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1705 Carson Street Monroe, NC 28110

4 Beds 2 Baths 1,638 sqft Built 1970

$269,900

List Price

$1,270

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

October 30, 2020 RECENTLY ADDED
FACTS
  • Built In 1970
  • Price/Sqft : $164.77
  • 5 Days on Market
  • MLS # : 3677494
  • Updated Date : 10/31/2020 at 10:07
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,638 sqft
  • Baths : 2 full
Listing Agent

Keller Williams South Park

Listing Agent's Description

This cozy ranch-style home features 3 bedrooms and 2 bathrooms on over a quarter acre. Beautiful hardwood flooring covers this home, along with a lovely eat-in kitchen and quiet outdoor living with serene patio. Cypress trees make a natural border around manicured lawn, which is also home to two sheds. Located close to dining and shopping, this quaint area is hard to beat!

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

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
 

$242,910$296,890$269,900

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 -$996
Property Tax -$142
Property Insurance -$58
Property Management Fees -$114
CASH FLOW
-$41

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.

$269,900

PROJECTED PRICE

$1,270

PROJECTED RENT

0.47%

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$900k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

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$77,274

INVESTMENT

$77,274

Down Payment
$67,475
Rehab Estimate
$5,750
Closing Costs
$4,049

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$996

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,475
Loan Amount $202,425
See What Happens When You Reinvest Cash Flow

3.67

YEARS SAVED

$11,352

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
  • $0.78

    LIST RENT PER SQFT
  • $1,368

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,270
1$1,2702$1,3953$1,4494$1,4505$1,450
$1,450
RENT COMPS ANALYSIS
  • 1705 Carson Street Monroe, NC 1
    • 3 beds 2 baths ∙ 1,638 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,638 Sqft ∙ Built 1970
    • Rent
    • Rent Per SQFT
    •  
    • $1,270
    • $0.78
    •  
  • 1405 Williamsburg Lane Monroe, NC 2
    • 3 beds 3 baths ∙ 1,718 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,718 Sqft ∙ Built 2002
    LEASED 11/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.81
    •  
  • 3021 Viola Lane Monroe, NC 3
    • 3 beds 2 baths ∙ 1,791 Sqft ∙ Built 3 beds 2 baths ∙ 1,791 Sqft ∙ Built
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,449
    • $0.81
    •  
  • 3013 Viola Lane Monroe, NC 4
    • 3 beds 3 baths ∙ 1,674 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,674 Sqft ∙ Built 2002
    LEASED 02/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.87
    •  
  • 1011 Wind Carved Lane Monroe, NC 5
    • 3 beds 3 baths ∙ 1,739 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,739 Sqft ∙ Built 2004
    LEASED 02/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.83
    •  
PROPERTY LISTING DETAILS
John Bolos
1.704.777.8090
Keller Williams South Park
BESbswy