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2831 E Southern Avenue #124 Mesa, AZ 85204

2 Beds 2 Baths 993 sqft Built 2003

$225,000

List Price

$1,210

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

November 27, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $226.59
  • 3 Days on Market
  • MLS # : 6165111
  • Updated Date : 11/27/2020 at 02:15
CONSTRUCTION
  • Beds : 2
  • Floor Size : 993 sqft
  • Baths : 2 full
Listing Agent

Nexgen Real Estate

Listing Agent's Description

You're going to love this amazing condo in the heart of Mesa. You'll be close to great schools & parks, restaurants, shopping, theaters, and only minutes to the US-60. 2 spacious bedrooms with ceiling fans. The property has laminate wood flooring through all the main living areas and neutral color paint throughout. Your new kitchen has track lighting, pantry, stainless steel double sink, and plenty of cabinet storage. Ideal starter home if you're a first time buyer or if you want to downsize. It's also a great rental if you are an investor. Either way you don't want to miss out on this great opportunity. Hurry & come take a look before it's gone. You won't be disappointed.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: East Mesa

ZipNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $92k271k

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

Neighborhood: East Mesa

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800Rent in $10181805

* 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
Mesa High School High Regular 3,406 155 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

Mesa High School

  • Education Level: High
  • # of students: 3,406
  • # of teachers: 155
4
GreatSchools Rating
 

$202,500$247,500$225,000

PURCHASE PRICE

$1,089$1,331$1,210

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,210
EXPENSES Loan Payment -$830
Property Tax -$117
Property Insurance -$47
HOA -$190
Property Management Fees -$99
CASH FLOW
-$72

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$225,000

PROJECTED PRICE

$1,210

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.35%
Appreciation Year (1-5) 6.5%
Maintenance Year (1-5) 8.00%
Vacancy 6.24%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$830

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$8,652

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,210

    LIST RENT
  • $1.22

    LIST RENT PER SQFT
  • $1,013

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$995
1$9952$1,2103$1,3004$1,350
$1,350
RENT COMPS ANALYSIS
  • 2831 E Southern Avenue #124 Mesa, AZ 2
    • 2 beds 2 baths ∙ 993 Sqft ∙ Built 2003 2 beds 2 baths ∙ 993 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,210
    • $1.22
    •  
  • 1927 E Hampton Avenue #136 Mesa, AZ 1
    • 2 beds 2 baths ∙ 988 Sqft ∙ Built 1986 2 beds 2 baths ∙ 988 Sqft ∙ Built 1986
    LEASED 08/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $995
    • $1.01
    •  
  • 1015 S Val Vista Drive #73 Mesa, AZ 3
    • 2 beds 3 baths ∙ 1,245 Sqft ∙ Built 2003 2 beds 3 baths ∙ 1,245 Sqft ∙ Built 2003
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.04
    •  
  • 1350 S Greenfield Road #2073 Mesa, AZ 4
    • 2 beds 2 baths ∙ 1,342 Sqft ∙ Built 2008 2 beds 2 baths ∙ 1,342 Sqft ∙ Built 2008
    LEASED 11/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.01
    •  
PROPERTY LISTING DETAILS
Jessica R Murphy
Nexgen Real Estate
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6165111
Last Updated: 11/27/2020
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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