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2343 Concord Highway Monroe, NC 28110

3 Beds 2 Baths 1,824 sqft Built 1968

$262,000

List Price

$1,470

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1968
  • Price/Sqft : $143.64
  • 3 Days on Market
  • MLS # : 3717976
  • Updated Date : 03/12/2021 at 19:08
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,824 sqft
  • Baths : 2 full
Listing Agent

Opendoor Brokerage Llc

Listing Agent's Description

This Monroe one-story home offers a patio, and a two-car garage.

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
 

$235,800$288,200$262,000

PURCHASE PRICE

$1,323$1,617$1,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,470
EXPENSES Loan Payment -$910
Property Tax -$138
Property Insurance -$62
Property Management Fees -$119
CASH FLOW
$241

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.

$262,000

PROJECTED PRICE

$1,470

PROJECTED RENT

0.56%

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$18k

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$75,180

INVESTMENT

$75,180

Down Payment
$65,500
Rehab Estimate
$5,750
Closing Costs
$3,930

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$910

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $65,500
Loan Amount $196,500
See What Happens When You Reinvest Cash Flow

10.17

YEARS SAVED

$38,709

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,470

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $1,563

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,100
1$1,1002$1,4703$1,4954$1,500
$1,500
RENT COMPS ANALYSIS
  • 2343 Concord Highway Monroe, NC 2
    • 3 beds 2 baths ∙ 1,824 Sqft ∙ Built 1968 3 beds 2 baths ∙ 1,824 Sqft ∙ Built 1968
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,470
    • $0.81
    •  
  • 507 Hillsdale Drive Monroe, NC 1
    • 3 beds 2 baths ∙ 1,524 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,524 Sqft ∙ Built 1971
    property image
    LEASED 04/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,100
    • $0.72
    •  
  • 1021 Barbee Farm Drive Monroe, NC 3
    • 3 beds 3 baths ∙ 1,714 Sqft ∙ Built 1995 3 beds 3 baths ∙ 1,714 Sqft ∙ Built 1995
    property image
    LEASED 03/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.87
    •  
  • 919 Secrest Hill Drive Monroe, NC 4
    • 3 beds 2 baths ∙ 1,527 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,527 Sqft ∙ Built 1996
    property image
    LEASED 10/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.98
    •  
PROPERTY LISTING DETAILS
Verria Hairston
1.704.751.0133
Opendoor Brokerage Llc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3717976
Last Updated: 03/12/2021
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