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3055 N Red Mountain -- #203 Mesa, AZ 85207

3 Beds 2 Baths 1,603 sqft Built 1997

$400,000

List Price

$1,420

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 1997
  • Price/Sqft : $249.53
  • 2 Days on Market
  • MLS # : 6157535
  • Updated Date : 11/07/2020 at 17:30
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,603 sqft
  • Baths : 2 full
Listing Agent

Re/max Alliance Group

Listing Agent's Description

Beautiful home in Ironwood Pass in Northeast Mesa's Premier Golf Community of Las Sendas. This home has new carpet and fresh paint. The resort like backyard is vey private with a wash behind and another one on the side. Extensive lighting gives a magical feel with lots of trees and plants and the oversized patio has a custom lattice awning that gives lots of room for entertaining. Split Master Suite has custom iron security screen doors to the patio, as well as the living room and front door. This home shows bright and open with lovely views from all the windows. Original owners have used this as a vacation home and it shows like a new home! Please note: Charlie, the 23 yr old rattlesnake in the backyard is not real!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Las Sendas

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450kPrice in $109k477k

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

Neighborhood: Las Sendas

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100220023002400Rent in $10342434

* 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
Fremont Junior High School High Regular 976 48 7

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

Fremont Junior High School

  • Education Level: High
  • # of students: 976
  • # of teachers: 48
7
GreatSchools Rating
 

$360,000$440,000$400,000

PURCHASE PRICE

$1,278$1,562$1,420

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,420
EXPENSES Loan Payment -$1,476
Property Tax -$208
Property Insurance -$58
HOA -$41
Property Management Fees -$99
CASH FLOW
-$461

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.

$400,000

PROJECTED PRICE

$1,420

PROJECTED RENT

0.36%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 2.0%
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

PROJECTED ANNUAL CASH FLOW

11530-$8.0k-$6.0k-$4.0k-$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$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$111,750

INVESTMENT

$111,750

Down Payment
$100,000
Rehab Estimate
$5,750
Closing Costs
$6,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$1,476

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $100,000
Loan Amount $300,000
See What Happens When You Reinvest Cash Flow

0.67

YEARS SAVED

$1,024

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,420

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,707

    COMP ESTIMATED VALUE
  • $1.07

    COMP AVG. RENT PER SQFT
Comps Range
$1,420
1$1,4202$1,4503$1,7504$1,9955$1,995
$1,995
RENT COMPS ANALYSIS
  • 3055 N Red Mountain -- #203 Mesa, AZ 1
    • 3 beds 2 baths ∙ 1,603 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,603 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $1,420
    • $0.89
    •  
  • 3347 N Silverado Street Mesa, AZ 2
    • 3 beds 3 baths ∙ 1,475 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,475 Sqft ∙ Built 2003
    LEASED 11/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.98
    •  
  • 3433 N Silverado Street Mesa, AZ 3
    • 3 beds 3 baths ∙ 1,702 Sqft ∙ Built 2000 3 beds 3 baths ∙ 1,702 Sqft ∙ Built 2000
    LEASED 10/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.03
    •  
  • 7005 E Russell Street Mesa, AZ 4
    • 3 beds 2 baths ∙ 1,756 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,756 Sqft ∙ Built 2002
    LEASED 07/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.14
    •  
  • 7521 E Oasis Circle Mesa, AZ 5
    • 3 beds 2 baths ∙ 1,794 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,794 Sqft ∙ Built 1998
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $1.11
    •  
PROPERTY LISTING DETAILS
Denise Hurd
Re/max Alliance Group
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6157535
Last Updated: 11/07/2020
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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