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337 N 61st Street Mesa, AZ 85205

3 Beds 2 Baths 1,639 sqft Built 1973

$275,000

List Price

$1,430

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1973
  • Price/Sqft : $167.79
  • 2 Days on Market
  • MLS # : 6187603
  • Updated Date : 01/31/2021 at 04:15
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,639 sqft
  • Baths : 2 full
Listing Agent

My Home Group Real Estate

Listing Agent's Description

Your new home is waiting for you! This charming property is located in a great adult neighborhood in desirable Mesa! Providing low maintenance landscaping and a 2 car garage plus slab driveway. The interior offers a large living area, carpet in all the right places, roomy bedrooms, a dining room with a lovely chandelier, and a family room with a cozy fireplace. Practice your cooking skills in this efficient kitchen that provides black appliances, a dual sink, and oak cabinets. Inside the master bedroom, you will find his/her sliding door closet and bathroom with a step-in shower. The perfectly sized backyard with a covered patio is just perfect for relaxing afternoons. This home is very light and bright. You won't want to miss this well cared for home, book a showing today!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Dreamland Villa

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $81k271k

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

Neighborhood: Dreamland Villa

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500Rent in $7941567

* 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
Fremont Junior High School Middle Regular 976 48 7
Red Mountain High School High Regular 3,347 145 7

Fremont Junior High School

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

Red Mountain High School

  • Education Level: High
  • # of students: 3,347
  • # of teachers: 145
7
GreatSchools Rating
 

$247,500$302,500$275,000

PURCHASE PRICE

$1,287$1,573$1,430

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,430
EXPENSES Loan Payment -$955
Property Tax -$162
Property Insurance -$59
Property Management Fees -$99
CASH FLOW
$155

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.

$275,000

PROJECTED PRICE

$1,430

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.32%
Appreciation Year (1-5) 9.1%
Maintenance Year (1-5) 8.00%
Vacancy 6.56%
Length of Stay Years 2

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$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$78,625

INVESTMENT

$78,625

Down Payment
$68,750
Rehab Estimate
$5,750
Closing Costs
$4,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$955

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $68,750
Loan Amount $206,250
See What Happens When You Reinvest Cash Flow

8.42

YEARS SAVED

$30,979

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,430

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,647

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$1,325
1$1,3252$1,4303$1,4954$1,5355$1,800
$1,800
RENT COMPS ANALYSIS
  • 337 N 61st Street Mesa, AZ 2
    • 3 beds 2 baths ∙ 1,639 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,639 Sqft ∙ Built 1973
    • Rent
    • Rent Per SQFT
    •  
    • $1,430
    • $0.87
    •  
  • 1055 N Recker Road #1021 Mesa, AZ 1
    • 3 beds 2 baths ∙ 1,317 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,317 Sqft ∙ Built 1987
    LEASED 10/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $1.01
    •  
  • 6335 E Brown Road #1165 Mesa, AZ 3
    • 3 beds 2 baths ∙ 1,501 Sqft ∙ Built 1993 3 beds 2 baths ∙ 1,501 Sqft ∙ Built 1993
    LEASED 11/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $1.00
    •  
  • 6307 E Covina Street Mesa, AZ 4
    • 3 beds 2 baths ∙ 1,468 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,468 Sqft ∙ Built 1988
    LEASED 11/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,535
    • $1.05
    •  
  • 6348 E Fairfield Street Mesa, AZ 5
    • 4 beds 2 baths ∙ 1,880 Sqft ∙ Built 1986 4 beds 2 baths ∙ 1,880 Sqft ∙ Built 1986
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.96
    •  
PROPERTY LISTING DETAILS
Thane R. Traasdahl
My Home Group Real Estate
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6187603
Last Updated: 01/31/2021
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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