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1502 Maurice Street Monroe, NC 28112

3 Beds 2 Baths 1,378 sqft Built 1973

$184,900

List Price

$1,330

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

January 28, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1973
  • Price/Sqft : $134.18
  • 4 Days on Market
  • MLS # : 3702695
  • Updated Date : 01/30/2021 at 14:56
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,378 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Select

Listing Agent's Description

Motivated seller of this move in ready home. Home has 3bedroom, 2baths and is located on a large corner lot with beautiful views. This Unique Property has a workshop with a 1 car garage, plumbing and electric. Bring the backyard to life with a BBQ or fire pit. Original hardwood floors throughout the home. Plenty of cabinet space in the kitchen, large dining room for family get togethers. Built in cabinetry in laundry that you can use for a pantry.

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
 

$166,410$203,390$184,900

PURCHASE PRICE

$1,197$1,463$1,330

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,330
EXPENSES Loan Payment -$642
Property Tax -$98
Property Insurance -$53
Property Management Fees -$119
CASH FLOW
$418

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.

$184,900

PROJECTED PRICE

$1,330

PROJECTED RENT

0.72%

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$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$54,749

INVESTMENT

$54,749

Down Payment
$46,225
Rehab Estimate
$5,750
Closing Costs
$2,774

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$642

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $46,225
Loan Amount $138,675
See What Happens When You Reinvest Cash Flow

15.25

YEARS SAVED

$46,332

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,330

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $1,326

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,225
1$1,2252$1,3003$1,3004$1,3305$1,375
$1,375
RENT COMPS ANALYSIS
  • 1502 Maurice Street Monroe, NC 4
    • 3 beds 2 baths ∙ 1,378 Sqft ∙ Built 1973 3 beds 2 baths ∙ 1,378 Sqft ∙ Built 1973
    • Rent
    • Rent Per SQFT
    •  
    • $1,330
    • $0.97
    •  
  • 717 Forest Valley Lane Monroe, NC 1
    • 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
    •  
  • 514 Hunley Street Monroe, NC 2
    • 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
    •  
  • 900 Cherry Street Monroe, NC 3
    • 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
Jennifer Buenau
1.845.800.5878
Keller Williams Select
BESbswy