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653 E Redondo Drive Gilbert, AZ 85296

3 Beds 3 Baths 1,892 sqft Built 1998

INVESTimate

$375,000

List Price

$1,570

$1,413 - $1,727

Rent Est.

$400,463  ( +6.79%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1998
  • Price/Sqft : $198.20
  • 6 Days on Market
  • MLS # : 6120104
  • Updated Date : 08/21/2020 at 12:39
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,892 sqft
  • Baths : 2 full , 1 half
Listing Agent

Infinity & Associates Real Estate

Listing Agent's Description

REMODELED HOME IN THE HEART OF GILBERT,WITH A POOL! 3 BEDROOM PLUS LOFT,2.5 BATH. UPDATED FLOORING THOUGHOUT,TILE AND CARPET,UPGRADED GRANITE COUNTERTOPS,CROWN MOLDING,STAINLESS APPLIANCES,UPGRADED LIGHTING FIXTURES,WINDOW COVERINGS ETC. NICE LANDSCAPING FRONT AND BACK. RELAXING PLAY POOL. COVERED PATIOS. NICE HOME!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Neely Farms

NeighborhoodNIR Market*CityMarket2010Year20002019140k160k180k200k220k240k260k280k300k320k340kPrice in $122k358k

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

Neighborhood: Neely Farms

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000110012001300140015001600170018001900Rent in $9551981

* 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
Settlers Point Elementary School Primary Regular 638 38 8
South Valley Jr. High School Middle Regular 1,193 53 9
Campo Verde High School High Regular 2,094 86 8

Settlers Point Elementary School

  • Education Level: Primary
  • # of students: 638
  • # of teachers: 38
8
GreatSchools Rating

South Valley Jr. High School

  • Education Level: Middle
  • # of students: 1,193
  • # of teachers: 53
9
GreatSchools Rating

Campo Verde High School

  • Education Level: High
  • # of students: 2,094
  • # of teachers: 86
8
GreatSchools Rating
 

$337,500$412,500$375,000

PURCHASE PRICE

$1,413$1,727$1,570

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$12k

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 $1,570
EXPENSES Loan Payment -$1,384
Property Tax -$221
Property Insurance -$64
HOA -$28
Property Management Fees -$99
CASH FLOW
-$225

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.

$375,000

PROJECTED PRICE

$1,570

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 6.79%
Maintenance Year (1-5) 8.00%
Vacancy 6.60%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$105,125

INVESTMENT

$105,125

Down Payment
$93,750
Rehab Estimate
$5,750
Closing Costs
$5,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,384

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $93,750
Loan Amount $281,250
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$8,622

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,570

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,698

    COMP ESTIMATED VALUE
  • $0.9

    COMP AVG. RENT PER SQFT
Comps Range
$1,570
1$1,5702$1,7303$1,7504$1,8505$1,950
$1,950
RENT COMPS ANALYSIS
  • 653 E Redondo Drive Gilbert, 1
    • 3 beds 3 baths ∙ 1,892 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,892 Sqft ∙ Built 1998
    • Rent
    • Rent Per SQFT
    •  
    • $1,570
    • $0.83
    •  
  • 953 E Redondo Drive Gilbert, 2
    • 3 beds 3 baths ∙ 2,002 Sqft ∙ Built 2003 3 beds 3 baths ∙ 2,002 Sqft ∙ Built 2003
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,730
    • $0.86
    •  
  • 881 E Sherri Drive Gilbert, 3
    • 3 beds 3 baths ∙ 2,041 Sqft ∙ Built 2000 3 beds 3 baths ∙ 2,041 Sqft ∙ Built 2000
    LEASED 09/06/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.86
    •  
  • 867 E Cathy Drive Gilbert, 4
    • 3 beds 3 baths ∙ 2,041 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,041 Sqft ∙ Built 2001
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.91
    •  
  • 1151 S Hazel Street Gilbert, 5
    • 3 beds 3 baths ∙ 2,041 Sqft ∙ Built 2001 3 beds 3 baths ∙ 2,041 Sqft ∙ Built 2001
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.96
    •  
PROPERTY LISTING DETAILS
Aleksandar Eremija
Infinity & Associates Real Estate
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6120104
Last Updated: 08/21/2020
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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