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1007 Club Drive Monroe, NC 28112

3 Beds 2 Baths 2,221 sqft Built 1984

INVESTimate

$269,900

List Price

$1,600

$1,440 - $1,760

Rent Est.

$289,171  ( +7.14%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 1984
  • Price/Sqft : $121.52
  • 10 Days on Market
  • MLS # : 3652806
  • Updated Date : 08/21/2020 at 10:52
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,221 sqft
  • Baths : 2 full
Listing Agent

Better Homes And Gardens Real Estate Paracle

Listing Agent's Description

Welcome to Your New Home in One of the Most Sought After Neighborhoods in Monroe. This Beautiful All Brick Ranch Home Has Never Ending Views From the 5th Hole of Monroe Country Club. Make Your Next Home In This One Level Home With an Open Living Space, Large Sunroom & Deck. Anyone Will Be Able to Enjoy this Oversized Garage with Plenty of Work Area.

SEE MORE

MARKET HIGHLIGHTS

  • Corporate Fortune 500 headquarters: Bank of America, Lowe’s, Duke Energy, Nucor, Family Dollar Stores, Sonic Automotive, Domtar
  • #3 fastest-growing big city in US with more than 15,000 people added in 2017 (US Census, 2018)
  • Charlotte metro has 65.8% labor force participation rate higher than the national rate 62.8% (USMayors.org, 2018)
  • Charlotte attracted more than $325 million in capital investments in 2018Q2 (Meckelenburg county, June 2018)
  • Charlotte metro's economy is worth $181 billion in Gross Metro Product and projected to grow to $192 billion in 2019 (USMayors.org, 2018)
  • #1 Millenial Moving destination city (Smart Asset)

PRICE & RENT TRENDS

Zip Code: 28112

ZipNIR Market*CityMarket2010Year20002019100k110k120k130k140k150k160k170k180k190k200k210kPrice in $93k213k

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

Zip Code: 28112

ZipNIR Market*CityMarket2010Year20002019 Q280085090095010001050110011501200125013001350Rent in $7651375

* 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
Rock Rest Elementary School Primary Regular 699 67 6
Monroe Middle School Middle Regular 1,068 68 3
Monroe High School High Regular 1,009 70 1

Rock Rest Elementary School

  • Education Level: Primary
  • # of students: 699
  • # of teachers: 67
6
GreatSchools Rating

Monroe Middle School

  • Education Level: Middle
  • # of students: 1,068
  • # of teachers: 68
3
GreatSchools Rating

Monroe High School

  • Education Level: High
  • # of students: 1,009
  • # of teachers: 70
1
GreatSchools Rating
 

$242,910$296,890$269,900

PURCHASE PRICE

$1,440$1,760$1,600

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$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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 $1,600
EXPENSES Loan Payment -$996
Property Tax -$139
Property Insurance -$69
Property Management Fees -$144
CASH FLOW
$252

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.

$269,900

PROJECTED PRICE

$1,600

PROJECTED RENT

0.59%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 7.14%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,274

INVESTMENT

$77,274

Down Payment
$67,475
Rehab Estimate
$5,750
Closing Costs
$4,049

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% 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 $67,475
Loan Amount $202,425
See What Happens When You Reinvest Cash Flow

9.42

YEARS SAVED

$42,161

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,600

    LIST RENT
  • $0.72

    LIST RENT PER SQFT
  • $1,555

    COMP ESTIMATED VALUE
  • $0.7

    COMP AVG. RENT PER SQFT
Comps Range
$1,395
1$1,3952$1,600
$1,600
RENT COMPS ANALYSIS
  • 1007 Club Drive Monroe, NC 2
    • 3 beds 2 baths ∙ 2,221 Sqft ∙ Built 1984 3 beds 2 baths ∙ 2,221 Sqft ∙ Built 1984
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.72
    •  
  • 1743 Lesa Lin Drive Monroe, NC 1
    • 4 beds 2 baths ∙ 2,001 Sqft ∙ Built 1990 4 beds 2 baths ∙ 2,001 Sqft ∙ Built 1990
    property image
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.70
    •  
PROPERTY LISTING DETAILS
Reggy Jr Gaddy
1.704.242.3789
Better Homes And Gardens Real Estate Paracle
BESbswy