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11233 Irwin Oak Place #8 Matthews, NC 28105

5 Beds 4 Baths 3,148 sqft Built 2021

$426,395

List Price

$2,650

$2.4K - $2.9K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
January 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $135.45
  • 5 Days on Market
  • MLS # : 3696175
  • Updated Date : 01/06/2021 at 17:34
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,148 sqft
  • Baths : 4 full
Listing Agent

Ccnc Realty Group Llc

Listing Agent's Description

Two story with a full bed and bath on the main, beautiful kitchen with large granite countered island, espresso cabinets complement your designer interior color package, stainless appliances including double oven, 5 burner gas stove, large pantry, open concept living and a nice sized covered patio off the back. Master and 3 more beds upstairs, 3 full baths as well. HUGE bonus room!! Nice tree save area in rear of homesite.

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

Neighborhood: Matthews

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Matthews

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
Crown Point Elementary School Primary Regular 743 40 5
Mint Hill Middle School Middle Regular 1,249 64 5
Butler High School High Regular 2,081 106 7

Crown Point Elementary School

  • Education Level: Primary
  • # of students: 743
  • # of teachers: 40
5
GreatSchools Rating

Mint Hill Middle School

  • Education Level: Middle
  • # of students: 1,249
  • # of teachers: 64
5
GreatSchools Rating

Butler High School

  • Education Level: High
  • # of students: 2,081
  • # of teachers: 106
7
GreatSchools Rating
 

$383,756$469,035$426,395

PURCHASE PRICE

$2,385$2,915$2,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,650
EXPENSES Loan Payment -$1,481
Property Tax -$345
Property Insurance -$86
HOA -$83
Property Management Fees -$119
CASH FLOW
$535

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$426,395

PROJECTED PRICE

$2,650

PROJECTED RENT

0.62%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.5%
Maintenance Year (1-5) 3.00%
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$25k$30k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$114,995

INVESTMENT

$114,995

Down Payment
$106,599
Rehab Estimate
$2,000
Closing Costs
$6,396

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,481

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $106,599
Loan Amount $319,796
See What Happens When You Reinvest Cash Flow

12.42

YEARS SAVED

$85,622

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,650

    LIST RENT
  • $0.84

    LIST RENT PER SQFT
  • $2,592

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,950
1$1,9502$1,9953$2,6504$3,500
$3,500
RENT COMPS ANALYSIS
  • 11233 Irwin Oak Place Matthews, NC 3
    • 5 beds 4 baths ∙ 3,148 Sqft ∙ Built 2021 5 beds 4 baths ∙ 3,148 Sqft ∙ Built 2021
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,650
    • $0.84
    •  
  • 9430 Chanson Place Matthews, NC 1
    • 4 beds 4 baths ∙ 3,297 Sqft ∙ Built 2006 4 beds 4 baths ∙ 3,297 Sqft ∙ Built 2006
    property image
    LEASED 05/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.59
    •  
  • 4721 Drifter Drive Charlotte, NC 2
    • 5 beds 3 baths ∙ 2,878 Sqft ∙ Built 5 beds 3 baths ∙ 2,878 Sqft ∙ Built
    property image
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.69
    •  
  • 3300 Williams Road Matthews, NC 4
    • 4 beds 3 baths ∙ 2,952 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,952 Sqft ∙ Built 2005
    property image
    LEASED 11/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.19
    •  
PROPERTY LISTING DETAILS
Cory Wing
1.704.221.9253
Ccnc Realty Group Llc
BESbswy