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

3488 E Morelos Court Gilbert, AZ 85295

3 Beds 2 Baths 2,212 sqft Built 2002

$450,000

List Price

$1,790

$1.6K - $2K

Rent Est.

PROPERTY INFO

November 20, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $203.44
  • 3 Days on Market
  • MLS # : 6162667
  • Updated Date : 11/21/2020 at 09:56
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,212 sqft
  • Baths : 2 full
Listing Agent

Redfin Corporation

Listing Agent's Description

Beautiful move in ready home in sought after Gilbert community. Easy access to 202/ shopping/ dining. Vaulted ceilings. Kitchen island, granite counters, stainless steel appliances, under cabinet lighting, Formal living & dining area. 3 bedrooms plus den & 2 bathrooms. Split primary bedroom with vaulted ceiling, ensuite bathroom, raised vanity with double sinks, separate tub & shower. Backyard oasis with covered patio pebble finish pool, rock water feature, travertine pavers. 3 car tandem garage with built in cabinets, epoxy floor, RV gate and RV parking pad. Brand new water heater. Schedule your showing today.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Pecos Park

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360kPrice in $122k374k

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

Neighborhood: Pecos Park

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000Rent in $10362086

* 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
Chaparral Elementary School Primary Regular 859 47 8
Chaparral Elementary School Middle Regular 859 47 8
Williams Field High School High Regular 1,705 64 7

Chaparral Elementary School

  • Education Level: Primary
  • # of students: 859
  • # of teachers: 47
8
GreatSchools Rating

Chaparral Elementary School

  • Education Level: Middle
  • # of students: 859
  • # of teachers: 47
8
GreatSchools Rating

Williams Field High School

  • Education Level: High
  • # of students: 1,705
  • # of teachers: 64
7
GreatSchools Rating
 

$405,000$495,000$450,000

PURCHASE PRICE

$1,611$1,969$1,790

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,790
EXPENSES Loan Payment -$1,660
Property Tax -$307
Property Insurance -$70
HOA -$20
Property Management Fees -$99
CASH FLOW
-$367

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.

$450,000

PROJECTED PRICE

$1,790

PROJECTED RENT

0.40%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 4.6%
Maintenance Year (1-5) 8.00%
Vacancy 6.60%
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-$5.0k$0.0$5.0k$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$125,000

INVESTMENT

$125,000

Down Payment
$112,500
Rehab Estimate
$5,750
Closing Costs
$6,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,660

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $112,500
Loan Amount $337,500
See What Happens When You Reinvest Cash Flow

1.58

YEARS SAVED

$5,034

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,790

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,936

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,7903$1,8954$1,9955$2,100
$2,100
RENT COMPS ANALYSIS
  • 3488 E Morelos Court Gilbert, AZ 2
    • 3 beds 2 baths ∙ 2,212 Sqft ∙ Built 2002 3 beds 2 baths ∙ 2,212 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $1,790
    • $0.81
    •  
  • 3423 E Wyatt Way Gilbert, AZ 1
    • 3 beds 2 baths ∙ 2,164 Sqft ∙ Built 2000 3 beds 2 baths ∙ 2,164 Sqft ∙ Built 2000
    LEASED 01/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.81
    •  
  • 3440 E Morelos Court Gilbert, AZ 3
    • 4 beds 2 baths ∙ 2,212 Sqft ∙ Built 2003 4 beds 2 baths ∙ 2,212 Sqft ∙ Built 2003
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.86
    •  
  • 3242 S Moccasin Trail Gilbert, AZ 4
    • 4 beds 2 baths ∙ 2,140 Sqft ∙ Built 2001 4 beds 2 baths ∙ 2,140 Sqft ∙ Built 2001
    LEASED 06/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.93
    •  
  • 3238 E Fairview Street Gilbert, AZ 5
    • 4 beds 2 baths ∙ 2,345 Sqft ∙ Built 2003 4 beds 2 baths ∙ 2,345 Sqft ∙ Built 2003
    LEASED 10/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.90
    •  
PROPERTY LISTING DETAILS
Dean Thornton
Redfin Corporation
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6162667
Last Updated: 11/21/2020
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