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205 Lancaster Avenue # none Monroe, NC 28112

3 Beds 2 Baths 2,312 sqft Built 1940

INVESTimate

$256,000

List Price

$1,530

$1,377 - $1,683

Rent Est.

$274,278  ( +7.14%)   1 YR EST. FORECAST

PROPERTY INFO

August 22, 2020 RECENTLY ADDED
FACTS
  • Built In 1940
  • Price/Sqft : $110.73
  • 5 Days on Market
  • MLS # : 3654557
  • Updated Date : 08/22/2020 at 16:59
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,312 sqft
  • Baths : 2 full
Listing Agent

Equity North Carolina Real Estate, Llc

Listing Agent's Description

Classically designed 1940’s gem in historic Monroe is move in ready for 2020. Handcrafted custom designed windows, updated fixtures and brand new appliances make this an energy efficient and stylish space. The modern farmhouse kitchen and bathrooms complement the character of original hardwood floors and woodwork in this spacious ranch . Flex room off of the kitchen is an ideal space for that home office or home school. The beauty of this home has been carefully restored with many gorgeous upgrades and is located in the heart of downtown.

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

Neighborhood: Downtown Monroe

NeighborhoodNIR Market*CityMarket2010Year2000201980k90k100k110k120k130k140k150k160k170k180k190k200k210kPrice in $74k213k

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

Neighborhood: Downtown Monroe

NeighborhoodNIR Market*CityMarket2010Year20002019 Q270075080085090095010001050110011501200125013001350Rent in $6771375

* 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
 

$230,400$281,600$256,000

PURCHASE PRICE

$1,377$1,683$1,530

RENT

DOWN PAYMENT
FINANCING

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$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,530
EXPENSES Loan Payment -$945
Property Tax -$135
Property Insurance -$71
Property Management Fees -$138
CASH FLOW
$242

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.

$256,000

PROJECTED PRICE

$1,530

PROJECTED RENT

0.60%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.94%
Appreciation Year (1-5) 7.14%
Maintenance Year (1-5) 8.00%
Vacancy 6.02%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$73,590

INVESTMENT

$73,590

Down Payment
$64,000
Rehab Estimate
$5,750
Closing Costs
$3,840

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$945

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $64,000
Loan Amount $192,000
See What Happens When You Reinvest Cash Flow

9.5

YEARS SAVED

$40,782

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,530

    LIST RENT
  • $0.66

    LIST RENT PER SQFT
  • $1,578

    COMP ESTIMATED VALUE
  • $0.68

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,5003$1,5304$1,5505$1,695
$1,695
RENT COMPS ANALYSIS
  • 205 Lancaster Avenue Monroe, NC 3
    • 3 beds 2 baths ∙ 2,312 Sqft ∙ Built 1940 3 beds 2 baths ∙ 2,312 Sqft ∙ Built 1940
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,530
    • $0.66
    •  
  • 202 S Crawford Street Monroe, NC 1
    • 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 2
    • 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
    •  
  • 125 Forest Hills Drive Monroe, NC 4
    • 3 beds 2 baths ∙ 2,352 Sqft ∙ Built 1960 3 beds 2 baths ∙ 2,352 Sqft ∙ Built 1960
    property image
    LEASED 10/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.66
    •  
  • 2305 Lexington Avenue Monroe, NC 5
    • 4 beds 3 baths ∙ 2,605 Sqft ∙ Built 4 beds 3 baths ∙ 2,605 Sqft ∙ Built
    property image
    LEASED 07/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.65
    •  
PROPERTY LISTING DETAILS
Julie Moreira Babalola
1.484.896.8587
Equity North Carolina Real Estate, Llc
BESbswy