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551 N Spanish Springs Drive Chandler, AZ 85226

2 Beds 2 Baths 1,456 sqft Built 1984

INVESTimate

$340,000

List Price

$1,470

$1,323 - $1,617

Rent Est.

$359,380  ( +5.70%)   1 YR EST. FORECAST

PROPERTY INFO

August 23, 2020 RECENTLY ADDED
FACTS
  • Built In 1984
  • Price/Sqft : $233.52
  • 4 Days on Market
  • MLS # : 6121518
  • Updated Date : 08/23/2020 at 15:09
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,456 sqft
  • Baths : 2 full
Listing Agent

Better Homes & Garden Real Estate Move Time Realty

Listing Agent's Description

This move-in ready home has been recently updated, including carpets, updated bathroom vanities, master bathroom shower, backsplash in the kitchen, all new stainless steel appliances, fresh new paint, new fixtures, granite counter tops. Family-friendly neighborhood near a great park, this home is sure to go fast!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Fountain Court

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $109k320k

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

Neighborhood: Fountain Court

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210001100120013001400150016001700Rent in $9501780

* 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
Kyrene De La Mirada School Primary Regular 556 36 9
Kyrene Del Pueblo Middle School Middle Regular 829 50 8
Corona Del Sol High School High Regular 2,781 114 7

Kyrene De La Mirada School

  • Education Level: Primary
  • # of students: 556
  • # of teachers: 36
9
GreatSchools Rating

Kyrene Del Pueblo Middle School

  • Education Level: Middle
  • # of students: 829
  • # of teachers: 50
8
GreatSchools Rating

Corona Del Sol High School

  • Education Level: High
  • # of students: 2,781
  • # of teachers: 114
7
GreatSchools Rating
 

$306,000$374,000$340,000

PURCHASE PRICE

$1,323$1,617$1,470

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$6.0k-$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$200k$400k$600k$800k$1.0M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,470
EXPENSES Loan Payment -$1,254
Property Tax -$211
Property Insurance -$56
HOA -$112
Property Management Fees -$99
CASH FLOW
-$262

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$340,000

PROJECTED PRICE

$1,470

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.35%
Appreciation Year (1-5) 5.70%
Maintenance Year (1-5) 8.00%
Vacancy 6.24%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$95,850

INVESTMENT

$95,850

Down Payment
$85,000
Rehab Estimate
$5,750
Closing Costs
$5,100

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$1,254

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $85,000
Loan Amount $255,000
See What Happens When You Reinvest Cash Flow

1.92

YEARS SAVED

$5,001

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,470

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $1,569

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,4003$1,4704$1,5425$1,650
$1,650
RENT COMPS ANALYSIS
  • 551 N Spanish Springs Drive Chandler, 3
    • 2 beds 2 baths ∙ 1,456 Sqft ∙ Built 1984 2 beds 2 baths ∙ 1,456 Sqft ∙ Built 1984
    • Rent
    • Rent Per SQFT
    •  
    • $1,470
    • $1.01
    •  
  • 500 N Roosevelt Avenue #66 Chandler, 1
    • 2 beds 3 baths ∙ 1,272 Sqft ∙ Built 1987 2 beds 3 baths ∙ 1,272 Sqft ∙ Built 1987
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.10
    •  
  • 500 N Roosevelt Avenue #7 Chandler, 2
    • 2 beds 3 baths ∙ 1,293 Sqft ∙ Built 1994 2 beds 3 baths ∙ 1,293 Sqft ∙ Built 1994
    LEASED 07/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $1.08
    •  
  • 73 S Sunflower Court Chandler, 4
    • 2 beds 2 baths ∙ 1,407 Sqft ∙ Built 1988 2 beds 2 baths ∙ 1,407 Sqft ∙ Built 1988
    LEASED 12/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,542
    • $1.10
    •  
  • 5153 W Megan Street Chandler, 5
    • 2 beds 2 baths ∙ 1,600 Sqft ∙ Built 1993 2 beds 2 baths ∙ 1,600 Sqft ∙ Built 1993
    LEASED 07/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.03
    •  
PROPERTY LISTING DETAILS
Surrie Atkins
Better Homes & Garden Real Estate Move Time Realty
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6121518
Last Updated: 08/23/2020
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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