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1715 Union Road Matthews, NC 28104

3 Beds 3 Baths 2,824 sqft Built 1975

$425,000

List Price

$1,930

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 15, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1975
  • Price/Sqft : $150.50
  • 7 Days on Market
  • MLS # : 3708774
  • Updated Date : 02/15/2021 at 15:06
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,824 sqft
  • Baths : 2 full , 1 half
Listing Agent

Trelora Realty Inc

Listing Agent's Description

Welcome! Retreat from the hustle & bustle of the city to this beautiful custom home on 5 acres! 4 minutes from I-485! The home boasts rustic barnwood walls. The main level offers a sunken kitchen w/ granite counters, custom cabinetry, pantry w/ floor to ceiling cabinets, laundry room, game room w/ pool table included, private office w/ built-ins, 1/2 bath w/ stained glass windows, unfinished basement, great room w/ skylights & a 2 story stone fireplace. The 2nd level offers a loft w/ a sitting area next to the fireplace, 2 huge bedrooms that share a bathroom w/ its own laundry chute, master suite w/ a private bath & built-ins, walk in closet, tons of natural light & access to a large deck overlooking the property. Lots of room at the top of the gated driveway to park multiple vehicles by the barn. This house is perfect for a professional or amateur gardener! Relax on the deck and watch deer gather at the barn. If you are looking for the perfect fit to live AND work out of, this is it!

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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: 28104

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $118k349k

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

Zip Code: 28104

ZipNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8442033

* 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
Bain Elementary School Primary Regular 899 49 10
Mint Hill Middle School Middle Regular 1,249 64 5
Independence High School High Regular 2,349 128 6

Bain Elementary School

  • Education Level: Primary
  • # of students: 899
  • # of teachers: 49
10
GreatSchools Rating

Mint Hill Middle School

  • Education Level: Middle
  • # of students: 1,249
  • # of teachers: 64
5
GreatSchools Rating

Independence High School

  • Education Level: High
  • # of students: 2,349
  • # of teachers: 128
6
GreatSchools Rating
 

$382,500$467,500$425,000

PURCHASE PRICE

$1,737$2,123$1,930

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,930
EXPENSES Loan Payment -$1,476
Property Tax -$322
Property Insurance -$80
Property Management Fees -$119
CASH FLOW
-$68

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.

$425,000

PROJECTED PRICE

$1,930

PROJECTED RENT

0.45%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.2%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$118,375

INVESTMENT

$118,375

Down Payment
$106,250
Rehab Estimate
$5,750
Closing Costs
$6,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,476

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $106,250
Loan Amount $318,750
See What Happens When You Reinvest Cash Flow

4.83

YEARS SAVED

$20,879

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,930

    LIST RENT
  • $0.68

    LIST RENT PER SQFT
  • $1,878

    COMP ESTIMATED VALUE
  • $0.67

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6953$1,930
$1,930
RENT COMPS ANALYSIS
  • 1715 Union Road Matthews, NC 3
    • 3 beds 3 baths ∙ 2,824 Sqft ∙ Built 1975 3 beds 3 baths ∙ 2,824 Sqft ∙ Built 1975
    • Rent
    • Rent Per SQFT
    •  
    • $1,930
    • $0.68
    •  
  • 15623 Lawyers Road Matthews, NC 1
    • 3 beds 3 baths ∙ 2,500 Sqft ∙ Built 1968 3 beds 3 baths ∙ 2,500 Sqft ∙ Built 1968
    LEASED 11/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.64
    •  
  • 1255 Hawthorne Drive Indian Trail, NC 2
    • 4 beds 3 baths ∙ 2,619 Sqft ∙ Built 1993 4 beds 3 baths ∙ 2,619 Sqft ∙ Built 1993
    LEASED 04/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.65
    •  
PROPERTY LISTING DETAILS
Laura Compton
1.984.389.8600
Trelora Realty Inc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3708774
Last Updated: 02/15/2021
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