ 4
    • 3 beds 2 baths ∙ 1,520 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,520 Sqft ∙ Built 1978
    LEASED 08/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.99
    •  
  • 310 W Mclellan Road Mesa, AZ 5
    • 4 beds 2 baths ∙ 1,584 Sqft ∙ Built 1973 4 beds 2 baths ∙ 1,584 Sqft ∙ Built 1973
    LEASED 11/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.95
    •  
PROPERTY LISTING DETAILS
Carol A. Royse
Keller Williams Realty East Valley
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6156107
Last Updated: 11/20/2020
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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