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1108 Montford Drive Charlotte, NC 28209

3 Beds 2 Baths 1,552 sqft Built 1950

$445,000

List Price

$2,090

$1.9K - $2.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1950
  • Price/Sqft : $286.73
  • MLS # : CAR3760992
  • Updated Date : 07/12/2021 at 20:54
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,552 sqft
  • Baths : 2 full
Listing Agent

Dickens Mitchener & Associates Inc

Listing Agent's Description

Updated Madison Park ranch with midcentury influences. This corner lot has fantastic curb appeal with a circle drive. Great house for entertaining. Relax on your screened in back porch and shaded outdoor deck area. Original HW's in most of the house. Kitchen has new quartz counters, open shelving and stacked subway backsplash. Den has triple windows and can be used as an office, workout room, studio etc. Fireplaces in the den and LR. Have breakfast on the side courtyard with brick pavers and iron gates. You have storage closets on the front and back of the house. Updates include a new A/C unit, screening on back porch, paint inside and out, stained deck and porch, lighting, most faucets and both bathroom vanities. Floors were buffed with a new coat of poly added. Can bike/walk to Madison Central Park, Greenway and all the places around Park Road S/C. House is not in the floodplain, but a portion of the back lot is. Showings begin at 9:30am on Thursday July 15th.

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: Madison Park

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $102k336k

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

Neighborhood: Madison Park

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
Pinewood Elementary School Primary Regular 557 38 4
Sedgefield Middle School Middle Regular 745 45 1
Myers Park High School High Regular 2,762 145 8

Pinewood Elementary School

  • Education Level: Primary
  • # of students: 557
  • # of teachers: 38
4
GreatSchools Rating

Sedgefield Middle School

  • Education Level: Middle
  • # of students: 745
  • # of teachers: 45
1
GreatSchools Rating

Myers Park High School

  • Education Level: High
  • # of students: 2,762
  • # of teachers: 145
8
GreatSchools Rating
 

$400,500$489,500$445,000

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 -$1,546
Property Tax -$388
Property Insurance -$56
Property Management Fees -$119
CASH FLOW
-$19

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.

$445,000

PROJECTED PRICE

$2,090

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 9.8%
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$1.4M$1.6M

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$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$123,675

INVESTMENT

$123,675

Down Payment
$111,250
Rehab Estimate
$5,750
Closing Costs
$6,675

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,546

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $111,250
Loan Amount $333,750
See What Happens When You Reinvest Cash Flow

5.42

YEARS SAVED

$25,725

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
  • $1.35

    LIST RENT PER SQFT
  • $2,033

    COMP ESTIMATED VALUE
  • $1.31

    COMP AVG. RENT PER SQFT
Comps Range
$1,900
1$1,9002$1,9003$2,0904$2,1505$2,250
$2,250
RENT COMPS ANALYSIS
  • 1108 Montford Drive Charlotte, NC 3
    • 3 beds 2 baths ∙ 1,552 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,552 Sqft ∙ Built 1950
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,090
    • $1.35
    •  
  • 4547 Bradbury Drive Charlotte, NC 1
    • 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,450 Sqft ∙ Built 1953
    property image
    LEASED 03/08/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.31
    •  
  • 4311 Castlewood Road Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,526 Sqft ∙ Built 1953 3 beds 2 baths ∙ 1,526 Sqft ∙ Built 1953
    property image
    LEASED 06/12/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,900
    • $1.25
    •  
  • 1201 Seneca Place Charlotte, NC 4
    • 3 beds 2 baths ∙ 1,697 Sqft ∙ Built 1957 3 beds 2 baths ∙ 1,697 Sqft ∙ Built 1957
    property image
    LEASED 11/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $1.27
    •  
  • 5814 Wedgewood Drive Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,662 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,662 Sqft ∙ Built 1956
    property image
    LEASED 07/01/21
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $1.35
    •  
PROPERTY LISTING DETAILS
Jeff Murdock
1.205.276.6488
Dickens Mitchener & Associates Inc
BESbswy