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220 Wilkes Drive Monroe, NC 28110

4 Beds 2 Baths 2,151 sqft Built 1973

$325,000

List Price

$1,480

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

January 21, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1973
  • Price/Sqft : $151.09
  • 4 Days on Market
  • MLS # : 3698230
  • Updated Date : 01/22/2021 at 20:25
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,151 sqft
  • Baths : 2 full
Listing Agent

Bob Wilson Realty, Inc

Listing Agent's Description

Fresh Rehab. Features New Luxor Soft Pull White Cabinets, Granite Counter Tops, Long Neck Designer Kitchen Faucet with a 9" SS Sink, SS Appliances, Beveled White Tile Back Splash, White Vanities with Soft Pull, Polished Nickel Faucets/Hardware/Door Knobs/Mirrors, Bath Tub, Vanities, Lighting, High End Tile in Both Baths and Bath Flooring, Floor Pan, Shower Door. Also 8 New " Mazon " Ceiling Fans with Remotes, Hardwoods in Kitchen and the other Hardwoods Refurbished in Jacobean/Dark Walnut Hybrid, New Carpet, New Double Garage Door w/Remotes, and on and on. Master Up or Down. Optional Handicapped Entrance at Front Door ( No Steps ). Fresh Paint In & Out. Huge Basement - About 1,200 sq. ft. Huge Double Garage - 605 sq. ft. Rooms on Main are Large and Spacious. Much New Construction on This Side of the Street. You will " Love " the inside of this home. Move in " Now ". This is a Custom Built Home. Don't wait til August for the Track Homes w/ small garages and " Tight " Rooms..!!

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
Porter Ridge Elementary School Primary Regular 479 31 6
Piedmont Middle School Middle Regular 1,097 55 7
Piedmont High School High Regular 1,244 65 8

Porter Ridge Elementary School

  • Education Level: Primary
  • # of students: 479
  • # of teachers: 31
6
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
 

$292,500$357,500$325,000

PURCHASE PRICE

$1,332$1,628$1,480

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,480
EXPENSES Loan Payment -$1,129
Property Tax -$172
Property Insurance -$68
Property Management Fees -$119
CASH FLOW
-$7

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.

$325,000

PROJECTED PRICE

$1,480

PROJECTED RENT

0.46%

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$200k$400k$600k$800k$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

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$91,875

INVESTMENT

$91,875

Down Payment
$81,250
Rehab Estimate
$5,750
Closing Costs
$4,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,129

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $81,250
Loan Amount $243,750
See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$17,997

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,480

    LIST RENT
  • $0.69

    LIST RENT PER SQFT
  • $1,484

    COMP ESTIMATED VALUE
  • $0.69

    COMP AVG. RENT PER SQFT
Comps Range
$1,480
1$1,4802$1,495
$1,495
RENT COMPS ANALYSIS
  • 220 Wilkes Drive Monroe, NC 1
    • 4 beds 2 baths ∙ 2,151 Sqft ∙ Built 1973 4 beds 2 baths ∙ 2,151 Sqft ∙ Built 1973
    • Rent
    • Rent Per SQFT
    •  
    • $1,480
    • $0.69
    •  
  • 202 S Crawford Street Monroe, NC 2
    • 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 1930 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 1930
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.69
    •  
PROPERTY LISTING DETAILS
Robert Wilson
1.704.617.8081
Bob Wilson Realty, Inc
BESbswy