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

509 S Sunrise Drive Gilbert, AZ 85233

2 Beds 3 Baths 1,397 sqft Built 1992

$269,999

List Price

$1,440

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

December 03, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1992
  • Price/Sqft : $193.27
  • 4 Days on Market
  • MLS # : 6167080
  • Updated Date : 12/05/2020 at 09:14
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,397 sqft
  • Baths : 2 full , 1 half
Listing Agent

Homesmart

Listing Agent's Description

Great Home in the highly desirable neighborhood of the Islands in Gilbert. This beautiful home comes complete with luxury vinyl plank floors and fresh carpet both installed under 2 years ago. 2 bed, 2.5 bath, a high ceiling in the living room that makes entertaining a breeze, and a spacious loft that can easily be converted into the 3rd bedroom. The ample and immaculate kitchen offers a large breakfast bar, stylish black appliances, and a plethora of white cabinets. The gorgeous master suite has its master bath with dual sinks and a walk-in closet for an added ease. The perfect size backyard is the ideal place to unwind after a busy day. Newer AC, under 3 years old. Lake community, become a resident to the Islands and enjoy the amenities. Must see to appreciate.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Seawynds

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280k300k320k340kPrice in $95k358k

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

Neighborhood: Seawynds

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
 

$242,999$296,999$269,999

PURCHASE PRICE

$1,296$1,584$1,440

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,440
EXPENSES Loan Payment -$996
Property Tax -$159
Property Insurance -$54
HOA -$201
Property Management Fees -$99
CASH FLOW
-$69

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.

$269,999

PROJECTED PRICE

$1,440

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 5.5%
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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,300

INVESTMENT

$77,300

Down Payment
$67,500
Rehab Estimate
$5,750
Closing Costs
$4,050

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$996

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,500
Loan Amount $202,499
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$10,456

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,440

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $1,540

    COMP ESTIMATED VALUE
  • $1.1

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,3753$1,3954$1,4405$1,950
$1,950
RENT COMPS ANALYSIS
  • 509 S Sunrise Drive Gilbert, AZ 4
    • 2 beds 3 baths ∙ 1,397 Sqft ∙ Built 1992 2 beds 3 baths ∙ 1,397 Sqft ∙ Built 1992
    • Rent
    • Rent Per SQFT
    •  
    • $1,440
    • $1.03
    •  
  • 1601 N Saba Street #332 Chandler, AZ 1
    • 2 beds 2 baths ∙ 1,200 Sqft ∙ Built 1985 2 beds 2 baths ∙ 1,200 Sqft ∙ Built 1985
    LEASED 12/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $1.04
    •  
  • 63 S Tiago Drive Gilbert, AZ 2
    • 2 beds 2 baths ∙ 1,231 Sqft ∙ Built 1994 2 beds 2 baths ∙ 1,231 Sqft ∙ Built 1994
    LEASED 08/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $1.12
    •  
  • 1056 W Sunward Drive Gilbert, AZ 3
    • 2 beds 2 baths ∙ 1,262 Sqft ∙ Built 1986 2 beds 2 baths ∙ 1,262 Sqft ∙ Built 1986
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.11
    •  
  • 1178 W Mesquite Street Gilbert, AZ 5
    • 2 beds 2 baths ∙ 1,705 Sqft ∙ Built 2001 2 beds 2 baths ∙ 1,705 Sqft ∙ Built 2001
    LEASED 08/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $1.14
    •  
PROPERTY LISTING DETAILS
Marie De Los Monteros
Homesmart
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6167080
Last Updated: 12/05/2020
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.

BESbswy