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1023 Yearden Lane #220 Monroe, NC 28110

3 Beds 3 Baths 2,517 sqft Built 2020

$358,955

List Price

$1,690

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 2020
  • Price/Sqft : $142.61
  • 3 Days on Market
  • MLS # : 3678344
  • Updated Date : 11/06/2020 at 18:03
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,517 sqft
  • Baths : 2 full , 1 half
Listing Agent

Ccnc Realty Group Llc

Listing Agent's Description

Weddington Pointe is a community for all!!! Enjoy all that Weddington Pointe has to offer with natural pond, pool and pool house. This is an open floor plan with funcitionality. Large kitchen over looks great room granite countertops 42" cabinets, luxury vinyl plank in foyer, dining, great room and kitchen!! Ceiling fan prewires in all bedrooms, great room along with date outlets. Fiber cement exteriors, granite countertops, backsplash, gas stainless steel appliance packages, ceramic tile in all wet areas and laundry room. Minutes from Wesley Chapel village commons.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 28110

ZipNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210kPrice in $113k215k

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

Zip Code: 28110

ZipNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350Rent in $8011375

* 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
Shiloh Elementary School Primary Regular 564 39 6
Sun Valley Middle School Middle Regular 1,365 69 6
Sun Valley High School High Regular 1,306 76 7

Shiloh Elementary School

  • Education Level: Primary
  • # of students: 564
  • # of teachers: 39
6
GreatSchools Rating

Sun Valley Middle School

  • Education Level: Middle
  • # of students: 1,365
  • # of teachers: 69
6
GreatSchools Rating

Sun Valley High School

  • Education Level: High
  • # of students: 1,306
  • # of teachers: 76
7
GreatSchools Rating
 

$323,060$394,851$358,955

PURCHASE PRICE

$1,521$1,859$1,690

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,690
EXPENSES Loan Payment -$1,324
Property Tax -$187
Property Insurance -$75
HOA -$83
Property Management Fees -$152
CASH FLOW
-$131

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$358,955

PROJECTED PRICE

$1,690

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 7.1%
Maintenance Year (1-5) 3.00%
Vacancy 6.57%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

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$97,123

INVESTMENT

$97,123

Down Payment
$89,739
Rehab Estimate
$2,000
Closing Costs
$5,384

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,324

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $89,739
Loan Amount $269,216
See What Happens When You Reinvest Cash Flow

2.5

YEARS SAVED

$8,907

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,690

    LIST RENT
  • $0.67

    LIST RENT PER SQFT
  • $1,730

    COMP ESTIMATED VALUE
  • $0.69

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,5753$1,6504$1,6505$1,690
$1,690
RENT COMPS ANALYSIS
  • 1023 Yearden Lane Monroe, NC 5
    • 3 beds 3 baths ∙ 2,517 Sqft ∙ Built 2020 3 beds 3 baths ∙ 2,517 Sqft ∙ Built 2020
    • Rent
    • Rent Per SQFT
    •  
    • $1,690
    • $0.67
    •  
  • 3021 Trellis Lane Monroe, NC 1
    • 4 beds 2 baths ∙ 2,180 Sqft ∙ Built 2002 4 beds 2 baths ∙ 2,180 Sqft ∙ Built 2002
    LEASED 11/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.69
    •  
  • 2711 Gusty Lane Monroe, NC 2
    • 3 beds 3 baths ∙ 2,209 Sqft ∙ Built 2010 3 beds 3 baths ∙ 2,209 Sqft ∙ Built 2010
    LEASED 02/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.71
    •  
  • 4608 Manchineel Lane Monroe, NC 3
    • 4 beds 3 baths ∙ 2,635 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,635 Sqft ∙ Built 2013
    LEASED 08/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.63
    •  
  • 427 Bougainvillea Court Monroe, NC 4
    • 4 beds 3 baths ∙ 2,292 Sqft ∙ Built 2010 4 beds 3 baths ∙ 2,292 Sqft ∙ Built 2010
    LEASED 08/08/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.72
    •  
PROPERTY LISTING DETAILS
Tracy Olson
1.704.301.0804
Ccnc Realty Group Llc
BESbswy