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1013 Harrogate Lane Matthews, NC 28104

4 Beds 4 Baths 3,722 sqft Built 2005

INVESTimate

$475,000

List Price

$2,360

$2,124 - $2,596

Rent Est.

$480,890  ( +1.24%)   1 YR EST. FORECAST

PROPERTY INFO

FACTS
  • Built In 2005
  • Price/Sqft : $127.62
  • 9 Days on Market
  • MLS # : 3653109
  • Updated Date : 08/22/2020 at 00:05
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,722 sqft
  • Baths : 3 full , 1 half
Listing Agent

Re/max Executive

Listing Agent's Description

Top-notch schools, lower Union County taxes. Beautiful Brookhaven open concept home with neighborhood resort-style amenities. Hardwood floors, brand new carpet upstairs, tile baths. Lovely kitchen has French white cabinets, large island, granite, tile backsplash and is open to the large family room with gas fireplace & built-in cabinets. Formal dining room, office/study and powder room complete the first floor. Huge owner's suite with trey ceiling, two walk-in closets and the spacious owner's bath offers tile flooring, double vanity w/sitting area, garden tub, shower, private water closet & large linen closet. Bedroom 2 has an ensuite bath; Bedrooms 3 & 4 share the 3rd full bath. Private back yard with beautiful covered porch, mature landscaping and raised beds. Front & rear irrigation, front porch, Oversized 2-car garage. Nest doorbell & thermostats. Sentricon system w/Killingsworth, 1yr HSA home warranty. Exterior painted 2018, water heater 2014, covered porch added 2013.

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: Brookhaven

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400k450k500k550k600k650k700kPrice in $118k737k

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

Neighborhood: Brookhaven

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2100012001400160018002000220024002600280030003200Rent in $8443254

* 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
Antioch Elementary School Primary Regular 744 42 9
Weddington Middle School Middle Regular 997 55 10
Weddington High School High Regular 1,342 69 9

Antioch Elementary School

  • Education Level: Primary
  • # of students: 744
  • # of teachers: 42
9
GreatSchools Rating

Weddington Middle School

  • Education Level: Middle
  • # of students: 997
  • # of teachers: 55
10
GreatSchools Rating

Weddington High School

  • Education Level: High
  • # of students: 1,342
  • # of teachers: 69
9
GreatSchools Rating
 

$427,500$522,500$475,000

PURCHASE PRICE

$2,124$2,596$2,360

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

PROJECTED ANNUAL CASH FLOW

11530-$5.0k$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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,360
EXPENSES Loan Payment -$1,753
Property Tax -$319
Property Insurance -$97
HOA -$93
Property Management Fees -$212
CASH FLOW
-$114

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.

$475,000

PROJECTED PRICE

$2,360

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.76%
Appreciation Year (1-5) 1.24%
Maintenance Year (1-5) 8.00%
Vacancy 6.36%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$131,625

INVESTMENT

$131,625

Down Payment
$118,750
Rehab Estimate
$5,750
Closing Costs
$7,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,753

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $118,750
Loan Amount $356,250
See What Happens When You Reinvest Cash Flow

3.75

YEARS SAVED

$20,527

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,360

    LIST RENT
  • $0.63

    LIST RENT PER SQFT
  • $2,419

    COMP ESTIMATED VALUE
  • $0.65

    COMP AVG. RENT PER SQFT
Comps Range
$2,150
1$2,1502$2,2003$2,3604$2,4505$2,495
$2,495
RENT COMPS ANALYSIS
  • 1013 Harrogate Lane Matthews, NC 3
    • 4 beds 4 baths ∙ 3,722 Sqft ∙ Built 2005 4 beds 4 baths ∙ 3,722 Sqft ∙ Built 2005
    • Rent
    • Rent Per SQFT
    •  
    • $2,360
    • $0.63
    •  
  • 329 Hidden Cove Lane Stallings, NC 1
    • 5 beds 4 baths ∙ 3,711 Sqft ∙ Built 2015 5 beds 4 baths ∙ 3,711 Sqft ∙ Built 2015
    LEASED 10/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.58
    •  
  • 918 Landry Drive Matthews, NC 2
    • 5 beds 5 baths ∙ 3,552 Sqft ∙ Built 2014 5 beds 5 baths ∙ 3,552 Sqft ∙ Built 2014
    LEASED 01/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.62
    •  
  • 4315 Mccamey Drive Matthews, NC 4
    • 5 beds 3 baths ∙ 3,628 Sqft ∙ Built 2005 5 beds 3 baths ∙ 3,628 Sqft ∙ Built 2005
    LEASED 10/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.68
    •  
  • 2519 Hampton Glen Court Matthews, NC 5
    • 5 beds 4 baths ∙ 3,881 Sqft ∙ Built 2002 5 beds 4 baths ∙ 3,881 Sqft ∙ Built 2002
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $0.64
    •  
PROPERTY LISTING DETAILS
Rachel Reardon
1.704.560.3800
Re/max Executive
BESbswy