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2418 Alaqua Court Matthews, NC 28105

5 Beds 3 Baths 3,043 sqft Built 1999

$355,000

List Price

$2,450

$2.2K - $2.7K

Rent Est.

PROPERTY INFO

November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1999
  • Price/Sqft : $116.66
  • 3 Days on Market
  • MLS # : 3679264
  • Updated Date : 11/14/2020 at 13:45
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,043 sqft
  • Baths : 3 full
Listing Agent

Allen Tate Matthews/mint Hill

Listing Agent's Description

What a wonderful home for your family with five spacious bedrooms with plenty of closet space. It includes a master bedroom with an incredible master closet, dining room, office space or sunroom, spacious living room, and guest bedroom on first floor. The welcoming and open space inside makes you feel at home the moment you step in. The fifth Bedroom/Bonus room providing space for that needed office room or home schooling space. The fenced yard and deck are ready to use and entertain your guests in.This home sits in a cul de sac in a wonderful neighborhood located near great schools and close to a shopping center near by. Do not wait long to see it!!

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: 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
 

$319,500$390,500$355,000

PURCHASE PRICE

$2,205$2,695$2,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,450
EXPENSES Loan Payment -$1,310
Property Tax -$306
Property Insurance -$84
HOA -$10
Property Management Fees -$221
CASH FLOW
$519

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.

$355,000

PROJECTED PRICE

$2,450

PROJECTED RENT

0.69%

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$1.2M$1.4M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$99,825

INVESTMENT

$99,825

Down Payment
$88,750
Rehab Estimate
$5,750
Closing Costs
$5,325

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$1,310

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $88,750
Loan Amount $266,250
See What Happens When You Reinvest Cash Flow

12.17

YEARS SAVED

$78,999

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,450

    LIST RENT
  • $0.81

    LIST RENT PER SQFT
  • $3,073

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$2,245
1$2,2452$2,4503$3,500
$3,500
RENT COMPS ANALYSIS
  • 2418 Alaqua Court Matthews, NC 2
    • 5 beds 3 baths ∙ 3,043 Sqft ∙ Built 1999 5 beds 3 baths ∙ 3,043 Sqft ∙ Built 1999
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.81
    •  
  • 2724 Phillips Woods Lane Matthews, NC 1
    • 4 beds 3 baths ∙ 2,706 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,706 Sqft ∙ Built 2006
    property image
    LEASED 09/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,245
    • $0.83
    •  
  • 3300 Williams Road Matthews, NC 3
    • 4 beds 3 baths ∙ 2,952 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,952 Sqft ∙ Built 2005
    property image
    LEASED 10/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,500
    • $1.19
    •  
PROPERTY LISTING DETAILS
Silvia Alvarado
1.704.604.0963
Allen Tate Matthews/mint Hill
BESbswy