1998314 - 7008 Ellis Island Ct

Information Index

Property Manager Opinion

MLS #1998314 7008 Ellis Island is located in a well-established community offering shopping and schools close by. The feel to this neighborhood is tranquil with all of its mature trees. I like the feel to this property. The sellers have done a nice job on the light tan wall color and leaving the baseboards and doors, doorframes white. We call this an executive paint job and updates the home immensely. The downstairs floor plan is lovely. I like the space in the formal dining room and family room and the custom touches the seller added. The kitchen offers granite counters with white cabinets. Appliances all seem to fit in nicely with the kitchen remodel and the ceiling light being so modern is a nice touch. I love the white plantation shutters. Any windows that do not have window blinds will need them (I saw just a couple). Backyard having the covered patio additional stamped concrete slab will be liked by tenants. Flooring downstairs should work out well in a rental. The upstairs carpet should be replaced. In the video the carpet seems to look worn and not as fresh as the rest of the property. The upstairs floorplan has 5 bedrooms (which is a ton of bedrooms) however, I think the master was built on the smaller side. It will be fine for a rental, just wanted to make that note. There is a Huge bedroom next to the master that would make for a great secondary family room. The front yard will need some clean up to add to the curb appeal. Overall this would make for an outstanding rental. Rent in todays market for this property would be $1700-$1750. It should take 2-3 weeks to secure a qualified renter.

Current Estimated Return

Rent/Price $1750/$270000
Cash Flow Mo (Cash/Financed) $1474/$371
ROI (Cash/Financed) 6.5%/5.9%

See Comparable Sales/Rental Information below for details.

Assumptions

Item Amount Item Amount Item Amount
Interest Rate 5.13% Management 8% Actual Taxes 1176/Yr
Payment Term 30 Yrs Insurance 450/Yr Closing Cost - Cash 2000
Down Payment 25% Fees $0/Mo Closing Cost - Financed 3%

MLS Property Photos

Property Video

Map

Property Details

Property Summary

  • Asking Price: 270000
  • Days on Market: 6
  • Original Price: 270000
  • Monthly Fees: 0

Interior

  • SqFt: 1913
  • Beds: 5
  • Baths: 3
  • Flooring: Carpet, Hardwood, Manmade wood or Laminate, Tile
  • Garage: 2
  • Built: 1994
  • Interior Desc: Blinds, Ceiling Fan(s), Shutters
  • Stories: 2

Appliances

  • Washer: No
  • Other Appliances: Microwave
  • Oven: Stove(G)
  • Kitchen Counter:
  • Dishwasher: No
  • Disposal: Yes
  • Dryer: No

Exterior

  • Lot SqFt: 3485
  • Pool: No
  • Property Type: Single
  • Roof Desc: Tile
  • Construction:
  • Exterior Desc: Back Yard Access, Covered Patio
  • Faces: South
  • Views:

Schools

  • Elementary: Neal Joseph
  • Middle: Saville Anthony
  • High: Shadow Ridge

Other

  • Litigation: No
  • Subdivision: Grand Entries
  • Community:
  • Zip Code: 89130

Rehab Estimate

Rehab estimate not available at this time

Comparable Sales/Rental Information

MLS Dist SqFt Beds Price $/SqFt Close Days Stories
1978886 0.13 1986 4 280000 141.0 2018-05-31 9 2
1975750 0.18 1921 4 278000 145.0 2018-05-15 19 2
1971678 0.15 1913 4 248300 130.0 2018-04-06 10 2

MLS Address Garage Lot Built Pool Subdivision
1978886 5729 Royal Castle Ln 2 4792 1994 No Grand Entries
1975750 5621 Balsam St 2 2614 2015 No Toscana
1971678 7008 Resplendent Ct 2 3485 1994 No Grand Entries

Estimated value based on the above comps: $139.0/SqFt x 1913SqFt = $265000

MLS Dist SqFt Beds Rent $/SqFt Close Days Stories
1976564 0.21 1773 3 1495 0.84 2018-04-18 2 1
1990418 0.15 1913 4 1645 0.86 2018-05-31 12 2
1988675 0.11 1913 5 1600 0.84 2018-05-22 5 2

MLS Address Garage Lot Built Pool Subdivision
1976564 5525 Goldbrush St 2 6098 1995 No Tierra Vista Est
1990418 7008 Resplendent Ct 2 3485 1994 No Grand Entries
1988675 7009 Resplendent Ct 2 3485 1994 No Grand Entries

Estimated value based on the above comps: $0.85/SqFt x 1913SqFt = $1620

Purchase/Financing Options

The tables below show estimated return based on various levels of rent and sales price. For example, choose a rent on the left, a sales price at the top and at the row column intersection is the estimated return.

