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461 S Solomon -- Mesa, AZ 85204

5 Beds 2 Baths 1,698 sqft Built 1953

$325,000

List Price

$1,570

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 1953
  • Price/Sqft : $191.40
  • 3 Days on Market
  • MLS # : 6156938
  • Updated Date : 11/05/2020 at 20:48
CONSTRUCTION
  • Beds : 5
  • Floor Size : 1,698 sqft
  • Baths : 2 full
Listing Agent

West Usa Realty

Listing Agent's Description

Updated FIVE bedroom, move-in ready home in the heart of Mesa. This remodel is highlighted by a kitchen with white Shaker cabinets, gray Quartz countertops, brushed nickel accents and stainless appliance package. Bathrooms feature Carrera-marble vanities, custom walk-in tile shower surrounds with stone base. Plank tile flooring flows throughout the home and is matched perfectly with the recent interior paint. Other upgrades include: Dual-pane, Low-E vinyl windows; Fan/light fixtures throughout; 30-year dimensional shingle roof on main house (2018); Pebble Tec pool and efficient filter/motor (2018). Don't forget the large storage in back. Hurry and get in on the growing excitement around downtown Mesa dining and brew pubs.

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
 

$292,500$357,500$325,000

PURCHASE PRICE

$1,413$1,727$1,570

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,570
EXPENSES Loan Payment -$1,199
Property Tax -$169
Property Insurance -$60
Property Management Fees -$99
CASH FLOW
$43

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.

$325,000

PROJECTED PRICE

$1,570

PROJECTED RENT

0.48%

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$0.0$5.0k$10k$15k

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$91,875

INVESTMENT

$91,875

Down Payment
$81,250
Rehab Estimate
$5,750
Closing Costs
$4,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,199

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $81,250
Loan Amount $243,750
See What Happens When You Reinvest Cash Flow

6.42

YEARS SAVED

$28,530

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,570

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,664

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,550
1$1,5502$1,5703$1,715
$1,715
RENT COMPS ANALYSIS
  • 461 S Solomon -- Mesa, AZ 2
    • 5 beds 2 baths ∙ 1,698 Sqft ∙ Built 1953 5 beds 2 baths ∙ 1,698 Sqft ∙ Built 1953
    • Rent
    • Rent Per SQFT
    •  
    • $1,570
    • $0.92
    •  
  • 536 E Harmony Avenue Mesa, AZ 1
    • 4 beds 2 baths ∙ 1,548 Sqft ∙ Built 1971 4 beds 2 baths ∙ 1,548 Sqft ∙ Built 1971
    LEASED 05/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $1.00
    •  
  • 1920 E Dana Avenue Mesa, AZ 3
    • 4 beds 2 baths ∙ 1,787 Sqft ∙ Built 1956 4 beds 2 baths ∙ 1,787 Sqft ∙ Built 1956
    LEASED 07/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,715
    • $0.96
    •  
PROPERTY LISTING DETAILS
John Shurr
West Usa Realty
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6156938
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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