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505 S Marina Drive Gilbert, AZ 85233

3 Beds 4 Baths 2,425 sqft Built 1986

$475,000

List Price

$2,090

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

November 06, 2020 RECENTLY ADDED
FACTS
  • Built In 1986
  • Price/Sqft : $195.88
  • 3 Days on Market
  • MLS # : 6157369
  • Updated Date : 11/06/2020 at 15:48
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,425 sqft
  • Baths : 3 full , 1 half
Listing Agent

Desert North Realty

Listing Agent's Description

You may instantly fall in love with this hidden treasure. This beautiful, remodeled 3 bedroom 3.5 bathroom with a huge loft is waiting to meet you! This rare waterfront property in the highly sought after Coral Point neighborhood, is one you will not want to miss. This home truly has it all! The spacious concept & 2 master suites offer plenty of space & privacy for guests. The kitchen features a custom wood top island, cabinets with pull out shelves, built in spice racks, farmhouse sink, quarts countertops and much, much more. The backyard includes a gorgeous view of the water and built in gas grill. Grab your family and friends & enjoy living the good life while cruising on your pontoon or paddle boat which are also included with the home. Don't wait book your showing today.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Coral Point

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $122k358k

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

Neighborhood: Coral Point

ZipNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600170018001900Rent in $9941981

* 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
Islands Elementary School Primary Regular 598 39 7
Islands Elementary School Middle Regular 598 39 7
Mesquite High School High Regular 2,000 82 6

Islands Elementary School

  • Education Level: Primary
  • # of students: 598
  • # of teachers: 39
7
GreatSchools Rating

Islands Elementary School

  • Education Level: Middle
  • # of students: 598
  • # of teachers: 39
7
GreatSchools Rating

Mesquite High School

  • Education Level: High
  • # of students: 2,000
  • # of teachers: 82
6
GreatSchools Rating
 

$427,500$522,500$475,000

PURCHASE PRICE

$1,881$2,299$2,090

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,090
EXPENSES Loan Payment -$1,753
Property Tax -$279
Property Insurance -$74
HOA -$149
Property Management Fees -$99
CASH FLOW
-$264

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.

$475,000

PROJECTED PRICE

$2,090

PROJECTED RENT

0.44%

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$1.4M

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$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$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$131,625

INVESTMENT

$131,625

Down Payment
$118,750
Rehab Estimate
$5,750
Closing Costs
$7,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,753

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $118,750
Loan Amount $356,250
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$10,894

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,090

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $2,304

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,895
1$1,8952$2,0903$2,3004$2,3005$2,495
$2,495
RENT COMPS ANALYSIS
  • 505 S Marina Drive Gilbert, AZ 2
    • 3 beds 4 baths ∙ 2,425 Sqft ∙ Built 1986 3 beds 4 baths ∙ 2,425 Sqft ∙ Built 1986
    • Rent
    • Rent Per SQFT
    •  
    • $2,090
    • $0.86
    •  
  • 1256 W Atlantic Drive Gilbert, AZ 1
    • 4 beds 3 baths ∙ 2,255 Sqft ∙ Built 1987 4 beds 3 baths ∙ 2,255 Sqft ∙ Built 1987
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.84
    •  
  • 1456 W Iris Drive Gilbert, AZ 3
    • 3 beds 2 baths ∙ 2,393 Sqft ∙ Built 1991 3 beds 2 baths ∙ 2,393 Sqft ∙ Built 1991
    LEASED 12/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $0.96
    •  
  • 1413 W Coral Reef Drive Gilbert, AZ 4
    • 4 beds 3 baths ∙ 2,289 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,289 Sqft ∙ Built 1988
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,300
    • $1.00
    •  
  • 1118 W Newport Beach Drive Gilbert, AZ 5
    • 4 beds 3 baths ∙ 2,493 Sqft ∙ Built 1987 4 beds 3 baths ∙ 2,493 Sqft ∙ Built 1987
    LEASED 08/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $1.00
    •  
PROPERTY LISTING DETAILS
Jacob Chapman
Desert North Realty
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6157369
Last Updated: 11/06/2020
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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