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632 N Redrock Street Gilbert, AZ 85234

5 Beds 3 Baths 2,049 sqft Built 1993

$310,000

List Price

$1,970

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $151.29
  • 2 Days on Market
  • MLS # : 6170686
  • Updated Date : 12/12/2020 at 17:49
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,049 sqft
  • Baths : 2 full , 1 half
Listing Agent

Realty One Group

Listing Agent's Description

This 5 bedroom 2.5 bath home in Gilbert is a fixer upper and needs work. Investment opportunity. The property is being sold as-is and the seller will not make any repairs. The stove/oven, built-in microwave, dishwasher and window treatments don't convey.

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PRICE & RENT TRENDS

Neighborhood: Stonecreek

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $122k358k

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

Neighborhood: Stonecreek

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600170018001900Rent in $9841981

* 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
Patterson Elementary School Primary Regular 584 34 9
Patterson Elementary School Middle Regular 584 34 9
Gilbert High School High Regular 2,470 113 7

Patterson Elementary School

  • Education Level: Primary
  • # of students: 584
  • # of teachers: 34
9
GreatSchools Rating

Patterson Elementary School

  • Education Level: Middle
  • # of students: 584
  • # of teachers: 34
9
GreatSchools Rating

Gilbert High School

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

$279,000$341,000$310,000

PURCHASE PRICE

$1,773$2,167$1,970

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,970
EXPENSES Loan Payment -$1,144
Property Tax -$204
Property Insurance -$67
HOA -$18
Property Management Fees -$99
CASH FLOW
$438

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.

$310,000

PROJECTED PRICE

$1,970

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 5.6%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k

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$87,900

INVESTMENT

$87,900

Down Payment
$77,500
Rehab Estimate
$5,750
Closing Costs
$4,650

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$1,144

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $77,500
Loan Amount $232,500
See What Happens When You Reinvest Cash Flow

12.42

YEARS SAVED

$70,697

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,970

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,926

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,770
1$1,7702$1,9003$1,9704$2,0005$2,100
$2,100
RENT COMPS ANALYSIS
  • 632 N Redrock Street Gilbert, AZ 3
    • 5 beds 3 baths ∙ 2,049 Sqft ∙ Built 1993 5 beds 3 baths ∙ 2,049 Sqft ∙ Built 1993
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,970
    • $0.96
    •  
  • 1262 E Mineral Road Gilbert, AZ 1
    • 4 beds 2 baths ∙ 2,060 Sqft ∙ Built 1988 4 beds 2 baths ∙ 2,060 Sqft ∙ Built 1988
    property image
    LEASED 12/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,770
    • $0.86
    •  
  • 844 N Granite Street Gilbert, AZ 2
    • 4 beds 2 baths ∙ 2,166 Sqft ∙ Built 1992 4 beds 2 baths ∙ 2,166 Sqft ∙ Built 1992
    property image
    LEASED 01/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.88
    •  
  • 902 N Sailors Way Gilbert, AZ 4
    • 4 beds 3 baths ∙ 2,002 Sqft ∙ Built 1991 4 beds 3 baths ∙ 2,002 Sqft ∙ Built 1991
    property image
    LEASED 08/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.00
    •  
  • 1410 E Beacon Drive Gilbert, AZ 5
    • 4 beds 3 baths ∙ 2,067 Sqft ∙ Built 1992 4 beds 3 baths ∙ 2,067 Sqft ∙ Built 1992
    property image
    LEASED 10/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $1.02
    •  
PROPERTY LISTING DETAILS
Carol Lain
Realty One Group
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6170686
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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