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1909 Steele Street #4 Monroe, NC 28110

3 Beds 1 Baths 975 sqft Built 1959

$165,000

List Price

$1,000

$900 - $1.1K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
FACTS
  • Single Family
  • Built In 1959
  • Price/Sqft : $169.23
  • 11 Days on Market
  • MLS # : 3690447
  • Updated Date : 12/14/2020 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 975 sqft
  • Baths : 1 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Updated and ready for you. This property features a fenced back yard, New roof, per seller in 2019, New HVAC, per seller in 2019, Remodeled detached building that could be used for...just about anything you want...work shop, home school, She Shed, Man Cave, storage or concert to a two car garage....it's your call...New Refrigerator, washer/dryer and Range oven being installed. Located on a quiet street that is close to shopping, schools and hospital. Plus no neighbor on one side for a greater sense of privacy. Snickers, the dog in some photos, does not convey...sorry.

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
Rock Rest Elementary School Primary Regular 699 67 6
Monroe Middle School Middle Regular 1,068 68 3
Monroe High School High Regular 1,009 70 1

Rock Rest Elementary School

  • Education Level: Primary
  • # of students: 699
  • # of teachers: 67
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
 

$148,500$181,500$165,000

PURCHASE PRICE

$900$1,100$1,000

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,000
EXPENSES Loan Payment -$609
Property Tax -$87
Property Insurance -$46
Property Management Fees -$119
CASH FLOW
$140

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.

$165,000

PROJECTED PRICE

$1,000

PROJECTED RENT

0.61%

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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$49,475

INVESTMENT

$49,475

Down Payment
$41,250
Rehab Estimate
$5,750
Closing Costs
$2,475

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$609

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $41,250
Loan Amount $123,750
See What Happens When You Reinvest Cash Flow

9.67

YEARS SAVED

$26,299

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,000

    LIST RENT
  • $1.03

    LIST RENT PER SQFT
  • $995

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$1,000
1$1,0002$1,0003$1,250
$1,250
RENT COMPS ANALYSIS
  • 1909 Steele Street Monroe, NC 2
    • 3 beds 1 baths ∙ 975 Sqft ∙ Built 1959 3 beds 1 baths ∙ 975 Sqft ∙ Built 1959
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,000
    • $1.03
    •  
  • 1406 Stafford Extension Monroe, NC 1
    • 3 beds 2 baths ∙ 1,003 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,003 Sqft ∙ Built 1999
    property image
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,000
    • $1.00
    •  
  • 3452 Walkup Avenue Monroe, NC 3
    • 3 beds 2 baths ∙ 1,205 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,205 Sqft ∙ Built 1996
    property image
    LEASED 06/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $1.04
    •  
PROPERTY LISTING DETAILS
Kinsey Cockman
1.704.207.9699
Coldwell Banker Realty
BESbswy