Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

321 E Devon Drive Gilbert, AZ 85296

4 Beds 3 Baths 2,167 sqft Built 1995

INVESTimate

$549,000

List Price

$2,160

$1,944 - $2,376

Rent Est.

$576,395  ( +4.99%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1995
  • Price/Sqft : $253.35
  • 9 Days on Market
  • MLS # : 6119306
  • Updated Date : 08/18/2020 at 18:28
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,167 sqft
  • Baths : 2 full , 1 half
Listing Agent

Realty One Group

Listing Agent's Description

BEST LOCATION IN GILBERT! This 4 bedroom home in the heart of Gilbert sits on a corner lot and features an RV gate, 3 car garage, PebbleTec pool with waterfall to cool off during these hot Arizona summers, and is minutes away from Downtown Gilbert. Home is near ''A+ rated'' Gilbert Public Schools, such as South Valley Jr. High and Mesquite High School, and is a short 3 minute walk to Settler's Point Elementary School. Location is everything, as this property is also minutes away from the Gilbert Police Department, LifeTime Fitness, and the Gilbert Town Square, which features an AMC theater and other restaurants and shops. This amazing home also features vaulted ceilings, upstairs loft, pergola covered patio, and a beautiful kitchen with upgraded cabinets and granite countertops. Offer now!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Gilbert

ZipNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $122k358k

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

Neighborhood: Gilbert

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2110012001300140015001600170018001900Rent in $10361987

* 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
Settlers Point Elementary School Primary Regular 638 38 8
South Valley Jr. High School Middle Regular 1,193 53 9
Campo Verde High School High Regular 2,094 86 8

Settlers Point Elementary School

  • Education Level: Primary
  • # of students: 638
  • # of teachers: 38
8
GreatSchools Rating

South Valley Jr. High School

  • Education Level: Middle
  • # of students: 1,193
  • # of teachers: 53
9
GreatSchools Rating

Campo Verde High School

  • Education Level: High
  • # of students: 2,094
  • # of teachers: 86
8
GreatSchools Rating
 

$494,100$603,900$549,000

PURCHASE PRICE

$1,944$2,376$2,160

RENT

DOWN PAYMENT
FINANCING

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-$10k-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,160
EXPENSES Loan Payment -$2,026
Property Tax -$323
Property Insurance -$69
HOA -$58
Property Management Fees -$99
CASH FLOW
-$415

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.

$549,000

PROJECTED PRICE

$2,160

PROJECTED RENT

0.39%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 4.99%
Maintenance Year (1-5) 8.00%
Vacancy 6.60%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$151,235

INVESTMENT

$151,235

Down Payment
$137,250
Rehab Estimate
$5,750
Closing Costs
$8,235

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$2,026

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $137,250
Loan Amount $411,750
See What Happens When You Reinvest Cash Flow

1.83

YEARS SAVED

$7,591

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,160

    LIST RENT
  • $1

    LIST RENT PER SQFT
  • $2,140

    COMP ESTIMATED VALUE
  • $0.99

    COMP AVG. RENT PER SQFT
Comps Range
$1,850
1$1,8502$1,9503$2,0504$2,1605$2,195
$2,195
RENT COMPS ANALYSIS
  • 321 E Devon Drive Gilbert, 4
    • 4 beds 3 baths ∙ 2,167 Sqft ∙ Built 1995 4 beds 3 baths ∙ 2,167 Sqft ∙ Built 1995
    • Rent
    • Rent Per SQFT
    •  
    • $2,160
    • $1.00
    •  
  • 867 E Cathy Drive Gilbert, 1
    • 3 beds 3 baths ∙ 2,041 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,041 Sqft ∙ Built 2001
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.91
    •  
  • 1151 S Hazel Street Gilbert, 2
    • 3 beds 3 baths ∙ 2,041 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,041 Sqft ∙ Built 2001
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.96
    •  
  • 514 E Sherri Drive Gilbert, 3
    • 4 beds 3 baths ∙ 2,039 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,039 Sqft ∙ Built 1997
    LEASED 06/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,050
    • $1.01
    •  
  • 469 E Sherri Drive Gilbert, 5
    • 4 beds 3 baths ∙ 2,049 Sqft ∙ Built 1998 4 beds 3 baths ∙ 2,049 Sqft ∙ Built 1998
    LEASED 05/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,195
    • $1.07
    •  
PROPERTY LISTING DETAILS
Jeremy R Manning
Realty One Group
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6119306
Last Updated: 08/18/2020
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.

BESbswy