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10127 Montrose Drive Nw Charlotte, NC 28269

5 Beds 3 Baths 2,668 sqft Built 2005

$375,000

List Price

$1,900

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

February 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2005
  • Price/Sqft : $140.55
  • 3 Days on Market
  • MLS # : 3707296
  • Updated Date : 02/14/2021 at 00:05
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,668 sqft
  • Baths : 3 full
Listing Agent

Long & Foster Real Estate Inc

Listing Agent's Description

Welcome to this brick colonial, two car garage Highland Creek home in Cabarrus County. So many wonderful upgrades throughout this impressive 5 bedroom, 3 full bath home with updated bathrooms, marble kitchen backsplash, separate ?walk-in pantry, island, and freshly painted throughout. New roof in 11/20. Open floor plan, Hardwood floors on main level with sunken family room. First floor guest room or office with an updated full bath on main level, two story foyer. Huge Owner suite with tray ceiling and fan, garden tub and updated tiled shower, double vanity & walk-in closet. Versatile loft ?area, 3 other bedrooms with tray ceilings and fans. Large patio overlooking fenced yard that backs to a large wooded forest area with a stream, irrigation system, and vegetable garden area. Wonderful flow for entertaining! Conveniently located close to shopping, Concord Mills, I-85, I-485, multiple playgrounds, pools, the Sports Club, walking paths, golf course, and so much more!

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

Neighborhood: Dominion Montrose

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $116k330k

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

Neighborhood: Dominion Montrose

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8441998

* 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
Cox Mill Elementary School Primary Regular 1,112 61 9
Harris Road Middle School Middle Regular 1,185 63 9
Cox Mill High School High Regular 1,478 76 7

Cox Mill Elementary School

  • Education Level: Primary
  • # of students: 1,112
  • # of teachers: 61
9
GreatSchools Rating

Harris Road Middle School

  • Education Level: Middle
  • # of students: 1,185
  • # of teachers: 63
9
GreatSchools Rating

Cox Mill High School

  • Education Level: High
  • # of students: 1,478
  • # of teachers: 76
7
GreatSchools Rating
 

$337,500$412,500$375,000

PURCHASE PRICE

$1,710$2,090$1,900

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,900
EXPENSES Loan Payment -$1,303
Property Tax -$412
Property Insurance -$77
HOA -$54
Property Management Fees -$119
CASH FLOW
-$64

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.

$375,000

PROJECTED PRICE

$1,900

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.4%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$105,125

INVESTMENT

$105,125

Down Payment
$93,750
Rehab Estimate
$5,750
Closing Costs
$5,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,303

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $93,750
Loan Amount $281,250
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$16,072

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,900

    LIST RENT
  • $0.71

    LIST RENT PER SQFT
  • $1,928

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,8953$1,9004$2,0005$2,150
$2,150
RENT COMPS ANALYSIS
  • 10127 Montrose Drive Nw Charlotte, NC 3
    • 5 beds 3 baths ∙ 2,668 Sqft ∙ Built 2005 5 beds 3 baths ∙ 2,668 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $0.71
    •  
  • 1454 Bedlington Drive Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,744 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,744 Sqft ∙ Built 2006
    LEASED 02/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.65
    •  
  • 5604 Mcchesney Drive Charlotte, NC 2
    • 5 beds 3 baths ∙ 2,730 Sqft ∙ Built 1997 5 beds 3 baths ∙ 2,730 Sqft ∙ Built 1997
    LEASED 12/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,895
    • $0.69
    •  
  • 8209 Laurel Run Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,621 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,621 Sqft ∙ Built 2001
    LEASED 12/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.76
    •  
  • 10323 Dominion Village Drive Charlotte, NC 5
    • 5 beds 3 baths ∙ 2,725 Sqft ∙ Built 2005 5 beds 3 baths ∙ 2,725 Sqft ∙ Built 2005
    LEASED 10/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.79
    •  
PROPERTY LISTING DETAILS
Sue Fitzpatrick
1.240.793.8523
Long & Foster Real Estate Inc
BESbswy