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4294 E Melody Drive Gilbert, AZ 85234

2 Beds 2 Baths 1,509 sqft Built 1995

$345,000

List Price

$1,780

$1.6K - $2K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1995
  • Price/Sqft : $228.63
  • 2 Days on Market
  • MLS # : 6181465
  • Updated Date : 01/16/2021 at 21:48
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,509 sqft
  • Baths : 2 full
Listing Agent

Re/max Excalibur

Listing Agent's Description

On a quiet street your new home awaits. Bright and open. Large Kitchen with the counter space you want overlooks family room for today's open concept living. Neutral colors and one tile throughout. You will like the vaulted ceilings large master bath inside. Outside is a large patio to entertain friends and family and an oversized lot with RV gate. The best thing about this home is the lifestyle the location supports. The party is 7 homes away but the canal is 4 homes away so you will actually use it to job, bike, walk pets etc. Walking distance to Frys, dining and nail appointments. Quick 202 and 60 access. Perfect location! Click on the 3D Walkthrough under virtual tour section to walk through every inch of the home from your computer or mobile device.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Superstition Meadows

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $122k358k

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

Neighborhood: Superstition Meadows

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21100120013001400150016001700180019002000Rent in $10362048

* 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
Towne Meadows Elementary School Primary Regular 634 33 9
Towne Meadows Elementary School Middle Regular 634 33 9
Highland High School High Regular 3,065 123 8

Towne Meadows Elementary School

  • Education Level: Primary
  • # of students: 634
  • # of teachers: 33
9
GreatSchools Rating

Towne Meadows Elementary School

  • Education Level: Middle
  • # of students: 634
  • # of teachers: 33
9
GreatSchools Rating

Highland High School

  • Education Level: High
  • # of students: 3,065
  • # of teachers: 123
8
GreatSchools Rating
 

$310,500$379,500$345,000

PURCHASE PRICE

$1,602$1,958$1,780

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,780
EXPENSES Loan Payment -$1,198
Property Tax -$205
Property Insurance -$57
HOA -$3
Property Management Fees -$99
CASH FLOW
$219

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.

$345,000

PROJECTED PRICE

$1,780

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 6.1%
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$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$97,175

INVESTMENT

$97,175

Down Payment
$86,250
Rehab Estimate
$5,750
Closing Costs
$5,175

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,198

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $86,250
Loan Amount $258,750
See What Happens When You Reinvest Cash Flow

8.58

YEARS SAVED

$40,688

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,780

    LIST RENT
  • $1.18

    LIST RENT PER SQFT
  • $2,002

    COMP ESTIMATED VALUE
  • $1.33

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,6003$1,6004$1,780
$1,780
RENT COMPS ANALYSIS
  • 4294 E Melody Drive Gilbert, AZ 4
    • 2 beds 2 baths ∙ 1,509 Sqft ∙ Built 1995 2 beds 2 baths ∙ 1,509 Sqft ∙ Built 1995
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,780
    • $1.18
    •  
  • 6001 E Southern Avenue #84 Mesa, AZ 1
    • 2 beds 2 baths ∙ 1,181 Sqft ∙ Built 1996 2 beds 2 baths ∙ 1,181 Sqft ∙ Built 1996
    property image
    LEASED 10/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.35
    •  
  • 4243 E Bruce Court Gilbert, AZ 2
    • 2 beds 2 baths ∙ 1,225 Sqft ∙ Built 2007 2 beds 2 baths ∙ 1,225 Sqft ∙ Built 2007
    property image
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.31
    •  
  • 2844 S Mesita Road Mesa, AZ 3
    • 2 beds 2 baths ∙ 1,208 Sqft ∙ Built 1997 2 beds 2 baths ∙ 1,208 Sqft ∙ Built 1997
    property image
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.32
    •  
PROPERTY LISTING DETAILS
Kevin Weil
Re/max Excalibur
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6181465
Last Updated: 01/16/2021
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. © 2020 Arizona Regional Multiple Listing Service, Inc. All rights reserved.

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