Cash Purchase

260000 262500 265000 267500 270000 272500 275000 277500
1650 6.33% 6.27% 6.21% 6.16% 6.1% 6.04% 5.99% 5.94%
1675 6.44% 6.38% 6.32% 6.26% 6.2% 6.14% 6.09% 6.03%
1700 6.54% 6.48% 6.42% 6.36% 6.3% 6.24% 6.19% 6.13%
1725 6.65% 6.59% 6.52% 6.46% 6.4% 6.35% 6.29% 6.23%
1750 6.75% 6.69% 6.63% 6.57% 6.51% 6.45% 6.39% 6.33%
1775 6.86% 6.79% 6.73% 6.67% 6.61% 6.55% 6.49% 6.43%
1800 6.96% 6.9% 6.83% 6.77% 6.71% 6.65% 6.59% 6.53%

Return With 20% Down

260000 262500 265000 267500 270000 272500 275000 277500
1650 5.01% 4.76% 4.5% 4.24% 3.99% 3.74% 3.5% 3.26%
1675 5.47% 5.22% 4.95% 4.69% 4.43% 4.18% 3.94% 3.69%
1700 5.93% 5.67% 5.4% 5.14% 4.88% 4.62% 4.37% 4.13%
1725 6.39% 6.13% 5.86% 5.59% 5.32% 5.06% 4.81% 4.56%
1750 6.85% 6.59% 6.31% 6.04% 5.77% 5.5% 5.25% 4.99%
1775 7.31% 7.05% 6.76% 6.49% 6.21% 5.94% 5.68% 5.42%
1800 7.78% 7.5% 7.22% 6.93% 6.66% 6.39% 6.12% 5.86%

Return With 25% Down

260000 262500 265000 267500 270000 272500 275000 277500
1650 5.28% 5.07% 4.86% 4.65% 4.44% 4.24% 4.04% 3.85%
1675 5.66% 5.44% 5.23% 5.02% 4.8% 4.6% 4.4% 4.21%
1700 6.04% 5.82% 5.6% 5.39% 5.17% 4.96% 4.76% 4.56%
1725 6.42% 6.2% 5.98% 5.76% 5.53% 5.32% 5.12% 4.92%
1750 6.8% 6.57% 6.35% 6.13% 5.9% 5.69% 5.48% 5.27%
1775 7.18% 6.95% 6.72% 6.5% 6.26% 6.05% 5.84% 5.63%
1800 7.56% 7.32% 7.09% 6.87% 6.63% 6.41% 6.19% 5.98%

Return With 30% Down

260000 262500 265000 267500 270000 272500 275000 277500
1650 5.48% 5.3% 5.11% 4.93% 4.76% 4.58% 4.42% 4.25%
1675 5.8% 5.62% 5.43% 5.24% 5.07% 4.89% 4.73% 4.55%
1700 6.12% 5.94% 5.74% 5.55% 5.38% 5.2% 5.03% 4.86%
1725 6.44% 6.25% 6.06% 5.87% 5.69% 5.5% 5.34% 5.16%
1750 6.76% 6.57% 6.37% 6.18% 6.0% 5.81% 5.64% 5.46%
1775 7.08% 6.89% 6.69% 6.49% 6.31% 6.12% 5.94% 5.76%
1800 7.41% 7.21% 7.01% 6.8% 6.62% 6.43% 6.25% 6.06%

Return With 40% Down

260000 262500 265000 267500 270000 272500 275000 277500
1650 5.73% 5.58% 5.44% 5.3% 5.17% 5.04% 4.92% 4.78%
1675 5.97% 5.82% 5.68% 5.54% 5.41% 5.28% 5.15% 5.01%
1700 6.22% 6.07% 5.92% 5.78% 5.65% 5.51% 5.38% 5.24%
1725 6.47% 6.31% 6.17% 6.02% 5.89% 5.75% 5.62% 5.48%
1750 6.71% 6.55% 6.41% 6.26% 6.12% 5.99% 5.85% 5.71%
1775 6.96% 6.8% 6.65% 6.5% 6.36% 6.22% 6.08% 5.94%
1800 7.21% 7.04% 6.89% 6.74% 6.6% 6.46% 6.32% 6.17%

