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307 S Neely Street Gilbert, AZ 85233

5 Beds 3 Baths 2,450 sqft Built 1977

$430,000

List Price

$2,030

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

November 14, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1977
  • Price/Sqft : $175.51
  • 2 Days on Market
  • MLS # : 6159807
  • Updated Date : 11/14/2020 at 11:51
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,450 sqft
  • Baths : 3 full
Listing Agent

Keller Williams Realty Sonoran Living

Listing Agent's Description

From the shaded entryway through the huge, green backyard, this home screams special! Laminate Flooring in all the living areas and a new kitchen with white cabinets and granite counters are ready for their new owner. There are so many cabinets and cupboards in this new kitchen along with an island with pendant lighting. Garage is converted to a one-bedroom apartment with kitchenette. Great for income or a for mother-in-law suite as it has it's own entrance. Main house is 1920 sq ft with 4 bedrooms and 2 baths. Guest Quarters/mother in law suite/apartment is 520 sq ft and consists of one bedroom and one bathroom along with a living area.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Old West Estates

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $101k337k

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

Neighborhood: Old West Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8271866

* 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
Gilbert Elementary School Primary Regular 592 39 6
Mesquite Jr High School Middle Regular 715 34 7
Mesquite High School High Regular 2,000 82 6

Gilbert Elementary School

  • Education Level: Primary
  • # of students: 592
  • # of teachers: 39
6
GreatSchools Rating

Mesquite Jr High School

  • Education Level: Middle
  • # of students: 715
  • # of teachers: 34
7
GreatSchools Rating

Mesquite High School

  • Education Level: High
  • # of students: 2,000
  • # of teachers: 82
6
GreatSchools Rating
 

$387,000$473,000$430,000

PURCHASE PRICE

$1,827$2,233$2,030

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,030
EXPENSES Loan Payment -$1,587
Property Tax -$253
Property Insurance -$75
Property Management Fees -$99
CASH FLOW
$17

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$430,000

PROJECTED PRICE

$2,030

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.35%
Appreciation Year (1-5) 5.0%
Maintenance Year (1-5) 8.00%
Vacancy 6.24%
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$0.0$5.0k$10k$15k$20k

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$119,700

INVESTMENT

$119,700

Down Payment
$107,500
Rehab Estimate
$5,750
Closing Costs
$6,450

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,587

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $107,500
Loan Amount $322,500
See What Happens When You Reinvest Cash Flow

6

YEARS SAVED

$34,100

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,030

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $2,346

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,895
1$1,8952$1,9953$2,0304$2,2255$2,495
$2,495
RENT COMPS ANALYSIS
  • 307 S Neely Street Gilbert, AZ 3
    • 5 beds 3 baths ∙ 2,450 Sqft ∙ Built 1977 5 beds 3 baths ∙ 2,450 Sqft ∙ Built 1977
    • Rent
    • Rent Per SQFT
    •  
    • $2,030
    • $0.83
    •  
  • 629 S Burk Street Gilbert, AZ 1
    • 4 beds 2 baths ∙ 2,134 Sqft ∙ Built 1994 4 beds 2 baths ∙ 2,134 Sqft ∙ Built 1994
    LEASED 08/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.89
    •  
  • 626 W Palo Verde Street Gilbert, AZ 2
    • 4 beds 3 baths ∙ 2,210 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,210 Sqft ∙ Built 1988
    LEASED 08/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.90
    •  
  • 843 W Bruce Avenue Gilbert, AZ 4
    • 4 beds 3 baths ∙ 2,146 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,146 Sqft ∙ Built 1997
    LEASED 07/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,225
    • $1.04
    •  
  • 1118 W Newport Beach Drive Gilbert, AZ 5
    • 4 beds 3 baths ∙ 2,493 Sqft ∙ Built 1987 4 beds 3 baths ∙ 2,493 Sqft ∙ Built 1987
    LEASED 08/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $1.00
    •  
PROPERTY LISTING DETAILS
Katie Taylor
Keller Williams Realty Sonoran Living
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6159807
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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