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102 Foxfield Lane Matthews, NC 28105

4 Beds 3 Baths 2,432 sqft Built 1989

$385,000

List Price

$2,090

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

December 12, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1989
  • Price/Sqft : $158.31
  • 7 Days on Market
  • MLS # : 3686119
  • Updated Date : 12/12/2020 at 06:57
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,432 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty Llc

Listing Agent's Description

MOVE-IN READY home in Sardis Plantation! Updates include remodeled bathrooms, new HVAC, updated landscaping & much more! The main level features natural wood floors, crown molding, and a wood-burning fireplace. The kitchen has abundant natural light, kitchen island, separate breakfast area with window seat, quartz countertops, updated light fixtures and glass door kitchen cabinet, and walk in pantry. The owner’s suite features walk-in closet & large bathroom with new floor to ceiling tiles, large walk-in shower with triple showerheads including luxurious rainfall shower. The upstairs has engineered wood floors and the upstairs bathrooms have a fabulous spa like-feel. The outdoor living areas include private wooded views and access to neighborhood tennis courts, playground and trails. Washer, dryer and refrigerator included with suitable offer. Fabulous location – sought-after schools & convenient to shopping, dining & entertainment! Better Hurry!

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: Matthews

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Matthews

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* 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
Elizabeth Lane Elementary School Primary Regular 925 51 8
South Charlotte Middle School Middle Regular 856 41 9
Providence High School High Regular 1,991 94 9

Elizabeth Lane Elementary School

  • Education Level: Primary
  • # of students: 925
  • # of teachers: 51
8
GreatSchools Rating

South Charlotte Middle School

  • Education Level: Middle
  • # of students: 856
  • # of teachers: 41
9
GreatSchools Rating

Providence High School

  • Education Level: High
  • # of students: 1,991
  • # of teachers: 94
9
GreatSchools Rating
 

$346,500$423,500$385,000

PURCHASE PRICE

$1,881$2,299$2,090

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,090
EXPENSES Loan Payment -$1,420
Property Tax -$358
Property Insurance -$73
HOA -$24
Property Management Fees -$119
CASH FLOW
$95

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.

$385,000

PROJECTED PRICE

$2,090

PROJECTED RENT

0.54%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.5%
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$20k

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$107,775

INVESTMENT

$107,775

Down Payment
$96,250
Rehab Estimate
$5,750
Closing Costs
$5,775

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,420

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $96,250
Loan Amount $288,750
See What Happens When You Reinvest Cash Flow

7.08

YEARS SAVED

$38,284

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,090

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $2,152

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,8993$1,9704$2,0905$2,250
$2,250
RENT COMPS ANALYSIS
  • 102 Foxfield Lane Matthews, NC 4
    • 4 beds 3 baths ∙ 2,432 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,432 Sqft ∙ Built 1989
    • Rent
    • Rent Per SQFT
    •  
    • $2,090
    • $0.86
    •  
  • 1836 Watlington Drive Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,084 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,084 Sqft ∙ Built 1989
    LEASED 07/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.86
    •  
  • 201 Linville Drive Matthews, NC 2
    • 3 beds 3 baths ∙ 2,198 Sqft ∙ Built 1987 3 beds 3 baths ∙ 2,198 Sqft ∙ Built 1987
    LEASED 08/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,899
    • $0.86
    •  
  • 2616 Rustic Ridge Court Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,244 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,244 Sqft ∙ Built 1988
    LEASED 01/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,970
    • $0.88
    •  
  • 925 Reverdy Lane Matthews, NC 5
    • 4 beds 4 baths ∙ 2,383 Sqft ∙ Built 1973 4 beds 4 baths ∙ 2,383 Sqft ∙ Built 1973
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.94
    •  
PROPERTY LISTING DETAILS
Adela Hollar
1.704.302.7159
Exp Realty Llc
BESbswy