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1707 Goldmine Road Monroe, NC 28110

3 Beds 2 Baths 1,982 sqft Built 1950

$220,000

List Price

$1,370

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1950
  • Price/Sqft : $111.00
  • 2 Days on Market
  • MLS # : 3696547
  • Updated Date : 01/16/2021 at 11:08
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,982 sqft
  • Baths : 2 full
Listing Agent

Southern Homes Of The Carolinas

Listing Agent's Description

Remodeled home which sits in one acre lot. This home have new, insulation, drywall, floors, all electrical wiring and 200 amp panel. Master bath is handicap friendly with wide door and open shower. Kitchen with new cabinets and island. Crown molding through-out the house. Dinning room with new shelving. New tankless water heater. Refrigerator stays with the house.

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
Walter Bickett Elementary School Primary Regular 694 64 1
Monroe Middle School Middle Regular 1,068 68 3
Monroe High School High Regular 1,009 70 1

Walter Bickett Elementary School

  • Education Level: Primary
  • # of students: 694
  • # of teachers: 64
1
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
 

$198,000$242,000$220,000

PURCHASE PRICE

$1,233$1,507$1,370

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,370
EXPENSES Loan Payment -$764
Property Tax -$116
Property Insurance -$64
Property Management Fees -$119
CASH FLOW
$306

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.

$220,000

PROJECTED PRICE

$1,370

PROJECTED RENT

0.62%

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$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$64,050

INVESTMENT

$64,050

Down Payment
$55,000
Rehab Estimate
$5,750
Closing Costs
$3,300

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$764

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $55,000
Loan Amount $165,000
See What Happens When You Reinvest Cash Flow

12.25

YEARS SAVED

$42,192

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,370

    LIST RENT
  • $0.69

    LIST RENT PER SQFT
  • $1,397

    COMP ESTIMATED VALUE
  • $0.71

    COMP AVG. RENT PER SQFT
Comps Range
$1,200
1$1,2002$1,2953$1,3704$1,4955$1,500
$1,500
RENT COMPS ANALYSIS
  • 1707 Goldmine Road Monroe, NC 3
    • 3 beds 2 baths ∙ 1,982 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,982 Sqft ∙ Built 1950
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,370
    • $0.69
    •  
  • 312 Stevens Street Monroe, NC 1
    • 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1963 3 beds 2 baths ∙ 1,800 Sqft ∙ Built 1963
    property image
    LEASED 07/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,200
    • $0.67
    •  
  • 822 Sinclair Drive Monroe, NC 2
    • 3 beds 3 baths ∙ 1,900 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,900 Sqft ∙ Built 2006
    property image
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.68
    •  
  • 202 S Crawford Street Monroe, NC 4
    • 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 1930 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 1930
    property image
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.69
    •  
  • 1911 Kingstree Drive Monroe, NC 5
    • 4 beds 3 baths ∙ 2,041 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,041 Sqft ∙ Built 2006
    property image
    LEASED 06/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.73
    •  
PROPERTY LISTING DETAILS
Juan Carlos Munoz
1.704.530.2525
Southern Homes Of The Carolinas
BESbswy