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2997 E Ridgewood Lane Gilbert, AZ 85298

3 Beds 2 Baths 2,000 sqft Built 2011

INVESTimate

$399,900

List Price

$1,650

$1,485 - $1,815

Rent Est.

$420,535  ( +5.16%)   1 YR EST. FORECAST

PROPERTY INFO

August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 2011
  • Price/Sqft : $199.95
  • 8 Days on Market
  • MLS # : 6119722
  • Updated Date : 08/23/2020 at 11:33
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,000 sqft
  • Baths : 2 full
Listing Agent

Berkshire Hathaway Homeservices Arizona Properties

Listing Agent's Description

Exceptional single story home in the desirable Seville community of Gilbert. This home features 3 bedroom PLUS DEN with walk in closet (could be 4th bedroom). Kitchen is nicely appointed with stainless appliances, gas range, granite counters, and sit up large island all overlooking the generous sized great room. Brand new neutral interior paint throughout and new vinyl plank wood like floors. Backyard is so lush and beautiful with BRAND new sod lawn, mature trees, and an extended patio with pergola. This home and upgrades will not disappoint and is ready to move in. The home is conveniently located down the street from a large park area and near the incredible Seville Golf and Country Club. Schedule your showing now.

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
 

$359,910$439,890$399,900

PURCHASE PRICE

$1,485$1,815$1,650

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$8.0k-$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,650
EXPENSES Loan Payment -$1,475
Property Tax -$279
Property Insurance -$66
HOA -$73
Property Management Fees -$99
CASH FLOW
-$343

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.

$399,900

PROJECTED PRICE

$1,650

PROJECTED RENT

0.41%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 5.16%
Maintenance Year (1-5) 8.00%
Vacancy 6.60%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$111,724

INVESTMENT

$111,724

Down Payment
$99,975
Rehab Estimate
$5,750
Closing Costs
$5,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,475

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $99,975
Loan Amount $299,925
See What Happens When You Reinvest Cash Flow

1.42

YEARS SAVED

$3,565

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
  • $1,825

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$1,6753$1,7004$1,7505$1,795
$1,795
RENT COMPS ANALYSIS
  • 2997 E Ridgewood Lane Gilbert, 1
    • 3 beds 2 baths ∙ 2,000 Sqft ∙ Built 2011 3 beds 2 baths ∙ 2,000 Sqft ∙ Built 2011
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 2984 E Blue Ridge Way Gilbert, 2
    • 4 beds 3 baths ∙ 1,974 Sqft ∙ Built 2005 4 beds 3 baths ∙ 1,974 Sqft ∙ Built 2005
    LEASED 11/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.85
    •  
  • 2988 E Palmdale Lane Gilbert, 3
    • 3 beds 2 baths ∙ 1,888 Sqft ∙ Built 2011 3 beds 2 baths ∙ 1,888 Sqft ∙ Built 2011
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.90
    •  
  • 2832 E Sports Court Gilbert, 4
    • 4 beds 2 baths ∙ 1,888 Sqft ∙ Built 2009 4 beds 2 baths ∙ 1,888 Sqft ∙ Built 2009
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.93
    •  
  • 3231 E Sports Drive Gilbert, 5
    • 3 beds 3 baths ∙ 1,857 Sqft ∙ Built 2010 3 beds 3 baths ∙ 1,857 Sqft ∙ Built 2010
    LEASED 04/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.97
    •  
PROPERTY LISTING DETAILS
Michelle Mazzola
Berkshire Hathaway Homeservices Arizona Properties
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6119722
Last Updated: 08/23/2020
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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