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5510 E Colby Street Mesa, AZ 85205

2 Beds 1 Baths 1,388 sqft Built 1961

$249,777

List Price

$1,230

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

February 07, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1961
  • Price/Sqft : $179.95
  • 8 Days on Market
  • MLS # : 6186692
  • Updated Date : 02/09/2021 at 18:54
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,388 sqft
  • Baths : 1 full
Listing Agent

Gentry Real Estate

Listing Agent's Description

A beautifully remodeled home in the highly desirable DREAMLAND VILLAS. The home features 2 bedrooms and 1 full bathroom with a fully fenced yard. All new Flooring, Paint, Countertops, Appliances, epoxy patio and carport, newer Roof & A/C unit ... and so much more. It backs the nature hiking/walking trial, no backyard neighbors! Home has a HUGE added enclosed Arizona Room with a large storage closet and INDOOR laundry. All stainless appliances are included. Bathroom has a walk-in shower and new toilet. Large backyard has new trees and a fire pit. Home is move-in ready!! Schedule showing today!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Dreamland Villa

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $81k271k

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

Neighborhood: Dreamland Villa

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2800900100011001200130014001500Rent in $7941567

* 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
Shepherd Junior High School Middle Regular 627 35 7
Red Mountain High School High Regular 3,347 145 7

Shepherd Junior High School

  • Education Level: Middle
  • # of students: 627
  • # of teachers: 35
7
GreatSchools Rating

Red Mountain High School

  • Education Level: High
  • # of students: 3,347
  • # of teachers: 145
7
GreatSchools Rating
 

$224,799$274,755$249,777

PURCHASE PRICE

$1,107$1,353$1,230

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,230
EXPENSES Loan Payment -$868
Property Tax -$147
Property Insurance -$54
Property Management Fees -$99
CASH FLOW
$62

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.

$249,777

PROJECTED PRICE

$1,230

PROJECTED RENT

0.49%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.32%
Appreciation Year (1-5) 9.1%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$71,941

INVESTMENT

$71,941

Down Payment
$62,444
Rehab Estimate
$5,750
Closing Costs
$3,747

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$868

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $62,444
Loan Amount $187,333
See What Happens When You Reinvest Cash Flow

6.67

YEARS SAVED

$20,299

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
  • $1,395

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$1,2003$1,2504$1,3955$1,400
$1,400
RENT COMPS ANALYSIS
  • 5510 E Colby Street Mesa, AZ 1
    • 2 beds 1 baths ∙ 1,388 Sqft ∙ Built 1961 2 beds 1 baths ∙ 1,388 Sqft ∙ Built 1961
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 319 N 61st Way Mesa, AZ 2
    • 2 beds 2 baths ∙ 1,231 Sqft ∙ Built 1973 2 beds 2 baths ∙ 1,231 Sqft ∙ Built 1973
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.97
    •  
  • 5478 E Albany Street Mesa, AZ 3
    • 2 beds 1 baths ∙ 1,200 Sqft ∙ Built 1959 2 beds 1 baths ∙ 1,200 Sqft ∙ Built 1959
    property image
    LEASED 01/07/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $1.04
    •  
  • 5350 E Des Moines Street Mesa, AZ 4
    • 2 beds 2 baths ∙ 1,271 Sqft ∙ Built 1966 2 beds 2 baths ∙ 1,271 Sqft ∙ Built 1966
    property image
    LEASED 07/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.10
    •  
  • 5522 E Colby Street Mesa, AZ 5
    • 2 beds 2 baths ∙ 1,543 Sqft ∙ Built 1971 2 beds 2 baths ∙ 1,543 Sqft ∙ Built 1971
    property image
    LEASED 02/06/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.91
    •  
PROPERTY LISTING DETAILS
Adam Dahlberg
Gentry Real Estate
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6186692
Last Updated: 02/09/2021
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. Copyright (c) 2021 Arizona Regional Multiple Listing Service, Inc. All rights reserved.

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