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2406 Grayson Parkway Monroe, NC 28110

4 Beds 3 Baths 1,880 sqft Built 2021

$294,900

List Price

$1,550

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
January 12, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $156.86
  • 6 Days on Market
  • MLS # : 3696206
  • Updated Date : 01/14/2021 at 09:01
CONSTRUCTION
  • Beds : 4
  • Floor Size : 1,880 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams Select

Listing Agent's Description

BRAND NEW home in great location! Currently under construction. Wonderful open floor plan with 4 beds, 2.5 baths. Huge owner's suite featuring walk in closet and en suite bath. Large secondary rooms. 2 car garage, front porch and back patio.

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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

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
Shiloh Elementary School Primary Regular 564 39 6
Sun Valley Middle School Middle Regular 1,365 69 6
Sun Valley High School High Regular 1,306 76 7

Shiloh Elementary School

  • Education Level: Primary
  • # of students: 564
  • # of teachers: 39
6
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
 

$265,410$324,390$294,900

PURCHASE PRICE

$1,395$1,705$1,550

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,550
EXPENSES Loan Payment -$1,024
Property Tax -$153
Property Insurance -$63
HOA -$21
Property Management Fees -$119
CASH FLOW
$170

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$294,900

PROJECTED PRICE

$1,550

PROJECTED RENT

0.53%

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) 3.00%
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$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$80,149

INVESTMENT

$80,149

Down Payment
$73,725
Rehab Estimate
$2,000
Closing Costs
$4,424

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,024

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $73,725
Loan Amount $221,175
See What Happens When You Reinvest Cash Flow

8.58

YEARS SAVED

$35,754

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,550

    LIST RENT
  • $0.82

    LIST RENT PER SQFT
  • $1,565

    COMP ESTIMATED VALUE
  • $0.83

    COMP AVG. RENT PER SQFT
Comps Range
$1,410
1$1,4102$1,4753$1,4954$1,4955$1,550
$1,550
RENT COMPS ANALYSIS
  • 2406 Grayson Parkway Monroe, NC 5
    • 4 beds 3 baths ∙ 1,880 Sqft ∙ Built 2021 4 beds 3 baths ∙ 1,880 Sqft ∙ Built 2021
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.82
    •  
  • 1009 Fort Clapsop Court Monroe, NC 1
    • 3 beds 3 baths ∙ 1,767 Sqft ∙ Built 2002 3 beds 3 baths ∙ 1,767 Sqft ∙ Built 2002
    property image
    LEASED 08/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,410
    • $0.80
    •  
  • 4504 Capstone Drive Monroe, NC 2
    • 4 beds 3 baths ∙ 1,719 Sqft ∙ Built 2000 4 beds 3 baths ∙ 1,719 Sqft ∙ Built 2000
    property image
    LEASED 05/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $0.86
    •  
  • 1005 Fort Clapsop Court Monroe, NC 3
    • 3 beds 3 baths ∙ 1,748 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,748 Sqft ∙ Built 2003
    property image
    LEASED 07/29/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.86
    •  
  • 3001 Omaha Drive Monroe, NC 4
    • 3 beds 3 baths ∙ 1,978 Sqft ∙ Built 2003 3 beds 3 baths ∙ 1,978 Sqft ∙ Built 2003
    property image
    LEASED 10/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.76
    •  
PROPERTY LISTING DETAILS
Robert Smedley
1.704.674.6950
Keller Williams Select
BESbswy