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

2205 Wilson Avenue Monroe, NC 28110

3 Beds 2 Baths 1,868 sqft Built 1965

$289,900

List Price

$1,450

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
July 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1965
  • Price/Sqft : $155.19
  • 2 Days on Market
  • MLS # : CAR3761666
  • Updated Date : 07/12/2021 at 20:42
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,868 sqft
  • Baths : 2 full
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Meticulously cared for home, owner has lived there for over 30 years and taken great pride in maintaining from top to bottom. Nice living spaces both inside and out. Eye catching fireplace with gas logs and built ins in living room. Beautiful mature hardwoods in landscaped yard provide wonderful shade for walk out patio from lower level Home has been pre-inspected and the few minor items that were found have been addressed. Wired shop for the do it yourselfers. See this amazing home. You will not be disappointed!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
Rocky River Elementary School Primary Regular 844 58 6
Monroe Middle School Middle Regular 1,068 68 3
Monroe High School High Regular 1,009 70 1

Rocky River Elementary School

  • Education Level: Primary
  • # of students: 844
  • # of teachers: 58
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
 

$260,910$318,890$289,900

PURCHASE PRICE

$1,305$1,595$1,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,450
EXPENSES Loan Payment -$1,007
Property Tax -$153
Property Insurance -$62
Property Management Fees -$119
CASH FLOW
$109

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.

$289,900

PROJECTED PRICE

$1,450

PROJECTED RENT

0.50%

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$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$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$82,574

INVESTMENT

$82,574

Down Payment
$72,475
Rehab Estimate
$5,750
Closing Costs
$4,349

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,007

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $72,475
Loan Amount $217,425
See What Happens When You Reinvest Cash Flow

7.33

YEARS SAVED

$26,237

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $0

    LIST RENT
  • $0

    LIST RENT PER SQFT
  • $1,494

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$0
1$02$1,5253$1,5954$1,6005$1,745
$1,745
RENT COMPS ANALYSIS
  • 2205 Wilson Avenue Monroe, NC 1
    • 3 beds 2 baths ∙ 1,868 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,868 Sqft ∙ Built 1965
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $0
    • $0.00
    •  
  • 1621 Sumpter Lane Monroe, NC 2
    • 4 beds 3 baths ∙ 2,027 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,027 Sqft ∙ Built 2001
    property image
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,525
    • $0.75
    •  
  • 2811 Santiago Circle Monroe, NC 3
    • 4 beds 2 baths ∙ 2,167 Sqft ∙ Built 2017 4 beds 2 baths ∙ 2,167 Sqft ∙ Built 2017
    property image
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.74
    •  
  • 4112 Chatterleigh Drive Monroe, NC 4
    • 4 beds 3 baths ∙ 1,847 Sqft ∙ Built 2000 4 beds 3 baths ∙ 1,847 Sqft ∙ Built 2000
    property image
    LEASED 04/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.87
    •  
  • 2320 Hunter Davis Court Monroe, NC 5
    • 3 beds 3 baths ∙ 2,068 Sqft ∙ Built 1998 3 beds 3 baths ∙ 2,068 Sqft ∙ Built 1998
    property image
    LEASED 11/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,745
    • $0.84
    •  
PROPERTY LISTING DETAILS
Joseph Gamble
1.704.254.8731
Coldwell Banker Realty
BESbswy