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5841 E Norland Street Mesa, AZ 85215

3 Beds 2 Baths 1,394 sqft Built 2000

$298,000

List Price

$1,410

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $213.77
  • 2 Days on Market
  • MLS # : 6170801
  • Updated Date : 12/12/2020 at 14:32
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,394 sqft
  • Baths : 2 full
Listing Agent

Homesmart

Listing Agent's Description

This adorable home located in the very highly desirable gated community of Red Mountain/Las Sendas area with so much new growth in shopping, dining, and entertainment nearby has the perfect location! With a spacious open floorplan and split living space gives the guest or inlaw staying room including their own private bathroom. New stainless steel appliances, with refridgerator, washer, and dryer included, you will love the kitchen with a dedicated pantry and easy access through the large laundery room to unload groceries next to the garage. Master suite with double vanity, large shower with a seat, and huge walk in closet! Enjoy the community pool right up the street, come see this one and fall in love!!!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: The Wells

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260kPrice in $83k271k

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

Neighborhood: The Wells

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900950100010501100115012001250130013501400145015001550Rent in $8621567

* 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
Franklin At Alma Elementary School Primary Regular 280 13 10
Franklin At Alma Elementary School Middle Regular 280 13 10
Red Mountain High School High Regular 3,347 145 7

Franklin At Alma Elementary School

  • Education Level: Primary
  • # of students: 280
  • # of teachers: 13
10
GreatSchools Rating

Franklin At Alma Elementary School

  • Education Level: Middle
  • # of students: 280
  • # of teachers: 13
10
GreatSchools Rating

Red Mountain High School

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

$268,200$327,800$298,000

PURCHASE PRICE

$1,269$1,551$1,410

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,410
EXPENSES Loan Payment -$1,099
Property Tax -$155
Property Insurance -$54
HOA -$66
Property Management Fees -$99
CASH FLOW
-$63

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.

$298,000

PROJECTED PRICE

$1,410

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.32%
Appreciation Year (1-5) 6.3%
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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$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$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$84,720

INVESTMENT

$84,720

Down Payment
$74,500
Rehab Estimate
$5,750
Closing Costs
$4,470

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,099

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $74,500
Loan Amount $223,500
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$15,500

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,410

    LIST RENT
  • $1.01

    LIST RENT PER SQFT
  • $1,544

    COMP ESTIMATED VALUE
  • $1.11

    COMP AVG. RENT PER SQFT
Comps Range
$1,410
1$1,4102$1,6003$1,6754$1,6955$1,765
$1,765
RENT COMPS ANALYSIS
  • 5841 E Norland Street Mesa, AZ 1
    • 3 beds 2 baths ∙ 1,394 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,394 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $1,410
    • $1.01
    •  
  • 6054 E Roland Street Mesa, AZ 2
    • 3 beds 2 baths ∙ 1,502 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,502 Sqft ∙ Built 1998
    LEASED 05/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $1.07
    •  
  • 3012 N Papillon Circle Mesa, AZ 3
    • 3 beds 2 baths ∙ 1,449 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,449 Sqft ∙ Built 1994
    LEASED 11/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $1.16
    •  
  • 6154 E Portia Street Mesa, AZ 4
    • 3 beds 2 baths ∙ 1,449 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,449 Sqft ∙ Built 1994
    LEASED 11/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.17
    •  
  • 6233 E Palm Street Mesa, AZ 5
    • 3 beds 2 baths ∙ 1,706 Sqft ∙ Built 1994 3 beds 2 baths ∙ 1,706 Sqft ∙ Built 1994
    LEASED 05/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,765
    • $1.03
    •  
PROPERTY LISTING DETAILS
Tabitha Nissalke
Homesmart
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6170801
Last Updated: 12/12/2020
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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