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3178 E Merlot Street Gilbert, AZ 85298

3 Beds 2 Baths 1,815 sqft Built 2004

INVESTimate

$350,000

List Price

$1,720

$1,548 - $1,892

Rent Est.

$363,895  ( +3.97%)   1 YR EST. FORECAST

PROPERTY INFO

August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 2004
  • Price/Sqft : $192.84
  • 2 Days on Market
  • MLS # : 6121649
  • Updated Date : 08/25/2020 at 22:29
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,815 sqft
  • Baths : 2 full
Listing Agent

Prosmart Realty

Listing Agent's Description

Gorgeous 3 bedroom 2 bath home, with a den! This home features a private one of a kind gated courtyard for extra outdoor living. Spacious open floor plan with large living room. Eat-in kitchen offers a breakfast bar, kitchen island, gas stove, stainless steel appliances with a pantry! Additional den is great for a play room or home office. Large master bedroom and master bath includes double sinks, separate shower /tub, and a walk-in closet. Two more spacious bedrooms and guest bath. Plantation shutters throughout, pergo and tile flooring throughout, no carpet. Enjoy the beautiful private backyard with synthetic grass lawn and covered patio. 2 car garage .Many custom features. Makes sure to see the 3D virtual tour.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Country Shadows

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $122k378k

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

Neighborhood: Country Shadows

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000Rent in $10362023

* 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
 

$315,000$385,000$350,000

PURCHASE PRICE

$1,548$1,892$1,720

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$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,720
EXPENSES Loan Payment -$1,291
Property Tax -$222
Property Insurance -$63
HOA -$70
Property Management Fees -$99
CASH FLOW
-$25

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.

$350,000

PROJECTED PRICE

$1,720

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 3.97%
Maintenance Year (1-5) 8.00%
Vacancy 6.60%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,500

INVESTMENT

$98,500

Down Payment
$87,500
Rehab Estimate
$5,750
Closing Costs
$5,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,291

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,500
Loan Amount $262,500
See What Happens When You Reinvest Cash Flow

5

YEARS SAVED

$21,111

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,720

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,842

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$1,675
1$1,6752$1,7003$1,7204$1,8005$1,900
$1,900
RENT COMPS ANALYSIS
  • 3178 E Merlot Street Gilbert, 3
    • 3 beds 2 baths ∙ 1,815 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,815 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $1,720
    • $0.95
    •  
  • 3540 E Pinot Noir Avenue Gilbert, 1
    • 3 beds 2 baths ∙ 1,750 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,750 Sqft ∙ Built 2008
    LEASED 12/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.96
    •  
  • 3352 E Lafayette Avenue Gilbert, 2
    • 3 beds 2 baths ∙ 1,664 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,664 Sqft ∙ Built 2005
    LEASED 10/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $1.02
    •  
  • 3068 E Ravenswood Drive Gilbert, 4
    • 4 beds 2 baths ∙ 1,815 Sqft ∙ Built 2004 4 beds 2 baths ∙ 1,815 Sqft ∙ Built 2004
    LEASED 07/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.99
    •  
  • 3519 E Pinot Noir Avenue Gilbert, 5
    • 3 beds 2 baths ∙ 1,750 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,750 Sqft ∙ Built 2008
    LEASED 04/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.09
    •  
PROPERTY LISTING DETAILS
Michelle Lynn Nelson
Prosmart Realty
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6121649
Last Updated: 08/25/2020
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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