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427 S Solomon Street Mesa, AZ 85204

4 Beds 2 Baths 2,208 sqft Built 1953

$353,000

List Price

$1,540

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

November 05, 2020 RECENTLY ADDED
FACTS
  • Built In 1953
  • Price/Sqft : $159.87
  • 4 Days on Market
  • MLS # : 6156488
  • Updated Date : 11/05/2020 at 10:43
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,208 sqft
  • Baths : 2 full
Listing Agent

Professional Real Estate Negotiators

Listing Agent's Description

You can't beat the price for the location. Easy access for the East Valley where you can get almost anywhere in about 20 mins. Updates are: Large 4th bedroom approx. 13'x23' / Custom oak kitchen and bath room cabinets / Skylights / Fenced back yard / 2-backyard access gates / Flood irrigation / Backyard patio / Front yard patio / Sunken patio / Large detached workshop 12'x19' / Walk to Elementary School, community center, park and church / Ceiling fans / Large master bedroom closet approx. 6'x14' / Large kitchen / Family room / Privacy fence in front yard / Oversized double carport / Landscaped front and back yard / Raised vegetable garden bed / Near new shingle and patio roof / Separate dining room / Laundry room (large) / Separate large pantry approx. 7'x9' with floor to ceiling shelves

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Community Fiesta

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $82k271k

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

Neighborhood: Community Fiesta

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500Rent in $7841567

* 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
Franklin At Alma Elementary School Primary Regular 280 13 10
Franklin At Alma Elementary School Middle Regular 280 13 10
Mesa High School High Regular 3,406 155 4

Franklin At Alma Elementary School

  • Education Level: Primary
  • # of students: 280
  • # of teachers: 13
10
GreatSchools Rating

Franklin At Alma Elementary School

  • Education Level: Middle
  • # of students: 280
  • # of teachers: 13
10
GreatSchools Rating

Mesa High School

  • Education Level: High
  • # of students: 3,406
  • # of teachers: 155
4
GreatSchools Rating
 

$317,700$388,300$353,000

PURCHASE PRICE

$1,386$1,694$1,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,540
EXPENSES Loan Payment -$1,302
Property Tax -$183
Property Insurance -$70
Property Management Fees -$99
CASH FLOW
-$115

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.

$353,000

PROJECTED PRICE

$1,540

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.32%
Appreciation Year (1-5) 8.9%
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$1.2M

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$99,295

INVESTMENT

$99,295

Down Payment
$88,250
Rehab Estimate
$5,750
Closing Costs
$5,295

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,302

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $88,250
Loan Amount $264,750
See What Happens When You Reinvest Cash Flow

4.17

YEARS SAVED

$15,927

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
  • $1,737

    COMP ESTIMATED VALUE
  • $0.79

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$1,4503$1,5954$1,600
$1,600
RENT COMPS ANALYSIS
  • 427 S Solomon Street Mesa, AZ 1
    • 4 beds 2 baths ∙ 2,208 Sqft ∙ Built 1953 4 beds 2 baths ∙ 2,208 Sqft ∙ Built 1953
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 723 S Parsell Circle Mesa, AZ 2
    • 3 beds 2 baths ∙ 1,884 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,884 Sqft ∙ Built 1970
    LEASED 10/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.77
    •  
  • 1440 E 2nd Place Mesa, AZ 3
    • 4 beds 2 baths ∙ 2,098 Sqft ∙ Built 1959 4 beds 2 baths ∙ 2,098 Sqft ∙ Built 1959
    LEASED 12/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.76
    •  
  • 49 W Beall Avenue Mesa, AZ 4
    • 4 beds 3 baths ∙ 1,927 Sqft ∙ Built 1968 4 beds 3 baths ∙ 1,927 Sqft ∙ Built 1968
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.83
    •  
PROPERTY LISTING DETAILS
Dale Eames
Professional Real Estate Negotiators
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6156488
Last Updated: 11/05/2020
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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