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

2234 Candlelight Woods Drive Matthews, NC 28105

4 Beds 2 Baths 1,919 sqft Built 2000

$270,000

List Price

$1,720

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

December 26, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2000
  • Price/Sqft : $140.70
  • 3 Days on Market
  • MLS # : 3691761
  • Updated Date : 12/26/2020 at 18:57
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,919 sqft
  • Baths : 2 full
Listing Agent

Keller Williams South Park

Listing Agent's Description

***MULTIPLE OFFERS RECEIVED: HIGHEST & BEST DUE SUNDAY 12/27 AT 7P *** Welcome home! Rare 4 beds and 2 full baths in Matthews for LESS than 300k! 1 of only a handful of ranches in the community, this WILL GO FAST! Newer roof (2014), freshly painted, split bedroom plan, and Living Room has vaulted ceilings and a gas fireplace - perfect for this cold weather! Owner's suite includes a tray ceiling, walk-in closet, second closet, separate linen closet, garden tub and shower. Shed for additional storage and deck - perfect for grilling when it warms up! Washer, dryer, refrigerator to stay.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Matthews

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Matthews

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* 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
Crown Point Elementary School Primary Regular 743 40 5
Mint Hill Middle School Middle Regular 1,249 64 5
Butler High School High Regular 2,081 106 7

Crown Point Elementary School

  • Education Level: Primary
  • # of students: 743
  • # of teachers: 40
5
GreatSchools Rating

Mint Hill Middle School

  • Education Level: Middle
  • # of students: 1,249
  • # of teachers: 64
5
GreatSchools Rating

Butler High School

  • Education Level: High
  • # of students: 2,081
  • # of teachers: 106
7
GreatSchools Rating
 

$243,000$297,000$270,000

PURCHASE PRICE

$1,548$1,892$1,720

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,720
EXPENSES Loan Payment -$996
Property Tax -$236
Property Insurance -$63
HOA -$13
Property Management Fees -$119
CASH FLOW
$294

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.

$270,000

PROJECTED PRICE

$1,720

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.5%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
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$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$77,300

INVESTMENT

$77,300

Down Payment
$67,500
Rehab Estimate
$5,750
Closing Costs
$4,050

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$996

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $67,500
Loan Amount $202,500
See What Happens When You Reinvest Cash Flow

11.33

YEARS SAVED

$53,643

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,720

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,698

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,535
1$1,5352$1,6483$1,6504$1,7205$2,000
$2,000
RENT COMPS ANALYSIS
  • 2234 Candlelight Woods Drive Matthews, NC 4
    • 4 beds 2 baths ∙ 1,919 Sqft ∙ Built 2000 4 beds 2 baths ∙ 1,919 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $1,720
    • $0.90
    •  
  • 4247 Bathurst Drive Charlotte, NC 1
    • 3 beds 3 baths ∙ 1,837 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,837 Sqft ∙ Built 2006
    LEASED 02/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,535
    • $0.84
    •  
  • 3916 Cedar Bark Drive Matthews, NC 2
    • 3 beds 2 baths ∙ 1,733 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,733 Sqft ∙ Built 1991
    LEASED 03/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,648
    • $0.95
    •  
  • 2857 Windsor Chase Drive Matthews, NC 3
    • 4 beds 3 baths ∙ 2,066 Sqft ∙ Built 1997 4 beds 3 baths ∙ 2,066 Sqft ∙ Built 1997
    LEASED 06/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.80
    •  
  • 9331 Marshbrooke Road Matthews, NC 5
    • 4 beds 3 baths ∙ 2,105 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,105 Sqft ∙ Built 1988
    LEASED 09/21/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $0.95
    •  
PROPERTY LISTING DETAILS
Kristin Garber
1.704.776.6017
Keller Williams South Park
BESbswy