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1608 American Lane Monroe, NC 28110

3 Beds 2 Baths 1,405 sqft Built 1998

$249,900

List Price

$1,350

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

January 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1998
  • Price/Sqft : $177.86
  • 2 Days on Market
  • MLS # : 3700802
  • Updated Date : 01/23/2021 at 17:28
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,405 sqft
  • Baths : 2 full
Listing Agent

Dw Realty Team Inc

Listing Agent's Description

IMMACULATE 3 BEDROOM SPLIT FLOOR PLAN. MASTER BATH WITH DOUBLE VANITY AND 2 CLOSETS. LARGE GREAT ROOM. UPDATED SPACIOUS KITCHEN WITH EAT IN AREA. YOU COULD ALSO EAT OUTDOORS ON THE COVERED PORCH OVERLOOKING A LARGE BACKYARD. LOCATED ON A QUIET CUL-DE-SAC LOT. NEIGHBORHOOD IS CLOSE TO GREAT SCHOOLS, SHOPPING, MOVIES, AND MANY RESTAURANTS. HOME HAS BEEN WELL CARED FOR AND IS MOVE IN READY!

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: 28110

ZipNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210kPrice in $113k215k

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

Zip Code: 28110

ZipNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350Rent in $8011375

* 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
Rocky River Elementary School Primary Regular 844 58 6
Monroe Middle School Middle Regular 1,068 68 3
Monroe High School High Regular 1,009 70 1

Rocky River Elementary School

  • Education Level: Primary
  • # of students: 844
  • # of teachers: 58
6
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
 

$224,910$274,890$249,900

PURCHASE PRICE

$1,215$1,485$1,350

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,350
EXPENSES Loan Payment -$868
Property Tax -$132
Property Insurance -$54
HOA -$14
Property Management Fees -$119
CASH FLOW
$163

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.

$249,900

PROJECTED PRICE

$1,350

PROJECTED RENT

0.54%

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$200k$400k$600k$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$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$71,974

INVESTMENT

$71,974

Down Payment
$62,475
Rehab Estimate
$5,750
Closing Costs
$3,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$868

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $62,475
Loan Amount $187,425
See What Happens When You Reinvest Cash Flow

8.58

YEARS SAVED

$29,199

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,350

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,377

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$1,325
1$1,3252$1,3503$1,3754$1,4255$1,450
$1,450
RENT COMPS ANALYSIS
  • 1608 American Lane Monroe, NC 2
    • 3 beds 2 baths ∙ 1,405 Sqft ∙ Built 1998 3 beds 2 baths ∙ 1,405 Sqft ∙ Built 1998
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.96
    •  
  • 2006 Pinedell Avenue Monroe, NC 1
    • 3 beds 2 baths ∙ 1,321 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,321 Sqft ∙ Built 1955
    property image
    LEASED 12/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $1.00
    •  
  • 1612 Winthrop Lane Monroe, NC 3
    • 3 beds 2 baths ∙ 1,340 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,340 Sqft ∙ Built 1999
    property image
    LEASED 06/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $1.03
    •  
  • 3017 Trellis Lane Monroe, NC 4
    • 3 beds 2 baths ∙ 1,402 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,402 Sqft ∙ Built 2002
    property image
    LEASED 09/17/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $1.02
    •  
  • 3013 Viola Lane Monroe, NC 5
    • 3 beds 3 baths ∙ 1,674 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,674 Sqft ∙ Built 2002
    property image
    LEASED 02/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.87
    •  
PROPERTY LISTING DETAILS
Eric Forbes
1.704.694.8400
Dw Realty Team Inc
BESbswy