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2883 E Ridgewood Lane Gilbert, AZ 85298

3 Beds 3 Baths 2,381 sqft Built 2012

$526,500

List Price

$2,110

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2012
  • Price/Sqft : $221.13
  • 2 Days on Market
  • MLS # : 6160599
  • Updated Date : 11/14/2020 at 20:56
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,381 sqft
  • Baths : 2 full , 1 half
Listing Agent

United Brokers Group

Listing Agent's Description

Stunning former model w/new plantation shutters, Casablanca fans, R/O, & interior paint throughout (2019); New front yard landscaping, paver driveway, pathway lighting, & toilets (2020); wood floors w/stone & glass inlay, 42'' glazed maple cabinets w/hardware, granite countertops w/tile backsplash, kitchen island, SS appliances & gas stove; fireplace media center, brushed nickel light fixtures & door hardware. Amazing master bathroom w/ ''his and hers'' vanities & oversized shower & garden tub; beautiful backyard w/Sunbrella shade, pergola, & gorgeous pool! Environments for Living ''Gold Standard'' for remarkable comfort, energy efficiency & environmental sustainability! Lot upgrade just 2 houses from huge park & quick access to top schools. Plus, Seville clubhouse & resort amenities!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Seville

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380kPrice in $122k388k

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

Neighborhood: Seville

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10362109

* 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
Patterson Elementary School Primary Regular 959 49 9
Patterson Elementary School Middle Regular 959 49 9
Basha High School High Regular 2,646 125 8

Patterson Elementary School

  • Education Level: Primary
  • # of students: 959
  • # of teachers: 49
9
GreatSchools Rating

Patterson Elementary School

  • Education Level: Middle
  • # of students: 959
  • # of teachers: 49
9
GreatSchools Rating

Basha High School

  • Education Level: High
  • # of students: 2,646
  • # of teachers: 125
8
GreatSchools Rating
 

$473,850$579,150$526,500

PURCHASE PRICE

$1,899$2,321$2,110

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,110
EXPENSES Loan Payment -$1,943
Property Tax -$368
Property Insurance -$74
HOA -$12
Property Management Fees -$99
CASH FLOW
-$385

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.

$526,500

PROJECTED PRICE

$2,110

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 5.2%
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$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$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$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$145,273

INVESTMENT

$145,273

Down Payment
$131,625
Rehab Estimate
$5,750
Closing Costs
$7,898

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,943

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $131,625
Loan Amount $394,875
See What Happens When You Reinvest Cash Flow

2

YEARS SAVED

$7,780

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,110

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $2,161

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,918
1$1,9182$2,1003$2,1104$2,1955$2,395
$2,395
RENT COMPS ANALYSIS
  • 2883 E Ridgewood Lane Gilbert, AZ 3
    • 3 beds 3 baths ∙ 2,381 Sqft ∙ Built 2012 3 beds 3 baths ∙ 2,381 Sqft ∙ Built 2012
    • Rent
    • Rent Per SQFT
    •  
    • $2,110
    • $0.89
    •  
  • 6248 S Moccasin Trail Gilbert, AZ 1
    • 4 beds 2 baths ∙ 2,248 Sqft ∙ Built 2003 4 beds 2 baths ∙ 2,248 Sqft ∙ Built 2003
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,918
    • $0.85
    •  
  • 3340 E Ravenswood Drive Gilbert, AZ 2
    • 4 beds 3 baths ∙ 2,340 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,340 Sqft ∙ Built 2007
    LEASED 05/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.90
    •  
  • 6251 S Legend Court Gilbert, AZ 4
    • 3 beds 2 baths ∙ 2,248 Sqft ∙ Built 2002 3 beds 2 baths ∙ 2,248 Sqft ∙ Built 2002
    LEASED 07/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $0.98
    •  
  • 2900 E Killarney Street Gilbert, AZ 5
    • 3 beds 3 baths ∙ 2,675 Sqft ∙ Built 2016 3 beds 3 baths ∙ 2,675 Sqft ∙ Built 2016
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,395
    • $0.90
    •  
PROPERTY LISTING DETAILS
Lynda Redding
United Brokers Group
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6160599
Last Updated: 11/14/2020
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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