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89 E Elgin Street Gilbert, AZ 85295

4 Beds 3 Baths 2,900 sqft Built 2002

$530,000

List Price

$2,390

$2.2K - $2.6K

Rent Est.

PROPERTY INFO

February 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $182.76
  • 3 Days on Market
  • MLS # : 6177618
  • Updated Date : 02/06/2021 at 19:25
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,900 sqft
  • Baths : 3 full
Listing Agent

My Home Group Real Estate

Listing Agent's Description

Get ready to fall in love with this 4 bedroom 3 bathroom home in the wonderful city of Gilbert. Pulling up to the home you are welcomed with a beautifully maintained grass yard, professionally managed landscaping, mature trees, and excellent curb appeal. Entering the home you are welcomed with a double door entryway, spacious floor plan allowing plenty of room for friends and family, high vaulted ceilings, hardwood flooring and tile throughout, a whole home water softener, neutral toned paint, and tons of natural lighting! Your fabulous eat in kitchen features ample cabinet space, crisp white appliances, a breakfast bar, walk-in pantry, water softener under the kitchen sink for fresh drinking water and plenty of space to make home cooked meals! Your spacious master bedroom

SEE MORE

PRICE & RENT TRENDS

Neighborhood: Allen Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500kPrice in $122k527k

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

Neighborhood: Allen Ranch

NeighborhoodNIR Market*CityMarket2010Year20002019 Q211001200130014001500160017001800190020002100220023002400Rent in $10362437

* 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
South Valley Jr. High School Middle Regular 1,193 53 9
Campo Verde High School High Regular 2,094 86 8
South Valley Jr. High School Middle Unknown NA

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

South Valley Jr. High School

  • Education Level: Middle
  • # of students:
  • # of teachers:
NA
GreatSchools Rating
 

$477,000$583,000$530,000

PURCHASE PRICE

$2,151$2,629$2,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,390
EXPENSES Loan Payment -$1,841
Property Tax -$312
Property Insurance -$78
HOA -$96
Property Management Fees -$99
CASH FLOW
-$35

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.

$530,000

PROJECTED PRICE

$2,390

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.17%
Appreciation Year (1-5) 2.3%
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$1.4M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$146,200

INVESTMENT

$146,200

Down Payment
$132,500
Rehab Estimate
$5,750
Closing Costs
$7,950

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,841

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $132,500
Loan Amount $397,500
See What Happens When You Reinvest Cash Flow

4.83

YEARS SAVED

$26,276

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,390

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $2,113

    COMP ESTIMATED VALUE
  • $0.81

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$1,9003$1,9754$2,2505$2,390
$2,390
RENT COMPS ANALYSIS
  • 89 E Elgin Street Gilbert, AZ 5
    • 4 beds 3 baths ∙ 2,601 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,601 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $2,390
    • $0.92
    •  
  • 2720 E Chester Drive Chandler, AZ 1
    • 3 beds 3 baths ∙ 2,434 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,434 Sqft ∙ Built 2005
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.78
    •  
  • 2482 E Kesler Lane Chandler, AZ 2
    • 3 beds 2 baths ∙ 2,288 Sqft ∙ Built 2000 3 beds 2 baths ∙ 2,288 Sqft ∙ Built 2000
    LEASED 08/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.83
    •  
  • 2903 E Detroit Street Chandler, AZ 3
    • 4 beds 3 baths ∙ 2,575 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,575 Sqft ∙ Built 2016
    LEASED 03/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,975
    • $0.77
    •  
  • 2586 E Remington Place Chandler, AZ 4
    • 4 beds 3 baths ∙ 2,575 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,575 Sqft ∙ Built 2005
    LEASED 12/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.87
    •  
PROPERTY LISTING DETAILS
George Laughton
My Home Group Real Estate
Brandon Graham
1.866.250.5610
Mynd Property Management
LC664597000
Arizona Regional Multiple Listing Service, Inc. ( ARMLS)
MLS #: 6177618
Last Updated: 02/06/2021
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. Copyright (c) 2021 Arizona Regional Multiple Listing Service, Inc. All rights reserved.

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