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1117 Jug Broome Road Monroe, NC 28112

3 Beds 1 Baths 1,196 sqft Built 1950

$129,900

List Price

$1,200

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

December 19, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1950
  • Price/Sqft : $108.61
  • 2 Days on Market
  • MLS # : 3692267
  • Updated Date : 12/19/2020 at 12:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,196 sqft
  • Baths : 1 full
Listing Agent

Emerald Pointe Realty

Listing Agent's Description

INVESTOR ALERT!!! This peaceful property just needs TLC. Could be moved into now, has the room to put in another bathroom it's mostly just updating. Even Has a few buildings for workshops. Seller will only have on the market a brief time as it wouldn't take tons of work to make this home very special again. Seller is selling as is. Come bring your buyers or investor before it's gone to a new owner!!

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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: 28112

ZipNIR Market*CityMarket2010Year20002019100k110k120k130k140k150k160k170k180k190k200k210kPrice in $93k213k

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

Zip Code: 28112

ZipNIR Market*CityMarket2010Year20002019 Q280085090095010001050110011501200125013001350Rent in $7651375

* 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
Union Elementary School Primary Regular 396 33 7
East Union Middle School Middle Regular 908 59 3
Forest Hills High School High Regular 937 63 2

Union Elementary School

  • Education Level: Primary
  • # of students: 396
  • # of teachers: 33
7
GreatSchools Rating

East Union Middle School

  • Education Level: Middle
  • # of students: 908
  • # of teachers: 59
3
GreatSchools Rating

Forest Hills High School

  • Education Level: High
  • # of students: 937
  • # of teachers: 63
2
GreatSchools Rating
 

$116,910$142,890$129,900

PURCHASE PRICE

$1,080$1,320$1,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,200
EXPENSES Loan Payment -$479
Property Tax -$69
Property Insurance -$50
Property Management Fees -$119
CASH FLOW
$483

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.

$129,900

PROJECTED PRICE

$1,200

PROJECTED RENT

0.92%

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$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$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$50k$100k$150k$200k$250k$300k$350k$400k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$40,174

INVESTMENT

$40,174

Down Payment
$32,475
Rehab Estimate
$5,750
Closing Costs
$1,949

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$479

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $32,475
Loan Amount $97,425
See What Happens When You Reinvest Cash Flow

18.33

YEARS SAVED

$46,791

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,200

    LIST RENT
  • $1

    LIST RENT PER SQFT
  • $1,136

    COMP ESTIMATED VALUE
  • $0.95

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,200
$1,200
RENT COMPS ANALYSIS
  • 1117 Jug Broome Road Monroe, NC 2
    • 3 beds 1 baths ∙ 1,196 Sqft ∙ Built 1950 3 beds 1 baths ∙ 1,196 Sqft ∙ Built 1950
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $1.00
    •  
  • 223 Jug Broome Road Monroe, NC 1
    • 3 beds 1 baths ∙ 1,261 Sqft ∙ Built 1962 3 beds 1 baths ∙ 1,261 Sqft ∙ Built 1962
    property image
    LEASED 10/21/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.95
    •  
PROPERTY LISTING DETAILS
Ramie Melton
1.704.254.2651
Emerald Pointe Realty
BESbswy