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7403 E Edgewood Avenue Mesa, AZ 85208

3 Beds 2 Baths 1,799 sqft Built 1978

INVESTimate

$347,500

List Price

$1,470

$1,323 - $1,617

Rent Est.

$374,779  ( +7.85%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1978
  • Price/Sqft : $193.16
  • 6 Days on Market
  • MLS # : 6120649
  • Updated Date : 08/24/2020 at 20:22
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,799 sqft
  • Baths : 2 full
Listing Agent

Professional One Realty

Listing Agent's Description

PRIDE OF OWNERSHIP! Check out this light and bright beauty in a great location. GOLF COURSE LOT! Updated kitchen with granite counters, subway tile, island and even a fireplace. Large open family room with built in bookshelves and double doors that open to this amazing enclosed patio that has a beautiful custom built BBQ. Good sized Master Bedroom with lots of storage and large walk in closet off the bathroom. New exterior paint... Lots of updates throughout the home!Come see for yourself!

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Golden Hills

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260kPrice in $101k271k

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

Neighborhood: Golden Hills

NeighborhoodNIR Market*CityMarket2010Year20002019 Q210501100115012001250130013501400145015001550Rent in $10181567

* 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
Fremont Junior High School High Regular 976 48 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

Fremont Junior High School

  • Education Level: High
  • # of students: 976
  • # of teachers: 48
7
GreatSchools Rating
 

$312,750$382,250$347,500

PURCHASE PRICE

$1,323$1,617$1,470

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-$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 $1,470
EXPENSES Loan Payment -$1,282
Property Tax -$217
Property Insurance -$62
Property Management Fees -$99
CASH FLOW
-$191

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.

$347,500

PROJECTED PRICE

$1,470

PROJECTED RENT

0.42%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.35%
Appreciation Year (1-5) 7.85%
Maintenance Year (1-5) 8.00%
Vacancy 6.24%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$97,838

INVESTMENT

$97,838

Down Payment
$86,875
Rehab Estimate
$5,750
Closing Costs
$5,213

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,282

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $86,875
Loan Amount $260,625
See What Happens When You Reinvest Cash Flow

3.17

YEARS SAVED

$10,257

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,470

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,469

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,3993$1,4704$1,500
$1,500
RENT COMPS ANALYSIS
  • 7403 E Edgewood Avenue Mesa, 3
    • 2 beds 2 baths ∙ 1,799 Sqft ∙ Built 1978 2 beds 2 baths ∙ 1,799 Sqft ∙ Built 1978
    • Rent
    • Rent Per SQFT
    •  
    • $1,470
    • $0.82
    •  
  • 248 N 65th Place Mesa, 1
    • 2 beds 2 baths ∙ 1,601 Sqft ∙ Built 1980 2 beds 2 baths ∙ 1,601 Sqft ∙ Built 1980
    LEASED 12/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.84
    •  
  • 6528 E Barstow Street Mesa, 2
    • 2 beds 2 baths ∙ 1,612 Sqft ∙ Built 1979 2 beds 2 baths ∙ 1,612 Sqft ∙ Built 1979
    LEASED 02/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,399
    • $0.87
    •  
  • 195 Leisure World -- Mesa, 4
    • 2 beds 2 baths ∙ 2,026 Sqft ∙ Built 1974 2 beds 2 baths ∙ 2,026 Sqft ∙ Built 1974
    LEASED 03/12/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.74
    •  
PROPERTY LISTING DETAILS
Staci Fanchini
Professional One Realty
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6120649
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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