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1852 Thornblade Ridge Drive Matthews, NC 28105

5 Beds 3 Baths 2,294 sqft Built 1995

$350,000

List Price

$1,950

$1.8K - $2.1K

Rent Est.

PROPERTY INFO

November 05, 2020 RECENTLY ADDED
FACTS
  • Built In 1995
  • Price/Sqft : $152.57
  • 4 Days on Market
  • MLS # : 3678483
  • Updated Date : 11/05/2020 at 15:55
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,294 sqft
  • Baths : 2 full , 1 half
Listing Agent

Allen Tate Providence @485

Listing Agent's Description

NO SHOWINGS UNTIL SATURDAY, NOVEMBER 7. Welcome home! This gem is located near historic downtown Matthews and Squirrel Lake Park! The amazing wooded, fenced back yard boasts privacy, inground pool, fire pit, and spacious yard! Gorgeous, huge, two-tiered deck is great for entertaining! Enjoy your morning coffee on the screened in porch overlooking the lush back yard. Plenty of cabinets and storage in the kitchen! Formal dining room and office/living room offer plenty of flex space. The great room offers a fireplace with chimney with gas logs and it can also be wood burning! Master bedroom suite offers a beautiful tray ceiling, totally updated master bath, and expansive walk-in closet! This home boasts 4 true bedrooms and a 5th bedroom/bonus room! All front windows and bonus room windows have been replaced! Pool was just resurfaced and new liner installed! Carpet replaced 2014. New dishwasher. Microwave replaced 2019. Roof approx 2011. HVAC approx 2012.

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

Neighborhood: Matthews

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Matthews

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* 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
Matthews Elementary School Primary Regular 1,006 51 7
Crestdale Middle School Middle Regular 868 44 7
Butler High School High Regular 2,081 106 7

Matthews Elementary School

  • Education Level: Primary
  • # of students: 1,006
  • # of teachers: 51
7
GreatSchools Rating

Crestdale Middle School

  • Education Level: Middle
  • # of students: 868
  • # of teachers: 44
7
GreatSchools Rating

Butler High School

  • Education Level: High
  • # of students: 2,081
  • # of teachers: 106
7
GreatSchools Rating
 

$315,000$385,000$350,000

PURCHASE PRICE

$1,755$2,145$1,950

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,950
EXPENSES Loan Payment -$1,291
Property Tax -$320
Property Insurance -$70
HOA -$5
Property Management Fees -$176
CASH FLOW
$88

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.

$350,000

PROJECTED PRICE

$1,950

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.5%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,500

INVESTMENT

$98,500

Down Payment
$87,500
Rehab Estimate
$5,750
Closing Costs
$5,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,291

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,500
Loan Amount $262,500
See What Happens When You Reinvest Cash Flow

6.08

YEARS SAVED

$29,133

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,950

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $2,002

    COMP ESTIMATED VALUE
  • $0.87

    COMP AVG. RENT PER SQFT
Comps Range
$1,750
1$1,7502$1,7953$1,9454$1,9505$1,970
$1,970
RENT COMPS ANALYSIS
  • 1852 Thornblade Ridge Drive Matthews, NC 4
    • 5 beds 3 baths ∙ 2,294 Sqft ∙ Built 1995 5 beds 3 baths ∙ 2,294 Sqft ∙ Built 1995
    • Rent
    • Rent Per SQFT
    •  
    • $1,950
    • $0.85
    •  
  • 917 Clearbrook Road Matthews, NC 1
    • 4 beds 3 baths ∙ 2,027 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,027 Sqft ∙ Built 1997
    LEASED 09/25/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.86
    •  
  • 1836 Watlington Drive Charlotte, NC 2
    • 4 beds 3 baths ∙ 2,084 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,084 Sqft ∙ Built 1989
    LEASED 07/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.86
    •  
  • 645 Clearbrook Road Matthews, NC 3
    • 4 beds 3 baths ∙ 2,266 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,266 Sqft ∙ Built 1997
    LEASED 09/16/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,945
    • $0.86
    •  
  • 2616 Rustic Ridge Court Charlotte, NC 5
    • 4 beds 3 baths ∙ 2,244 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,244 Sqft ∙ Built 1988
    LEASED 01/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,970
    • $0.88
    •  
PROPERTY LISTING DETAILS
Melissa Taylor
1.704.574.0397
Allen Tate Providence @485
BESbswy