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2895 E Melrose Street Gilbert, AZ 85297

4 Beds 2 Baths 2,242 sqft Built 2008

$470,000

List Price

$1,950

$1.8K - $2.1K

Rent Est.

PROPERTY INFO

February 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2008
  • Price/Sqft : $209.63
  • 3 Days on Market
  • MLS # : 6179903
  • Updated Date : 02/05/2021 at 15:52
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,242 sqft
  • Baths : 2 full
Listing Agent

Prosmart Realty

Listing Agent's Description

Welcome Home! This home is located is in the sought after Stratland Estates neighborhood in Gilbert! 4 bedroom, 2 bathroom, open floor plan, large backyard, north/south facing and all appliances included! Meticulously maintained and move in ready! Schedule your private showing today!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Stratland Estates

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $122k474k

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

Neighborhood: Stratland Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21200140016001800200022002400Rent in $10362515

* 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
Sossaman Middle School Middle Unknown 901 44 NA
Higley High School High Regular 1,596 70 7

Sossaman Middle School

  • Education Level: Middle
  • # of students: 901
  • # of teachers: 44
NA
GreatSchools Rating

Higley High School

  • Education Level: High
  • # of students: 1,596
  • # of teachers: 70
7
GreatSchools Rating
 

$423,000$517,000$470,000

PURCHASE PRICE

$1,755$2,145$1,950

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,950
EXPENSES Loan Payment -$1,632
Property Tax -$321
Property Insurance -$71
HOA -$28
Property Management Fees -$99
CASH FLOW
-$201

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.

$470,000

PROJECTED PRICE

$1,950

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 4.2%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$130,300

INVESTMENT

$130,300

Down Payment
$117,500
Rehab Estimate
$5,750
Closing Costs
$7,050

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,632

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $117,500
Loan Amount $352,500
See What Happens When You Reinvest Cash Flow

3.17

YEARS SAVED

$11,880

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
  • $2,130

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$1,8753$1,9954$1,9955$2,545
$2,545
RENT COMPS ANALYSIS
  • 2895 E Melrose Street Gilbert, AZ 1
    • 4 beds 2 baths ∙ 2,242 Sqft ∙ Built 2008 4 beds 2 baths ∙ 2,242 Sqft ∙ Built 2008
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 3636 E Warbler Road Gilbert, AZ 2
    • 4 beds 3 baths ∙ 2,162 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,162 Sqft ∙ Built 2005
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $0.87
    •  
  • 4142 S Mariposa Drive Gilbert, AZ 3
    • 4 beds 3 baths ∙ 2,162 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,162 Sqft ∙ Built 2004
    LEASED 09/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.92
    •  
  • 3242 S Moccasin Trail Gilbert, AZ 4
    • 4 beds 2 baths ∙ 2,140 Sqft ∙ Built 2001 4 beds 2 baths ∙ 2,140 Sqft ∙ Built 2001
    LEASED 06/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.93
    •  
  • 3049 E Trigger Way Gilbert, AZ 5
    • 4 beds 3 baths ∙ 2,361 Sqft ∙ Built 2012 4 beds 3 baths ∙ 2,361 Sqft ∙ Built 2012
    LEASED 11/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,545
    • $1.08
    •  
PROPERTY LISTING DETAILS
Dylan Thomas
Prosmart Realty
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6179903
Last Updated: 02/05/2021
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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