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2944 E Melrose Street Gilbert, AZ 85297

4 Beds 3 Baths 2,546 sqft Built 2012

$475,000

List Price

$2,060

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2012
  • Price/Sqft : $186.57
  • 2 Days on Market
  • MLS # : 6159272
  • Updated Date : 11/14/2020 at 10:46
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,546 sqft
  • Baths : 3 full
Listing Agent

Re/max Alliance Group

Listing Agent's Description

In one of the most sought-after neighborhoods in Gilbert, the lake community of Stratland Estates; this 4bed/3bath home boasts a rare second en-suite AND a closed-door office. Professionally cleaned and meticulously cared for with wonderful curb appeal; leads you right into light and bright interior featuring plantation shutters, a formal dining and a fluid open floor plan. Kitchen boasts granite counter tops, pendant lighting, and a large island with breakfast bar. Already wired 7 channel surround sound is perfect for gathering with friends and family. Lovely master with bay window, dual sinks and gorgeous glass framed shower. Step out onto your covered brick paver patio and enjoy the beautiful backyard with REAL GRASS! A+ Rated Schools and phenomenal shopping make this the perfect home.

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
San Tan Elementary School Primary Regular 654 32 9
San Tan Elementary School Middle Regular 654 32 9
Higley High School High Regular 1,596 70 7

San Tan Elementary School

  • Education Level: Primary
  • # of students: 654
  • # of teachers: 32
9
GreatSchools Rating

San Tan Elementary School

  • Education Level: Middle
  • # of students: 654
  • # of teachers: 32
9
GreatSchools Rating

Higley High School

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

$427,500$522,500$475,000

PURCHASE PRICE

$1,854$2,266$2,060

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,060
EXPENSES Loan Payment -$1,753
Property Tax -$324
Property Insurance -$77
HOA -$28
Property Management Fees -$99
CASH FLOW
-$220

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.

$475,000

PROJECTED PRICE

$2,060

PROJECTED RENT

0.43%

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$131,625

INVESTMENT

$131,625

Down Payment
$118,750
Rehab Estimate
$5,750
Closing Costs
$7,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,753

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $118,750
Loan Amount $356,250
See What Happens When You Reinvest Cash Flow

3.17

YEARS SAVED

$14,483

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
  • $1,954

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$1,8503$1,8994$1,9505$2,095
$2,095
RENT COMPS ANALYSIS
  • 2944 E Melrose Street Gilbert, AZ 1
    • 4 beds 3 baths ∙ 2,546 Sqft ∙ Built 2012 4 beds 3 baths ∙ 2,546 Sqft ∙ Built 2012
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 2827 E Melrose Street Gilbert, AZ 2
    • 4 beds 3 baths ∙ 2,446 Sqft ∙ Built 2009 4 beds 3 baths ∙ 2,446 Sqft ∙ Built 2009
    LEASED 04/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.76
    •  
  • 3719 S Colt Drive Gilbert, AZ 3
    • 5 beds 3 baths ∙ 2,511 Sqft ∙ Built 2000 5 beds 3 baths ∙ 2,511 Sqft ∙ Built 2000
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,899
    • $0.76
    •  
  • 3129 E Battala Court Gilbert, AZ 4
    • 4 beds 4 baths ∙ 2,693 Sqft ∙ Built 2012 4 beds 4 baths ∙ 2,693 Sqft ∙ Built 2012
    LEASED 07/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.72
    •  
  • 3804 S Shiloh Way Gilbert, AZ 5
    • 5 beds 3 baths ∙ 2,514 Sqft ∙ Built 2000 5 beds 3 baths ∙ 2,514 Sqft ∙ Built 2000
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.83
    •  
PROPERTY LISTING DETAILS
David Rosenfeld
Re/max Alliance Group
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6159272
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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