Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

508 E Hearne Way Gilbert, AZ 85234

5 Beds 3 Baths 2,929 sqft Built 1991

$420,000

List Price

$2,530

$2.3K - $2.8K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1991
  • Price/Sqft : $143.39
  • 2 Days on Market
  • MLS # : 6138300
  • Updated Date : 01/16/2021 at 03:39
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,929 sqft
  • Baths : 3 full
Listing Agent

West Usa Realty

Listing Agent's Description

This is a gorgeous home in one of the most amazing Subdivisions near downtown Gilbert, Arizona. This Lakes Subdivision property has two Community Pools, beautiful bridge entrance over the Gilbert Canal and is within 5 minutes of the downtown area which is full of amenities, events and nightlife. It boasts a very private Backyard, North / South Exposure., a 3-car garage, beautiful Kitchen with an Open feel and a leased Solar System which can save thousands of dollars in utilities. If you are looking for space in a home and the location matters to you, this is your home and you will definitely fall in love with this Lake Subdivision. This awesome 5x3 spacious property will be the perfect home for a buyer looking for value.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Stonebridge Lakes Estates

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340k360k380k400k420kPrice in $122k430k

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

Neighborhood: Stonebridge Lakes Estates

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10362185

* 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
Burk Elementary School Primary Regular 471 32 7
Burk Elementary School Middle Regular 471 32 7
Gilbert High School High Regular 2,470 113 7

Burk Elementary School

  • Education Level: Primary
  • # of students: 471
  • # of teachers: 32
7
GreatSchools Rating

Burk Elementary School

  • Education Level: Middle
  • # of students: 471
  • # of teachers: 32
7
GreatSchools Rating

Gilbert High School

  • Education Level: High
  • # of students: 2,470
  • # of teachers: 113
7
GreatSchools Rating
 

$378,000$462,000$420,000

PURCHASE PRICE

$2,277$2,783$2,530

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,530
EXPENSES Loan Payment -$1,459
Property Tax -$249
Property Insurance -$84
HOA -$9
Property Management Fees -$99
CASH FLOW
$630

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.

$420,000

PROJECTED PRICE

$2,530

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 3.4%
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$0.0$5.0k$10k$15k$20k$25k$30k

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$117,050

INVESTMENT

$117,050

Down Payment
$105,000
Rehab Estimate
$5,750
Closing Costs
$6,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$1,459

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $105,000
Loan Amount $315,000
See What Happens When You Reinvest Cash Flow

12.67

YEARS SAVED

$85,921

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
  • $2,621

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,3453$2,4954$2,5955$2,800
$2,800
RENT COMPS ANALYSIS
  • 508 E Hearne Way Gilbert, AZ 1
    • 5 beds 3 baths ∙ 2,929 Sqft ∙ Built 1991 5 beds 3 baths ∙ 2,929 Sqft ∙ Built 1991
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 341 E Catclaw Court Gilbert, AZ 2
    • 4 beds 3 baths ∙ 2,750 Sqft ∙ Built 1994 4 beds 3 baths ∙ 2,750 Sqft ∙ Built 1994
    LEASED 08/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,345
    • $0.85
    •  
  • 1678 E Linda Lane Gilbert, AZ 3
    • 4 beds 3 baths ∙ 2,903 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,903 Sqft ∙ Built 2000
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $0.86
    •  
  • 1107 E Cullumber Street Gilbert, AZ 4
    • 4 beds 3 baths ∙ 2,617 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,617 Sqft ∙ Built 1988
    LEASED 09/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,595
    • $0.99
    •  
  • 645 E Desert Lane Gilbert, AZ 5
    • 4 beds 4 baths ∙ 3,170 Sqft ∙ Built 1980 4 beds 4 baths ∙ 3,170 Sqft ∙ Built 1980
    LEASED 01/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,800
    • $0.88
    •  
PROPERTY LISTING DETAILS
Carlos A. Cicero
West Usa Realty
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6138300
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.

BESbswy