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308 S Monterey Street Gilbert, AZ 85233

3 Beds 2 Baths 1,480 sqft Built 1978

$425,000

List Price

$1,480

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1978
  • Price/Sqft : $287.16
  • 2 Days on Market
  • MLS # : 6212672
  • Updated Date : 03/26/2021 at 19:50
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,480 sqft
  • Baths : 2 full
Listing Agent

Stunning Homes Realty

Listing Agent's Description

Look no further!! This home is everything you are looking for AND SO MUCH MORE! 3 bedroom, 2 bathroom, freshly remodeled home with a pool super close to Downtown Gilbert. With its gorgeous sand blasted exterior, fresh paint, and brand new front landscaping featuring artificial turf and paved stepping stones it will be love at first sight. Step inside to this gorgeous living space with tons of natural light and a beautiful kitchen featuring brand new European Slab inspired cabinets, a stunning quartz island with waterfall edges, all new stainless steel appliances, large sink, sliding glass doors to your backyard, and lovely new lighting fixtures. Every bedroom has new carpets, plenty of space, and good size closets. Both bathrooms have been fully renovated and feature

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
Mesquite Jr High School Middle Regular 715 34 7
Mesquite High School High Regular 2,000 82 6
Mesquite Jr High School Middle Unknown NA

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

Mesquite Jr High School

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

$382,500$467,500$425,000

PURCHASE PRICE

$1,332$1,628$1,480

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,480
EXPENSES Loan Payment -$1,476
Property Tax -$250
Property Insurance -$56
Property Management Fees -$99
CASH FLOW
-$401

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.

$425,000

PROJECTED PRICE

$1,480

PROJECTED RENT

0.35%

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

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$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$118,375

INVESTMENT

$118,375

Down Payment
$106,250
Rehab Estimate
$5,750
Closing Costs
$6,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,476

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $106,250
Loan Amount $318,750
See What Happens When You Reinvest Cash Flow

1.33

YEARS SAVED

$2,504

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,480

    LIST RENT
  • $1

    LIST RENT PER SQFT
  • $1,502

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$1,480
1$1,4802$1,5953$1,6504$1,6505$1,800
$1,800
RENT COMPS ANALYSIS
  • 308 S Monterey Street Gilbert, AZ 1
    • 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,480 Sqft ∙ Built 1978
    • Rent
    • Rent Per SQFT
    •  
    • $1,480
    • $1.00
    •  
  • 526 S Quail Lane Gilbert, AZ 2
    • 3 beds 2 baths ∙ 1,642 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,642 Sqft ∙ Built 1991
    LEASED 04/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.97
    •  
  • 107 W Tumbleweed Court Gilbert, AZ 3
    • 3 beds 2 baths ∙ 1,670 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,670 Sqft ∙ Built 1996
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.99
    •  
  • 432 W Century Court Gilbert, AZ 4
    • 3 beds 2 baths ∙ 1,624 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,624 Sqft ∙ Built 1997
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.02
    •  
  • 180 W Sagebrush Street Gilbert, AZ 5
    • 3 beds 2 baths ∙ 1,670 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,670 Sqft ∙ Built 1996
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.08
    •  
PROPERTY LISTING DETAILS
Taylor Slevin
Stunning Homes Realty
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6212672
Last Updated: 03/26/2021
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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