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2661 W Erie Street Chandler, AZ 85224

5 Beds 4 Baths 3,740 sqft Built 1998

$750,000

List Price

$2,550

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

January 22, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $200.53
  • 3 Days on Market
  • MLS # : 6184485
  • Updated Date : 01/22/2021 at 19:17
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,740 sqft
  • Baths : 3 full , 1 half
Listing Agent

Russ Lyon Sotheby's International Realty

Listing Agent's Description

LOCATION, LOCATION LOCATION...this 5BR, 3.5BTH, single-level, N/S facing charmer nestled on a 1/3+ acre manicured lot in the coveted, GATED COMMUNITY of Grand Reserve, CENTRALLY LOCATED near the Price Corridor, scores of entertainment, dining & retail venues w/easy access to L-101, L-202, I-10 & US60 and w/in the Chandler Unified School District, near BASIS Chandler, American Leadership Academy & many private school options, this beauty w/3 car garage, SPARKLING POOL, loads of entertainment space w/outdoor BBQ island/wet bar & an interior split floor plan, TWO MASTER SUITES, one of which comes w/ bonus space & another that is easily converted into a casita, travertine flooring throughout, GOURMET KITCHEN featuring custom Alder wood cabinets, granite counters, huge island complete w/...

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Grand Reserve

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650k700k750kPrice in $122k795k

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

Neighborhood: Grand Reserve

NeighborhoodNIR Market*CityMarket2010Year20002019 Q212001400160018002000220024002600Rent in $10452624

* 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
Conley Elementary School Primary Regular 764 43 5
Andersen Junior High School Middle Regular 924 47 6
Chandler High School High Regular 3,176 153 5

Conley Elementary School

  • Education Level: Primary
  • # of students: 764
  • # of teachers: 43
5
GreatSchools Rating

Andersen Junior High School

  • Education Level: Middle
  • # of students: 924
  • # of teachers: 47
6
GreatSchools Rating

Chandler High School

  • Education Level: High
  • # of students: 3,176
  • # of teachers: 153
5
GreatSchools Rating
 

$675,000$825,000$750,000

PURCHASE PRICE

$2,295$2,805$2,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,550
EXPENSES Loan Payment -$2,605
Property Tax -$444
Property Insurance -$100
HOA -$28
Property Management Fees -$99
CASH FLOW
-$725

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.

$750,000

PROJECTED PRICE

$2,550

PROJECTED RENT

0.34%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 7.3%
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$500k$1.0M$1.5M$2.0M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$204,500

INVESTMENT

$204,500

Down Payment
$187,500
Rehab Estimate
$5,750
Closing Costs
$11,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$2,605

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $187,500
Loan Amount $562,500
See What Happens When You Reinvest Cash Flow

0.92

YEARS SAVED

$2,740

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $0

    LIST RENT
  • $0

    LIST RENT PER SQFT
  • $2,518

    COMP ESTIMATED VALUE
  • $0.67

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,3003$2,6754$2,750
$2,750
RENT COMPS ANALYSIS
  • 2661 W Erie Street Chandler, AZ 1
    • 5 beds 4 baths ∙ 3,740 Sqft ∙ Built 1998 5 beds 4 baths ∙ 3,740 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 2443 W Detroit Place Chandler, AZ 2
    • 5 beds 3 baths ∙ 3,580 Sqft ∙ Built 1995 5 beds 3 baths ∙ 3,580 Sqft ∙ Built 1995
    LEASED 09/27/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.64
    •  
  • 440 S Emerson Street Chandler, AZ 3
    • 4 beds 4 baths ∙ 3,851 Sqft ∙ Built 2006 4 beds 4 baths ∙ 3,851 Sqft ∙ Built 2006
    LEASED 08/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,675
    • $0.69
    •  
  • 1541 S Carriage Lane Chandler, AZ 4
    • 5 beds 4 baths ∙ 4,009 Sqft ∙ Built 2000 5 beds 4 baths ∙ 4,009 Sqft ∙ Built 2000
    LEASED 08/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,750
    • $0.69
    •  
PROPERTY LISTING DETAILS
Jeremy A Wilson
Russ Lyon Sotheby's International Realty
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6184485
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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