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2332 Community Park Drive Matthews, NC 28104

3 Beds 2 Baths 1,455 sqft Built 1970

$269,900

List Price

$1,270

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

December 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1970
  • Price/Sqft : $185.50
  • 5 Days on Market
  • MLS # : 3688713
  • Updated Date : 12/11/2020 at 10:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,455 sqft
  • Baths : 2 full
Listing Agent

Exp Realty Llc

Listing Agent's Description

DON'T MISS this completely remodeled ranch home in Stallings! Located in the beautiful & quiet neighborhood of Kingswood & within walking distance to the town park! Home has all new plumbing, roof, HVAC, floors, water heater, trim, doors, kitchen & bathrooms! Buyers will love the bright & spacious kitchen w/new white cabinets, granite counters, stainless appliances & tile backsplash. Enjoy relaxing or entertaining in the large living room & extra den/bonus room w/wood burning fireplace & access to the back patio. Newly refinished hardwood floors extend through the kitchen & bedrooms. Large master suite has a neutral color palette & luxury master bath w/stand alone tile shower, glass doors & granite counters. 2 additional bedrooms & secondary bathroom w/tile surround tub, new vanity & granite counters provides space for everyone! Large fenced in backyard gives you abundant space to enjoy the beautiful Carolina weather! This home checks all the boxes so schedule a showing today.

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: Stallings

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Stallings

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
Stallings Elementary School Primary Regular 576 32 9
Sun Valley Middle School Middle Regular 1,365 69 6
Sun Valley High School High Regular 1,306 76 7

Stallings Elementary School

  • Education Level: Primary
  • # of students: 576
  • # of teachers: 32
9
GreatSchools Rating

Sun Valley Middle School

  • Education Level: Middle
  • # of students: 1,365
  • # of teachers: 69
6
GreatSchools Rating

Sun Valley High School

  • Education Level: High
  • # of students: 1,306
  • # of teachers: 76
7
GreatSchools Rating
 

$242,910$296,890$269,900

PURCHASE PRICE

$1,143$1,397$1,270

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,270
EXPENSES Loan Payment -$996
Property Tax -$179
Property Insurance -$55
Property Management Fees -$119
CASH FLOW
-$78

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.

$269,900

PROJECTED PRICE

$1,270

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 7.0%
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$100k$200k$300k$400k$500k$600k$700k$800k$900k

PROJECTED ANNUAL CASH FLOW

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

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$77,274

INVESTMENT

$77,274

Down Payment
$67,475
Rehab Estimate
$5,750
Closing Costs
$4,049

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% 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 $67,475
Loan Amount $202,425
See What Happens When You Reinvest Cash Flow

4.5

YEARS SAVED

$14,195

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,270

    LIST RENT
  • $0.87

    LIST RENT PER SQFT
  • $1,404

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,270
1$1,2702$1,3953$1,3954$1,5955$1,750
$1,750
RENT COMPS ANALYSIS
  • 2332 Community Park Drive Matthews, NC 1
    • 3 beds 2 baths ∙ 1,455 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,455 Sqft ∙ Built 1970
    • Rent
    • Rent Per SQFT
    •  
    • $1,270
    • $0.87
    •  
  • 1300 Stallings Road Matthews, NC 2
    • 3 beds 2 baths ∙ 1,458 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,458 Sqft ∙ Built 1971
    LEASED 06/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.96
    •  
  • 1216 Stallings Road Matthews, NC 3
    • 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1970 3 beds 2 baths ∙ 1,500 Sqft ∙ Built 1970
    LEASED 07/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.93
    •  
  • 1205 Driftway Point Matthews, NC 4
    • 3 beds 3 baths ∙ 1,595 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,595 Sqft ∙ Built 1992
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $1.00
    •  
  • 9002 Brad Court Matthews, NC 5
    • 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 1998 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 1998
    LEASED 11/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.97
    •  
PROPERTY LISTING DETAILS
Mike Abernethy
1.980.254.1008
Exp Realty Llc
BESbswy