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1337 Brittle Creek Drive Matthews, NC 28105

4 Beds 3 Baths 1,909 sqft Built 1985

$359,900

List Price

$1,630

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 1985
  • Price/Sqft : $188.53
  • 89 Days on Market
  • MLS # : 3686111
  • Updated Date : 02/15/2021 at 19:10
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,909 sqft
  • Baths : 2 full , 1 half
Listing Agent

Carolinas Development Group Llc

Listing Agent's Description

Beautifully updated Matthews Courtney home! Freshly painted inside and out. New Garage Doors, Guest Bathroom completely renovated with New Tub, Tile, Toilet & Vanity. Downstairs half bath renovated with new tile, vanity & toilet. HVAC completely replaced recently. New Windows in 2018. Irrigation system for yard and flower beds with new backflow installed in 2020. Garage and floors painted. Radiant Heat in floors: Kitchen, Den, Master Bath areas. Tankless Water Heater recently installed. Wine Refrigerator in kitchen bar area with shelving. Cedar Shake on Bay Window & Entry added in 2020. Built Ins & Fireplace Hearth updated 2020. Home Warranty offered with Purchase.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$323,910$395,890$359,900

PURCHASE PRICE

$1,467$1,793$1,630

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,630
EXPENSES Loan Payment -$1,250
Property Tax -$290
Property Insurance -$63
Property Management Fees -$119
CASH FLOW
-$92

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.

$359,900

PROJECTED PRICE

$1,630

PROJECTED RENT

0.45%

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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$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$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$101,124

INVESTMENT

$101,124

Down Payment
$89,975
Rehab Estimate
$5,750
Closing Costs
$5,399

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,250

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $89,975
Loan Amount $269,925
See What Happens When You Reinvest Cash Flow

4.33

YEARS SAVED

$15,100

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,630

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,623

    COMP ESTIMATED VALUE
  • $0.85

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6303$1,6504$1,7955$1,970
$1,970
RENT COMPS ANALYSIS
  • 1337 Brittle Creek Drive Matthews, NC 2
    • 4 beds 3 baths ∙ 1,909 Sqft ∙ Built 1985 4 beds 3 baths ∙ 1,909 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $1,630
    • $0.85
    •  
  • 1827 Watlington Drive Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,060 Sqft ∙ Built 1986 4 beds 3 baths ∙ 2,060 Sqft ∙ Built 1986
    LEASED 06/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.77
    •  
  • 2801 Briar Ridge Drive Charlotte, NC 3
    • 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
    •  
  • 1836 Watlington Drive Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,084 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,084 Sqft ∙ Built 1989
    LEASED 07/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.86
    •  
  • 2616 Rustic Ridge Court Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,244 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,244 Sqft ∙ Built 1988
    LEASED 01/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,970
    • $0.88
    •  
PROPERTY LISTING DETAILS
Tracy Caves
1.704.634.8166
Carolinas Development Group Llc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3686111
Last Updated: 02/15/2021
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