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6730 E Preston Street #57 # 57 Mesa, AZ 85215

2 Beds 2 Baths 1,001 sqft Built 1997

INVESTimate

$270,000

List Price

$1,150

$1,035 - $1,265

Rent Est.

$287,523  ( +6.49%)   1 YR EST. FORECAST

PROPERTY INFO

August 25, 2020 RECENTLY ADDED
FACTS
  • Built In 1997
  • Price/Sqft : $269.73
  • 2 Days on Market
  • MLS # : 6120408
  • Updated Date : 08/24/2020 at 20:37
CONSTRUCTION
  • Beds : 2
  • Floor Size : 1,001 sqft
  • Baths : 2 full
Listing Agent

Re/max Advantage

Listing Agent's Description

Please be sure to take the 3D walk-through tour! Welcome to this charming 2 bed, 2 bath, single-level home in the gated Villas at Red Mountain. If you're looking for a great priced home with easy access to the 202 freeway, this is it! This 1,001 sf detached home feels bright and spacious and is well laid out utilizing every square inch. As you enter the home you find a dining area and great room with vaulted ceilings and plenty of windows for natural light. The kitchen has a pass through to the great room which is great for entertaining! The kitchen features plenty of cabinet space, white appliances, washer/dryer area and access to the 2 car attached garage. The master bedroom is split from the second bedroom and features vaulted ceilings, large windows, two closets and an ensuite bath.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: East Mesa

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $109k318k

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

Neighborhood: East Mesa

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800Rent in $10181805

* 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
Red Mountain Ranch Elementary School Primary Regular 541 24 7
Red Mountain Ranch Elementary School Middle Regular 541 24 7
Red Mountain High School High Regular 3,347 145 7

Red Mountain Ranch Elementary School

  • Education Level: Primary
  • # of students: 541
  • # of teachers: 24
7
GreatSchools Rating

Red Mountain Ranch Elementary School

  • Education Level: Middle
  • # of students: 541
  • # of teachers: 24
7
GreatSchools Rating

Red Mountain High School

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

$243,000$297,000$270,000

PURCHASE PRICE

$1,035$1,265$1,150

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,150
EXPENSES Loan Payment -$996
Property Tax -$140
Property Insurance -$47
HOA -$120
Property Management Fees -$99
CASH FLOW
-$252

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.

$270,000

PROJECTED PRICE

$1,150

PROJECTED RENT

0.43%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.35%
Appreciation Year (1-5) 6.49%
Maintenance Year (1-5) 8.00%
Vacancy 6.24%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,300

INVESTMENT

$77,300

Down Payment
$67,500
Rehab Estimate
$5,750
Closing Costs
$4,050

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 65% down payment or higher enables the proceeds from the asset to cover all costs.

$996

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,500
Loan Amount $202,500
See What Happens When You Reinvest Cash Flow

1.42

YEARS SAVED

$2,264

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
  • $827

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$6003$9754$1,249
$1,249
RENT COMPS ANALYSIS
  • 6730 E Preston Street #57 Mesa, 1
    • 2 beds 2 baths ∙ 1,001 Sqft ∙ Built 1997 2 beds 2 baths ∙ 1,001 Sqft ∙ Built 1997
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 2610 N Ebony -- Mesa, 2
    • 2 beds 2 baths ∙ 1,300 Sqft ∙ Built 1997 2 beds 2 baths ∙ 1,300 Sqft ∙ Built 1997
    LEASED 06/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $600
    • $0.46
    •  
  • 5735 E Mcdowell Road #159 Mesa, 3
    • 2 beds 2 baths ∙ 920 Sqft ∙ Built 1994 2 beds 2 baths ∙ 920 Sqft ∙ Built 1994
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $975
    • $1.06
    •  
  • 2625 N Recker Road #3 Mesa, 4
    • 2 beds 2 baths ∙ 1,296 Sqft ∙ Built 1996 2 beds 2 baths ∙ 1,296 Sqft ∙ Built 1996
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,249
    • $0.96
    •  
PROPERTY LISTING DETAILS
Jason Felker
Re/max Advantage
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6120408
Last Updated: 08/24/2020
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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