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1505 Aringill Lane Matthews, NC 28104

5 Beds 3 Baths 3,632 sqft Built 2009

INVESTimate

$440,000

List Price

$2,340

$2,106 - $2,574

Rent Est.

$460,372  ( +4.63%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 2009
  • Price/Sqft : $121.15
  • 6 Days on Market
  • MLS # : 3629723
  • Updated Date : 08/21/2020 at 14:33
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,632 sqft
  • Baths : 3 full
Listing Agent

Berkshire Hathaway Homeservices Carolinas Realty

Listing Agent's Description

This gorgeous house has so many little touches that will make you rush to place an offer. From the wide expanse of the wrap around front porch, to the little shutters that flank the front door for privacy, and the security system which protects this sanctuary, WOW! The location, the amenities of the home and the community itself, we believe you'll not only want to buy this home, you may not want to ever sell. Find happiness in this great place, come and see for yourself. This is truly a wonderful home.

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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

Neighborhood: Callonwood

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $118k329k

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

Neighborhood: Callonwood

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8441974

* 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
Indian Trail Elementary School Primary Regular 682 41 9
Sun Valley Middle School Middle Regular 1,365 69 6
Sun Valley High School High Regular 1,306 76 7

Indian Trail Elementary School

  • Education Level: Primary
  • # of students: 682
  • # of teachers: 41
9
GreatSchools Rating

Sun Valley Middle School

  • Education Level: Middle
  • # of students: 1,365
  • # of teachers: 69
6
GreatSchools Rating

Sun Valley High School

  • Education Level: High
  • # of students: 1,306
  • # of teachers: 76
7
GreatSchools Rating
 

$396,000$484,000$440,000

PURCHASE PRICE

$2,106$2,574$2,340

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

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$1.0M$1.2M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,340
EXPENSES Loan Payment -$1,623
Property Tax -$292
Property Insurance -$95
HOA -$65
Property Management Fees -$211
CASH FLOW
$54

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.

$440,000

PROJECTED PRICE

$2,340

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 4.63%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$122,350

INVESTMENT

$122,350

Down Payment
$110,000
Rehab Estimate
$5,750
Closing Costs
$6,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,623

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $110,000
Loan Amount $330,000
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$31,725

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,340

    LIST RENT
  • $0.64

    LIST RENT PER SQFT
  • $2,361

    COMP ESTIMATED VALUE
  • $0.65

    COMP AVG. RENT PER SQFT
Comps Range
$2,150
1$2,1502$2,2003$2,3404$2,4505$2,495
$2,495
RENT COMPS ANALYSIS
  • 1505 Aringill Lane Matthews, NC 3
    • 5 beds 3 baths ∙ 3,632 Sqft ∙ Built 2009 5 beds 3 baths ∙ 3,632 Sqft ∙ Built 2009
    • Rent
    • Rent Per SQFT
    •  
    • $2,340
    • $0.64
    •  
  • 329 Hidden Cove Lane Stallings, NC 1
    • 5 beds 4 baths ∙ 3,711 Sqft ∙ Built 2015 5 beds 4 baths ∙ 3,711 Sqft ∙ Built 2015
    LEASED 10/22/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.58
    •  
  • 918 Landry Drive Matthews, NC 2
    • 5 beds 5 baths ∙ 3,552 Sqft ∙ Built 2014 5 beds 5 baths ∙ 3,552 Sqft ∙ Built 2014
    LEASED 01/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.62
    •  
  • 4315 Mccamey Drive Matthews, NC 4
    • 5 beds 3 baths ∙ 3,628 Sqft ∙ Built 2005 5 beds 3 baths ∙ 3,628 Sqft ∙ Built 2005
    LEASED 10/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.68
    •  
  • 2519 Hampton Glen Court Matthews, NC 5
    • 5 beds 4 baths ∙ 3,881 Sqft ∙ Built 2002 5 beds 4 baths ∙ 3,881 Sqft ∙ Built 2002
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $0.64
    •  
PROPERTY LISTING DETAILS
Keith Thompson
1.704.227.2526
Berkshire Hathaway Homeservices Carolinas Realty
BESbswy