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1228 Afternoon Sun Road Matthews, NC 28104

5 Beds 3 Baths 2,068 sqft Built 2006

$305,000

List Price

$1,710

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $147.49
  • 7 Days on Market
  • MLS # : 3712394
  • Updated Date : 02/27/2021 at 00:05
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,068 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty Llc

Listing Agent's Description

Immaculate bright and sunny 5 bedroom floorplan. Spacious and fresh interior. Enjoy gorgeous sunset views from the large flat backyard that backs up to common area. 2 story great room with fireplace, Master on the main, spacious secondary bedrooms with large walk-in closets and tons of storage. Office/5th bedroom offers lots of space in this home. Must see!! Open House Saturday 11-2pm

SEE MORE

MARKET HIGHLIGHTS

  • #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)
  • Corporate Fortune 500 headquarters: Bank of America, Lowe’s, Duke Energy, Nucor, Family Dollar Stores, Sonic Automotive, Domtar

PRICE & RENT TRENDS

Neighborhood: Fairhaven

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Fairhaven

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
Stallings Elementary School Primary Regular 576 32 9
Porter Ridge Middle School Middle Regular 1,385 72 7
Porter Ridge High School High Regular 1,591 77 7

Stallings Elementary School

  • Education Level: Primary
  • # of students: 576
  • # of teachers: 32
9
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
 

$274,500$335,500$305,000

PURCHASE PRICE

$1,539$1,881$1,710

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,710
EXPENSES Loan Payment -$1,059
Property Tax -$202
Property Insurance -$66
HOA -$43
Property Management Fees -$119
CASH FLOW
$220

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.

$305,000

PROJECTED PRICE

$1,710

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 6.5%
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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$86,575

INVESTMENT

$86,575

Down Payment
$76,250
Rehab Estimate
$5,750
Closing Costs
$4,575

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,059

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $76,250
Loan Amount $228,750
See What Happens When You Reinvest Cash Flow

9.5

YEARS SAVED

$40,283

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,710

    LIST RENT
  • $0.83

    LIST RENT PER SQFT
  • $1,835

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,710
1$1,7102$1,7953$1,8004$1,8005$1,850
$1,850
RENT COMPS ANALYSIS
  • 1228 Afternoon Sun Road Matthews, NC 1
    • 5 beds 3 baths ∙ 2,068 Sqft ∙ Built 2006 5 beds 3 baths ∙ 2,068 Sqft ∙ Built 2006
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,710
    • $0.83
    •  
  • 5029 Haven Lodge Road Matthews, NC 2
    • 4 beds 2 baths ∙ 1,966 Sqft ∙ Built 2012 4 beds 2 baths ∙ 1,966 Sqft ∙ Built 2012
    property image
    LEASED 07/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.91
    •  
  • 1204 Afternoon Sun Road Matthews, NC 3
    • 4 beds 3 baths ∙ 2,125 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,125 Sqft ∙ Built 2006
    property image
    LEASED 03/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.85
    •  
  • 1615 Yellow Daisy Drive Matthews, NC 4
    • 4 beds 2 baths ∙ 1,951 Sqft ∙ Built 2015 4 beds 2 baths ∙ 1,951 Sqft ∙ Built 2015
    property image
    LEASED 11/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.92
    •  
  • 1224 Afternoon Sun Road Matthews, NC 5
    • 4 beds 3 baths ∙ 2,116 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,116 Sqft ∙ Built 2006
    property image
    LEASED 09/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.87
    •  
PROPERTY LISTING DETAILS
Mari Laprelle
1.704.785.1915
Exp Realty Llc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3712394
Last Updated: 02/27/2021
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