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1200 Glenshannon Road Matthews, NC 28105

3 Beds 2 Baths 1,519 sqft Built 1975

$250,000

List Price

$1,390

$1.3K - $1.5K

Rent Est.

PROPERTY INFO

November 19, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1975
  • Price/Sqft : $164.58
  • 4 Days on Market
  • MLS # : 3684887
  • Updated Date : 11/20/2020 at 16:34
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,519 sqft
  • Baths : 2 full
Listing Agent

Allen Tate Providence @485

Listing Agent's Description

Perfectly nestled in Country Place with convenience to downtown Matthews and 485. This all Brick Ranch home sits in a wooded corner lot, featuring 3 large size bedrooms and 2 full bathrooms. Cozy up to the brick fireplace or enjoy time in the screened in porch, this is a beautiful place to call home! Enjoy time on the wooden back deck with a fenced in area or spend time in the grassy back area. Shed on property sold as is. Showings start at 12p on 11/19/220. Please submit all offers to karen.beard@allentate.com by 5pm Sunday, 11/22/20.

SEE MORE

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

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
Matthews Elementary School Primary Regular 1,006 51 7
Crestdale Middle School Middle Regular 868 44 7
Butler High School High Regular 2,081 106 7

Matthews Elementary School

  • Education Level: Primary
  • # of students: 1,006
  • # of teachers: 51
7
GreatSchools Rating

Crestdale Middle School

  • Education Level: Middle
  • # of students: 868
  • # of teachers: 44
7
GreatSchools Rating

Butler High School

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

$225,000$275,000$250,000

PURCHASE PRICE

$1,251$1,529$1,390

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,390
EXPENSES Loan Payment -$922
Property Tax -$242
Property Insurance -$56
Property Management Fees -$125
CASH FLOW
$44

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.

$250,000

PROJECTED PRICE

$1,390

PROJECTED RENT

0.56%

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) 8.00%
Vacancy 6.31%
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$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$18,236

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,390

    LIST RENT
  • $0.92

    LIST RENT PER SQFT
  • $1,405

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,3903$1,3954$1,6505$1,695
$1,695
RENT COMPS ANALYSIS
  • 1200 Glenshannon Road Matthews, NC 2
    • 3 beds 2 baths ∙ 1,519 Sqft ∙ Built 1975 3 beds 2 baths ∙ 1,519 Sqft ∙ Built 1975
    • Rent
    • Rent Per SQFT
    •  
    • $1,390
    • $0.92
    •  
  • 738 Selma Burke Lane Matthews, NC 1
    • 4 beds 2 baths ∙ 1,428 Sqft ∙ Built 1995 4 beds 2 baths ∙ 1,428 Sqft ∙ Built 1995
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.95
    •  
  • 1037 Crestdale Crossing Drive Matthews, NC 3
    • 3 beds 3 baths ∙ 1,464 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,464 Sqft ∙ Built 2003
    LEASED 05/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.95
    •  
  • 2801 Briar Ridge Drive Charlotte, NC 4
    • 3 beds 3 baths ∙ 1,855 Sqft ∙ Built 1987 3 beds 3 baths ∙ 1,855 Sqft ∙ Built 1987
    LEASED 06/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.89
    •  
  • 922 Evian Lane Matthews, NC 5
    • 3 beds 2 baths ∙ 1,855 Sqft ∙ Built 1987 3 beds 2 baths ∙ 1,855 Sqft ∙ Built 1987
    LEASED 12/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.91
    •  
PROPERTY LISTING DETAILS
Karen Beard
1.910.352.3897
Allen Tate Providence @485
BESbswy