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1111 Turtle Ridge Drive Monroe, NC 28110

3 Beds 2 Baths 1,283 sqft Built 2003

$259,000

List Price

$1,430

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 22, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $201.87
  • 3 Days on Market
  • MLS # : 3701024
  • Updated Date : 01/23/2021 at 18:01
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,283 sqft
  • Baths : 2 full
Listing Agent

Wilkinson Era Real Estate

Listing Agent's Description

BEAUTIFUL RANCH WELL MAINTAINED, LOCATED IN A SMALL QUIET NEIGHBORHOOD, READY TO MOVE IN, GREAT LOCATIONS, CLOSE TO EVERYTHING, SHOPPING PLACES, PORTER RIDGE SCHOOLS, UNION COUNTY LOW TAXES, HOUSE ITSELF HAS EVERYTHING U WISH FOR, OPEN FLOOR PLAN WITH VAULTED CEILINGS, NEW KITCHEN CABINETS 42 ", TILE BACK SPLASH WITH STYLISH QUARTZ COUNTER TOPS, STAINLESS STEAL APPLIANSES, HOUSE HAS BEEN COMPLEATLY UPDATED, NEW LIGHTING, FLOORS, BATHROOMS. EXTRA SPACE IN THE LAUNDRY AND ATTIC AREA. EXTENSIVE PATIO AND NICELY PLANNED OUT GARDEN/FLOWER BEDS LOTS OF PERENNIALS!!! PRODUCTIVE WHITE PEACH TREE. CUTE YARD WITH LOW MAINTENANCE AND EXTENDED DRIVEWAY WITH NICE CURB APPEAL. HALF OF THE GARAGE WAS TURNED INTO A RECREATION ROOM/OFFICE. IF BUYER WOULD LIKE IT TURNED BACK TO A FULL TWO CAR GARAGE-SELLER WILL TAKE DOWN THE WALL AT CLOSING. COME AND SEE THIS BEAUTIFULL HOUSE BEFORE IT'S GONE. YOU WILL NOT BE DISSAPOITED. WE ARE CALLING FOR HIGHEST AND BEST OFFER BY SUNDAY AT 3 PM.

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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

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
Poplin Elementary School Primary Regular 719 40 7
Porter Ridge Middle School Middle Regular 1,385 72 7
Porter Ridge High School High Regular 1,591 77 7

Poplin Elementary School

  • Education Level: Primary
  • # of students: 719
  • # of teachers: 40
7
GreatSchools Rating

Porter Ridge Middle School

  • Education Level: Middle
  • # of students: 1,385
  • # of teachers: 72
7
GreatSchools Rating

Porter Ridge High School

  • Education Level: High
  • # of students: 1,591
  • # of teachers: 77
7
GreatSchools Rating
 

$233,100$284,900$259,000

PURCHASE PRICE

$1,287$1,573$1,430

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,430
EXPENSES Loan Payment -$900
Property Tax -$137
Property Insurance -$51
Property Management Fees -$119
CASH FLOW
$223

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.

$259,000

PROJECTED PRICE

$1,430

PROJECTED RENT

0.55%

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) 8.00%
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$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$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$74,385

INVESTMENT

$74,385

Down Payment
$64,750
Rehab Estimate
$5,750
Closing Costs
$3,885

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$900

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $64,750
Loan Amount $194,250
See What Happens When You Reinvest Cash Flow

9.75

YEARS SAVED

$36,695

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,430

    LIST RENT
  • $1.11

    LIST RENT PER SQFT
  • $1,434

    COMP ESTIMATED VALUE
  • $1.12

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,3003$1,3954$1,3995$1,430
$1,430
RENT COMPS ANALYSIS
  • 1111 Turtle Ridge Drive Monroe, NC 5
    • 3 beds 2 baths ∙ 1,283 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,283 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,430
    • $1.11
    •  
  • 5516 Burning Ridge Drive Monroe, NC 1
    • 3 beds 2 baths ∙ 1,100 Sqft ∙ Built 3 beds 2 baths ∙ 1,100 Sqft ∙ Built
    LEASED 05/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $1.14
    •  
  • 5600 Burning Ridge Drive Monroe, NC 2
    • 3 beds 2 baths ∙ 1,208 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,208 Sqft ∙ Built 1998
    LEASED 07/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.08
    •  
  • 4008 Laurel Creek Lane Monroe, NC 3
    • 3 beds 2 baths ∙ 1,256 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,256 Sqft ∙ Built 2008
    LEASED 01/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.11
    •  
  • 4608 Winterberry Lane Monroe, NC 4
    • 3 beds 3 baths ∙ 1,226 Sqft ∙ Built 3 beds 3 baths ∙ 1,226 Sqft ∙ Built
    LEASED 06/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,399
    • $1.14
    •  
PROPERTY LISTING DETAILS
Yulia Gavrilov
1.704.441.0252
Wilkinson Era Real Estate
BESbswy