Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

205 Sikes Mill Road Monroe, NC 28110

3 Beds 2 Baths 1,674 sqft Built 2008

$200,000

List Price

$1,360

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
January 01, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2008
  • Price/Sqft : $119.47
  • 8 Days on Market
  • MLS # : 3693779
  • Updated Date : 01/01/2021 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,674 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Select

Listing Agent's Description

Welcome home to this charming "Unionville" home with a covered "rocking chair" front porch. Great schools including Unionville Elementary, Piedmont Middle & High Schools. This home has a popular split 3 bedroom floor plan and 2 full baths nestled on over an acre lot. The Master bedroom has a walk-in closet, bathroom with a separate full shower & garden tub. Spacious kitchen w island perfect for breakfast bar seating located next to the laundry room. Lots of space for entertaining in both a front living room and family room with a cozy wood-burning fireplace. There is a small dry creek that runs along the back of the property. Two outside buildings are available for storage. New METAL ROOF (2020)

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
Unionville Elementary School Primary Regular 698 42 10
Piedmont Middle School Middle Regular 1,097 55 7
Piedmont High School High Regular 1,244 65 8

Unionville Elementary School

  • Education Level: Primary
  • # of students: 698
  • # of teachers: 42
10
GreatSchools Rating

Piedmont Middle School

  • Education Level: Middle
  • # of students: 1,097
  • # of teachers: 55
7
GreatSchools Rating

Piedmont High School

  • Education Level: High
  • # of students: 1,244
  • # of teachers: 65
8
GreatSchools Rating
 

$180,000$220,000$200,000

PURCHASE PRICE

$1,224$1,496$1,360

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,360
EXPENSES Loan Payment -$738
Property Tax -$106
Property Insurance -$59
Property Management Fees -$119
CASH FLOW
$339

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.

$200,000

PROJECTED PRICE

$1,360

PROJECTED RENT

0.68%

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$700k$800k$900k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,750

INVESTMENT

$58,750

Down Payment
$50,000
Rehab Estimate
$5,750
Closing Costs
$3,000

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$738

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $50,000
Loan Amount $150,000
See What Happens When You Reinvest Cash Flow

13.42

YEARS SAVED

$50,231

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,360

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,607

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$1,360
1$1,3602$1,4403$1,595
$1,595
RENT COMPS ANALYSIS
  • 205 Sikes Mill Road Monroe, NC 1
    • 3 beds 2 baths ∙ 1,674 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,674 Sqft ∙ Built 2008
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,360
    • $0.81
    •  
  • 912 Milkwood Lane Monroe, NC 2
    • 3 beds 3 baths ∙ 1,524 Sqft ∙ Built 1997 3 beds 3 baths ∙ 1,524 Sqft ∙ Built 1997
    property image
    LEASED 08/02/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,440
    • $0.94
    •  
  • 720 Price Dairy Road Monroe, NC 3
    • 3 beds 2 baths ∙ 1,632 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,632 Sqft ∙ Built 1997
    property image
    LEASED 10/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.98
    •  
PROPERTY LISTING DETAILS
Pam Caskey
1.704.242.1036
Keller Williams Select
BESbswy