Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

1209 Mccray Street Monroe, NC 28112

3 Beds 2 Baths 1,539 sqft Built 1960

$239,900

List Price

$1,220

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

November 27, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1960
  • Price/Sqft : $155.88
  • 3 Days on Market
  • MLS # : 3686711
  • Updated Date : 11/28/2020 at 07:02
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,539 sqft
  • Baths : 2 full
Listing Agent

Dw Realty Team Inc

Listing Agent's Description

This home defines the word beautiful with its open concept kitchen to its top of the line white cabinets, granite countertops to its incredible hardwood floors and kitchen island. Master Bedroom with fully tiled attached bathroom and walk-in closet, dual sink vanity wrapped in granite. The yard is magnificent in Bermuda sod and has a shaded back patio accessible from the third bedroom sliding glass door. Rocking Chair front porch with natural wood hand rails and tile. The property has a cinder block out building that could be easily converted to a second living quarters. Totally remodeled from the roof to crawl space lovely ranch conveniently located close to Monroe hospital, Walgreens, Food Lion and with a easy commute to charlotte using the Monroe bypass. No HOA

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

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
East Elementary School Primary Regular 547 54 4
Monroe Middle School Middle Regular 1,068 68 3
Monroe High School High Regular 1,009 70 1

East Elementary School

  • Education Level: Primary
  • # of students: 547
  • # of teachers: 54
4
GreatSchools Rating

Monroe Middle School

  • Education Level: Middle
  • # of students: 1,068
  • # of teachers: 68
3
GreatSchools Rating

Monroe High School

  • Education Level: High
  • # of students: 1,009
  • # of teachers: 70
1
GreatSchools Rating
 

$215,910$263,890$239,900

PURCHASE PRICE

$1,098$1,342$1,220

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,220
EXPENSES Loan Payment -$885
Property Tax -$127
Property Insurance -$56
Property Management Fees -$110
CASH FLOW
$42

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.

$239,900

PROJECTED PRICE

$1,220

PROJECTED RENT

0.51%

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$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$69,324

INVESTMENT

$69,324

Down Payment
$59,975
Rehab Estimate
$5,750
Closing Costs
$3,599

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$885

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $59,975
Loan Amount $179,925
See What Happens When You Reinvest Cash Flow

5.42

YEARS SAVED

$16,696

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,220

    LIST RENT
  • $0.79

    LIST RENT PER SQFT
  • $1,424

    COMP ESTIMATED VALUE
  • $0.93

    COMP AVG. RENT PER SQFT
Comps Range
$1,150
1$1,1502$1,2203$1,2254$1,3005$1,375
$1,375
RENT COMPS ANALYSIS
  • 1209 Mccray Street Monroe, NC 2
    • 3 beds 2 baths ∙ 1,539 Sqft ∙ Built 1960 3 beds 2 baths ∙ 1,539 Sqft ∙ Built 1960
    • Rent
    • Rent Per SQFT
    •  
    • $1,220
    • $0.79
    •  
  • 204 Lydia Street Monroe, NC 1
    • 3 beds 2 baths ∙ 1,343 Sqft ∙ Built 1933 3 beds 2 baths ∙ 1,343 Sqft ∙ Built 1933
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.86
    •  
  • 717 Forest Valley Lane Monroe, NC 3
    • 3 beds 2 baths ∙ 1,420 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,420 Sqft ∙ Built 2000
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,225
    • $0.86
    •  
  • 900 Cherry Street Monroe, NC 4
    • 3 beds 2 baths ∙ 1,430 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,430 Sqft ∙ Built 1955
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.91
    •  
  • 721 Forest Valley Lane Monroe, NC 5
    • 3 beds 2 baths ∙ 1,413 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,413 Sqft ∙ Built 1999
    LEASED 06/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.97
    •  
PROPERTY LISTING DETAILS
Mike Koman
1.980.239.4002
Dw Realty Team Inc
BESbswy