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

1303 Lucille Avenue Monroe, NC 28112

3 Beds 2 Baths 1,449 sqft Built 1958

$215,000

List Price

$1,270

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1958
  • Price/Sqft : $148.38
  • 9 Days on Market
  • MLS # : 3687067
  • Updated Date : 12/06/2020 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,449 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Charming ranch home in Stewart Park! Welcoming from the minute you drive up, this full brick ranch has so much to offer! Beautifully refinished hardwoods, freshly painted, lots of character! Your living room & master have wood burning fireplaces, wood faux blinds thru-out, slate tile in kitchen, new microwave, newer Samsung refrigerator also to remain. Enjoy this great size lot, almost 1/2 acre! Walk out to your screened in porch to enjoy the fresh air or step out on your patio and the privacy of a newer 6' stained privacy fence w/2 gate entrances! Carport converted to garage in 2020 and main sewer line was replaced in 2020. Owners have taken great pride in this home! Do not miss out on this one!

SEE MORE

MARKET HIGHLIGHTS

  • 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
  • #3 fastest-growing big city in US with more than 15,000 people added in 2017 (US Census, 2018)

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
Walter Bickett Elementary School Primary Regular 694 64 1
Monroe Middle School Middle Regular 1,068 68 3
Monroe High School High Regular 1,009 70 1

Walter Bickett Elementary School

  • Education Level: Primary
  • # of students: 694
  • # of teachers: 64
1
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
 

$193,500$236,500$215,000

PURCHASE PRICE

$1,143$1,397$1,270

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,270
EXPENSES Loan Payment -$793
Property Tax -$113
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
$190

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.

$215,000

PROJECTED PRICE

$1,270

PROJECTED RENT

0.59%

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$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$62,725

INVESTMENT

$62,725

Down Payment
$53,750
Rehab Estimate
$5,750
Closing Costs
$3,225

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$793

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $53,750
Loan Amount $161,250
See What Happens When You Reinvest Cash Flow

9.92

YEARS SAVED

$35,794

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,270

    LIST RENT
  • $0.88

    LIST RENT PER SQFT
  • $1,500

    COMP ESTIMATED VALUE
  • $1.04

    COMP AVG. RENT PER SQFT
Comps Range
$1,270
1$1,2702$1,2953$1,3004$1,3755$1,391
$1,391
RENT COMPS ANALYSIS
  • 1303 Lucille Avenue Monroe, NC 1
    • 3 beds 2 baths ∙ 1,449 Sqft ∙ Built 1958 3 beds 2 baths ∙ 1,449 Sqft ∙ Built 1958
    • Rent
    • Rent Per SQFT
    •  
    • $1,270
    • $0.88
    •  
  • 2129 Gambrel Way Monroe, NC 2
    • 3 beds 2 baths ∙ 1,224 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,224 Sqft ∙ Built 1998
    LEASED 12/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.06
    •  
  • 514 Hunley Street Monroe, NC 3
    • 3 beds 2 baths ∙ 1,252 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,252 Sqft ∙ Built 1998
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.04
    •  
  • 721 Forest Valley Lane Monroe, NC 4
    • 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
    •  
  • 1203 Lucille Avenue Monroe, NC 5
    • 3 beds 2 baths ∙ 1,312 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,312 Sqft ∙ Built 1956
    LEASED 01/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,391
    • $1.06
    •  
PROPERTY LISTING DETAILS
Mary Jo Herold
1.704.363.2271
Coldwell Banker Realty
BESbswy