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859 W Royal Palms Drive Gilbert, AZ 85233

5 Beds 3 Baths 2,873 sqft Built 1991

INVESTimate

$560,000

List Price

$2,620

$2,370 - $2,870

Rent Est.

$599,480  ( +7.05%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1991
  • Price/Sqft : $194.92
  • 6 Days on Market
  • MLS # : 6120445
  • Updated Date : 08/25/2020 at 15:13
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,873 sqft
  • Baths : 3 full
Listing Agent

Realty Executives

Listing Agent's Description

Don't miss your opportunity to purchase this home on a RARE 16,296 SQ. FT lot in the highly desired Lake Subdivision known as THE ISLANDS.This home has been UPDATED and REMODELED over the past few years including new Kitchen and master bath CABINETS , Showers, GRANITE counters, sinks, Travertine, plush carpeting, 4'' wood SHUTTERS, blinds and more.The Kitchen has high-end appliances, gorgeous granite counters, glass back splash with LED lighting under, over and above the cabinets. The enormous diving pool has a polished Pebble surface and the Kool deck was just re-finished.The LUSH YARD is incredible with room to play football or soccer with the kids and the perimeter just received 10 tons of fresh rock. With North/South exposure the oversized wrap around patio doesn't disappoint either.

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Newport

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400kPrice in $122k440k

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

Neighborhood: Newport

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100Rent in $10362137

* 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
Islands Elementary School Primary Regular 598 39 7
Islands Elementary School Middle Regular 598 39 7
Mesquite High School High Regular 2,000 82 6

Islands Elementary School

  • Education Level: Primary
  • # of students: 598
  • # of teachers: 39
7
GreatSchools Rating

Islands Elementary School

  • Education Level: Middle
  • # of students: 598
  • # of teachers: 39
7
GreatSchools Rating

Mesquite High School

  • Education Level: High
  • # of students: 2,000
  • # of teachers: 82
6
GreatSchools Rating
 

$504,000$616,000$560,000

PURCHASE PRICE

$2,358$2,882$2,620

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M$1.8M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M$1.6M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,620
EXPENSES Loan Payment -$2,066
Property Tax -$329
Property Insurance -$83
HOA -$49
Property Management Fees -$99
CASH FLOW
-$7

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.

$560,000

PROJECTED PRICE

$2,620

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 7.05%
Maintenance Year (1-5) 8.00%
Vacancy 6.60%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$154,150

INVESTMENT

$154,150

Down Payment
$140,000
Rehab Estimate
$5,750
Closing Costs
$8,400

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$2,066

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $140,000
Loan Amount $420,000
See What Happens When You Reinvest Cash Flow

5.42

YEARS SAVED

$38,062

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
  • $2,808

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$2,3453$2,6954$2,9505$2,995
$2,995
RENT COMPS ANALYSIS
  • 859 W Royal Palms Drive Gilbert, 1
    • 5 beds 3 baths ∙ 2,873 Sqft ∙ Built 1991 5 beds 3 baths ∙ 2,873 Sqft ∙ Built 1991
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 341 E Catclaw Court Gilbert, 2
    • 4 beds 3 baths ∙ 2,750 Sqft ∙ Built 1994 4 beds 3 baths ∙ 2,750 Sqft ∙ Built 1994
    LEASED 08/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,345
    • $0.85
    •  
  • 1426 W Key Largo Court Gilbert, 3
    • 4 beds 3 baths ∙ 2,740 Sqft ∙ Built 1986 4 beds 3 baths ∙ 2,740 Sqft ∙ Built 1986
    LEASED 07/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,695
    • $0.98
    •  
  • 773 S Ocean Drive Gilbert, 4
    • 4 beds 3 baths ∙ 2,719 Sqft ∙ Built 1994 4 beds 3 baths ∙ 2,719 Sqft ∙ Built 1994
    LEASED 04/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,950
    • $1.08
    •  
  • 708 W Stottler Place Gilbert, 5
    • 5 beds 3 baths ∙ 3,004 Sqft ∙ Built 1996 5 beds 3 baths ∙ 3,004 Sqft ∙ Built 1996
    LEASED 08/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,995
    • $1.00
    •  
PROPERTY LISTING DETAILS
Jeffrey L. Franklin
Realty Executives
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6120445
Last Updated: 08/25/2020
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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