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267 W Washington Avenue Gilbert, AZ 85233

3 Beds 2 Baths 1,234 sqft Built 1994

$359,000

List Price

$1,350

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1994
  • Price/Sqft : $290.92
  • 4 Days on Market
  • MLS # : 6205878
  • Updated Date : 03/13/2021 at 01:21
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,234 sqft
  • Baths : 2 full
Listing Agent

Homesmart

Listing Agent's Description

Absolutely lovely home RIGHT near downtown Gilbert! The perfect location, within walking distance of downtown Gilbert! This home has been completed updated and well cared for! Updated kitchen, with large kitchen island, beautiful granite countertops, and bright, open windows! Great room flows beautifully into kitchen. Bathroom showers have been updated with beautiful tile, and are the perfect oasis! Step outside to the covered patio, and enjoy the wonderful grass yard, and step into the master bedroom with the sliding glass door. All windows have been replaced with high energy efficient windows, and with the added solar system, this home has very low energy costs! Don't let this one get away!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Ridgewood by Shea

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320kPrice in $83k337k

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

Neighborhood: Ridgewood by Shea

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441866

* 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
Mesquite Jr High School Middle Regular 715 34 7
Mesquite High School High Regular 2,000 82 6
Mesquite Jr High School Middle Unknown NA

Mesquite Jr High School

  • Education Level: Middle
  • # of students: 715
  • # of teachers: 34
7
GreatSchools Rating

Mesquite High School

  • Education Level: High
  • # of students: 2,000
  • # of teachers: 82
6
GreatSchools Rating

Mesquite Jr High School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$323,100$394,900$359,000

PURCHASE PRICE

$1,215$1,485$1,350

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,350
EXPENSES Loan Payment -$1,247
Property Tax -$211
Property Insurance -$51
HOA -$17
Property Management Fees -$99
CASH FLOW
-$276

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.

$359,000

PROJECTED PRICE

$1,350

PROJECTED RENT

0.38%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.32%
Appreciation Year (1-5) 5.4%
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-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

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$100,885

INVESTMENT

$100,885

Down Payment
$89,750
Rehab Estimate
$5,750
Closing Costs
$5,385

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,247

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $89,750
Loan Amount $269,250
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$3,902

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,350

    LIST RENT
  • $1.09

    LIST RENT PER SQFT
  • $1,357

    COMP ESTIMATED VALUE
  • $1.1

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,4503$1,4954$1,6955$1,750
$1,750
RENT COMPS ANALYSIS
  • 267 W Washington Avenue Gilbert, AZ 1
    • 3 beds 2 baths ∙ 1,234 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,234 Sqft ∙ Built 1994
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.09
    •  
  • 158 W Heather Avenue Gilbert, AZ 2
    • 3 beds 2 baths ∙ 1,286 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,286 Sqft ∙ Built 2004
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.13
    •  
  • 25 N Cholla Street Gilbert, AZ 3
    • 3 beds 2 baths ∙ 1,384 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,384 Sqft ∙ Built 1994
    LEASED 09/20/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.08
    •  
  • 476 N Alder Court Gilbert, AZ 4
    • 3 beds 3 baths ∙ 1,572 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,572 Sqft ∙ Built 2005
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.08
    •  
  • 158 W Commerce Court #39 Gilbert, AZ 5
    • 3 beds 3 baths ∙ 1,572 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,572 Sqft ∙ Built 2004
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.11
    •  
PROPERTY LISTING DETAILS
Kyle Kinnaman
Homesmart
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6205878
Last Updated: 03/13/2021
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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