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1302 E Franklin Street Monroe, NC 28112

3 Beds 2 Baths 2,047 sqft Built 1957

$269,900

List Price

$1,260

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1957
  • Price/Sqft : $131.85
  • 37 Days on Market
  • MLS # : 3671651
  • Updated Date : 11/09/2020 at 16:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,047 sqft
  • Baths : 2 full
Listing Agent

Clickit Realty

Listing Agent's Description

This is the home you've been waiting for! On nearly 1/2 an acre, this 2000+ sf home is beautifully renovated. Come see the character-filled kitchen with new ss appliances, granite counters, handcrafted tile backsplash, open shelving, and a beautiful wood stove hood. Island conveys! Enjoy the sitting and sunrooms, perfect for morning coffee. Or the lovely living room with recessed lighting and large windows. This light-filled home has three large bedrooms, including the master with a deep walk-in closet with built-ins and an attached bath with a gorgeous gold, rainfall shower head and a striking green vanity. New flooring, cabinets, designer lighting, doors, fixtures, and paint throughout. New plumbing, electrical, insulation, and HVAC! Outside, enjoy the new driveway, private brick patio, large front patio, covered parking, storage, and a workshop-- perfect for woodworking or turning into a man cave/she-shed. This home is right near schools and the hospital. This is the one!

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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
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
 

$242,910$296,890$269,900

PURCHASE PRICE

$1,134$1,386$1,260

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,260
EXPENSES Loan Payment -$996
Property Tax -$142
Property Insurance -$66
Property Management Fees -$113
CASH FLOW
-$57

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.

$269,900

PROJECTED PRICE

$1,260

PROJECTED RENT

0.47%

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$900k

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,274

INVESTMENT

$77,274

Down Payment
$67,475
Rehab Estimate
$5,750
Closing Costs
$4,049

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$996

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,475
Loan Amount $202,425
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$9,955

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,260

    LIST RENT
  • $0.62

    LIST RENT PER SQFT
  • $1,419

    COMP ESTIMATED VALUE
  • $0.69

    COMP AVG. RENT PER SQFT
Comps Range
$1,260
1$1,2602$1,3503$1,3954$1,495
$1,495
RENT COMPS ANALYSIS
  • 1302 Franklin Street Monroe, NC 1
    • 3 beds 2 baths ∙ 2,047 Sqft ∙ Built 1957 3 beds 2 baths ∙ 2,047 Sqft ∙ Built 1957
    • Rent
    • Rent Per SQFT
    •  
    • $1,260
    • $0.62
    •  
  • 1400 Lancaster Avenue Monroe, NC 2
    • 3 beds 2 baths ∙ 1,950 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,950 Sqft ∙ Built 1962
    LEASED 07/09/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.69
    •  
  • 1743 Lesa Lin Drive Monroe, NC 3
    • 4 beds 2 baths ∙ 2,001 Sqft ∙ Built 1990 4 beds 2 baths ∙ 2,001 Sqft ∙ Built 1990
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.70
    •  
  • 202 S Crawford Street Monroe, NC 4
    • 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 1930 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 1930
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.69
    •  
PROPERTY LISTING DETAILS
Susan Ayers
1.888.875.4218
Clickit Realty
BESbswy