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1104 Edgedale Drive Salisbury, NC 28144

3 Beds 2 Baths 1,815 sqft Built 1962

$189,777

List Price

$1,360

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
SINGLE-FAMILY
July 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1962
  • Price/Sqft : $104.56
  • 2 Days on Market
  • MLS # : CAR3761600
  • Updated Date : 07/12/2021 at 20:17
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,815 sqft
  • Baths : 2 full
Listing Agent

Wallace Realty

Listing Agent's Description

Brick home with character in desirable Meadowbrook Neighborhood on .63 Acre lot right on 5th green of Crescent Revival Golf Course. Great neighborhood ultra convenient location. This neighborhood is also connected to Salisbury's ever-growing Greenway system, Forestdale entrance with new Catawba College connector is very close by. Brand new architectural roof 2020 and freshly painted ceilings. Nice 50 gallon electric water heater. Front foundation wall has horizontal cracks, bulging, and displacement as seen in the basement. Use caution when visiting or showing rear wood stoop has rotted decking boards, steps and rails. Some personal property remains at the house sellers are still in process of removing it, buyer will be responsible for any personal property that remains.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Meadowbrook

NeighborhoodNIR Market*CityMarket2010Year2000201980k100k120k140k160k180k200kPrice in $61k213k

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

Neighborhood: Meadowbrook

NeighborhoodNIR Market*CityMarket2010Year20002019 Q26007008009001000110012001300Rent in $5771375

* 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
Isenberg Elementary School Primary Regular 430 28 3
Knox Middle School Middle Regular 573 37 1
Salisbury High School High Regular 813 57 1

Isenberg Elementary School

  • Education Level: Primary
  • # of students: 430
  • # of teachers: 28
3
GreatSchools Rating

Knox Middle School

  • Education Level: Middle
  • # of students: 573
  • # of teachers: 37
1
GreatSchools Rating

Salisbury High School

  • Education Level: High
  • # of students: 813
  • # of teachers: 57
1
GreatSchools Rating
 

$170,799$208,755$189,777

PURCHASE PRICE

$1,224$1,496$1,360

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,360
EXPENSES Loan Payment -$659
Property Tax -$195
Property Insurance -$61
Property Management Fees -$119
CASH FLOW
$326

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.

$189,777

PROJECTED PRICE

$1,360

PROJECTED RENT

0.72%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 2.8%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$56,041

INVESTMENT

$56,041

Down Payment
$47,444
Rehab Estimate
$5,750
Closing Costs
$2,847

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$659

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $47,444
Loan Amount $142,333
See What Happens When You Reinvest Cash Flow

13.25

YEARS SAVED

$39,795

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,360

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,543

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,300
1$1,3002$1,3603$1,5554$1,5755$1,595
$1,595
RENT COMPS ANALYSIS
  • 1104 Edgedale Drive Salisbury, NC 2
    • 3 beds 2 baths ∙ 1,815 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,815 Sqft ∙ Built 1962
    • Rent
    • Rent Per SQFT
    •  
    • $1,360
    • $0.75
    •  
  • 1114 W Bank Street Salisbury, NC 1
    • 3 beds 3 baths ∙ 1,576 Sqft ∙ Built 1936 3 beds 3 baths ∙ 1,576 Sqft ∙ Built 1936
    LEASED 06/25/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.82
    •  
  • 1403 Troon Drive Salisbury, NC 3
    • 3 beds 2 baths ∙ 1,916 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,916 Sqft ∙ Built 2005
    LEASED 08/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,555
    • $0.81
    •  
  • 1101 Amberlight Circle Salisbury, NC 4
    • 4 beds 2 baths ∙ 1,800 Sqft ∙ Built 2020 4 beds 2 baths ∙ 1,800 Sqft ∙ Built 2020
    LEASED 03/10/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.88
    •  
  • 1075 Silvertrace Drive Salisbury, NC 5
    • 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 2021 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 2021
    LEASED 06/25/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.89
    •  
PROPERTY LISTING DETAILS
Keith Knight
1.704.363.0096
Wallace Realty
BESbswy