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42 W Melody Avenue Gilbert, AZ 85233

4 Beds 3 Baths 1,707 sqft Built 1989

$395,000

List Price

$1,650

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

February 04, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1989
  • Price/Sqft : $231.40
  • 4 Days on Market
  • MLS # : 6189841
  • Updated Date : 02/06/2021 at 19:42
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,707 sqft
  • Baths : 2 full , 1 half
Listing Agent

West Usa Realty

Listing Agent's Description

Wow! Gorgeous 4 bed, 2.5 bath property within minutes of shopping centers. This fabulous home features plantation shutters, cozy two way fireplace, formal living-dining room. New tile and laminate flooring. This lovely kitchen is equipped with matching appliances, ample cabinetry, track lighting, pantry, and a breakfast bar. Inside the spacious master bedroom a full bath with double sinks. The charming backyard includes a covered patio, gravel landscaping, and paved sitting area perfect for entertaining. This amazing home centered in a wonderful community is waiting for you!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Gateway Court

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340kPrice in $98k358k

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

Neighborhood: Gateway Court

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600170018001900Rent in $9981981

* 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
 

$355,500$434,500$395,000

PURCHASE PRICE

$1,485$1,815$1,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,650
EXPENSES Loan Payment -$1,372
Property Tax -$244
Property Insurance -$60
HOA -$80
Property Management Fees -$99
CASH FLOW
-$205

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.

$395,000

PROJECTED PRICE

$1,650

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 6.4%
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-$6.0k-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

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$110,425

INVESTMENT

$110,425

Down Payment
$98,750
Rehab Estimate
$5,750
Closing Costs
$5,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,372

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $98,750
Loan Amount $296,250
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$7,769

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $0

    LIST RENT
  • $0

    LIST RENT PER SQFT
  • $1,784

    COMP ESTIMATED VALUE
  • $1.05

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$1,7503$1,8004$1,8505$1,850
$1,850
RENT COMPS ANALYSIS
  • 42 W Melody Avenue Gilbert, AZ 1
    • 4 beds 3 baths ∙ 1,707 Sqft ∙ Built 1989 4 beds 3 baths ∙ 1,707 Sqft ∙ Built 1989
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 514 W Desert Avenue W Gilbert, AZ 2
    • 3 beds 2 baths ∙ 1,674 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,674 Sqft ∙ Built 1997
    property image
    LEASED 09/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $1.05
    •  
  • 1333 N Brittany Lane Gilbert, AZ 3
    • 3 beds 3 baths ∙ 1,707 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,707 Sqft ∙ Built 1988
    property image
    LEASED 09/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $1.05
    •  
  • 1752 S Chestnut -- Mesa, AZ 4
    • 3 beds 2 baths ∙ 1,844 Sqft ∙ Built 1978 3 beds 2 baths ∙ 1,844 Sqft ∙ Built 1978
    property image
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.00
    •  
  • 1405 N Brittany Lane Gilbert, AZ 5
    • 3 beds 3 baths ∙ 1,707 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,707 Sqft ∙ Built 1987
    property image
    LEASED 12/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $1.08
    •  
PROPERTY LISTING DETAILS
Dalyla Dang
West Usa Realty
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6189841
Last Updated: 02/06/2021
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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