Return With 50% Down

260000 262500 265000 267500 270000 272500 275000 277500
1650 5.87% 5.76% 5.65% 5.54% 5.43% 5.32% 5.22% 5.12%
1675 6.07% 5.96% 5.85% 5.73% 5.62% 5.51% 5.41% 5.31%
1700 6.27% 6.15% 6.04% 5.93% 5.82% 5.7% 5.59% 5.5%
1725 6.47% 6.35% 6.24% 6.12% 6.01% 5.9% 5.78% 5.68%
1750 6.67% 6.55% 6.44% 6.32% 6.2% 6.09% 5.97% 5.87%
1775 6.88% 6.75% 6.63% 6.51% 6.39% 6.28% 6.16% 6.06%
1800 7.08% 6.95% 6.83% 6.71% 6.59% 6.47% 6.35% 6.25%

Multi Year Projection

Purchase Assumptions

  • Purchase Price: 270000
  • Rent (Mo): 1750
  • Rehab Cost: 0
  • Property Tax (Actual, Annual): 1176
  • Association Fee (Yr): 0

Financing/Purchase Costs Assumptions

  • Down %: 25%
  • Down $: 67500
  • Financed Amount: 202500
  • Interest Rate: 5.13%
  • Loan Term (Yrs): 30
  • Closing Cost - Financed (%): 3%
  • Closing Cost - Cash: 200

Recurring Costs

  • Debt Service (Mo): 1103
  • Landlord Insurance (Yr): 450
  • Management Fee (%): 8%

Tax Considerations

  • Depreciation Term (Yrs): 27
  • Depreciation (%): 80%

Appreciation Assumptions

  • Price Appreciation (Ann %): 5%
  • Rent Appreciation (Ann %): 5%

Calculation Factors

  • Tax % of Purchase Price: 0.44%
  • Insurance % of purchase Price: 0.17%
End of Year 0123456789
Market Value 270000283500297675312558328186344596361825379917398912418858
Gross Rent 21000220502315224310255252680128142295493102632577
Tax Deductible Annual Expenses
Debt Service Interest 1032010166100059835965794699271906288438612
Management Fee 1680176418521945204221442251236424822606
Landlord Insurance 450472496520546574603633664698
Property tax 1176123512971361142915011576165517371824
Association Fee 0000000000
Depreciation 7855785578557855785578557855785578557855
Total Financed Expenses 21481214922150521516215292154321556215692158121595
Total Cash Expenses 11161113261150011681118721207412285125071273812983
Taxable Income - Financed
Gross Rent 21000220502315224310255252680128142295493102632577
- Total Financed Expenses 21481214922150521516215292154321556215692158121595
Taxable Gain or Loss -481558164727943996525865867980944510982
Taxable Income - Cash
Gross Rent 21000220502315224310255252680128142295493102632577
- Total Cash Expenses 11161113261150011681118721207412285125071273812983
Taxable Gain or Loss 9839107241165212629136531472715857170421828819594
Actual Expenses - Financed
Debt Service (P&I) 13236132361323613236132361323613236132361323613236
Management Fee 1680176418521945204221442251236424822606
Landlord Insurance 450472496520546574603633664698
Property tax 1176123512971361142915011576165517371824
Association Fee 0000000000
Total Expenses 16542167071688117062172531745517666178881811918364
Actual Expenses - Cash
Management Fee 1680176418521945204221442251236424822606
Landlord Insurance 450472496520546574603633664698
Property tax 1176123512971361142915011576165517371824
Association 0000000000
Total Expenses 3306347136453826401742194430465248835128
ROI & Cash Flow - Financed
Gross Rent 21000220502315224310255252680128142295493102632577
Total Expenses 16542167071688117062172531745517666178881811918364
Cash Flow 44585343627172488272934610476116611290714213
ROI 5.9%7.1%8.3%9.6%10.9%12.4%13.9%15.4%17.1%18.8%
ROI & Cash Flow - Cash
Gross Rent 21000220502315224310255252680128142295493102632577
Total Expenses 3306347136453826401742194430465248835128
Cash Flow 17694185791950720484215082258223712248972614327449
ROI 6.5%6.9%7.2%7.6%8%8.4%8.8%9.2%9.7%10.2%

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