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2501 Sandy Ridge Lane Matthews, NC 28105

5 Beds 3 Baths 3,803 sqft Built 2001

$424,900

List Price

$2,400

$2.2K - $2.6K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 2001
  • Price/Sqft : $111.73
  • 16 Days on Market
  • MLS # : 3680874
  • Updated Date : 11/24/2020 at 09:38
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,803 sqft
  • Baths : 3 full
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

Beautiful home in desirable Weddington Ridge features three full baths, guest suite on the main level, large upper loft/bonus room, dual stair cases, granite countertops, SS appliances, large bedrooms, 2-car garage, wood flooring, NEW ROOF NOV 2020 with architectural shingles, NEW CARPET 2020, fresh paint and so much more! Home sits at end of cul-de-sac and is one of the larger homes in the neighborhood. Walking distance to community pool. Just minutes from shopping/restaurants, McKee Farms, Brace Family YMCA, Plantation Market, Waverly and Promenade. Very close to Colonel Francis Beatty Park and only 14 miles to Uptown Charlotte. Don't miss this one! Face mask and shoe covers required for all showings.

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: Providence Estates East

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $118k342k

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

Neighborhood: Providence Estates East

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8441924

* 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
Matthews Elementary School Primary Regular 1,006 51 7
Crestdale Middle School Middle Regular 868 44 7
Butler High School High Regular 2,081 106 7

Matthews Elementary School

  • Education Level: Primary
  • # of students: 1,006
  • # of teachers: 51
7
GreatSchools Rating

Crestdale Middle School

  • Education Level: Middle
  • # of students: 868
  • # of teachers: 44
7
GreatSchools Rating

Butler High School

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

$382,410$467,390$424,900

PURCHASE PRICE

$2,160$2,640$2,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,400
EXPENSES Loan Payment -$1,568
Property Tax -$411
Property Insurance -$99
HOA -$51
Property Management Fees -$216
CASH FLOW
$55

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.

$424,900

PROJECTED PRICE

$2,400

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.1%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$118,349

INVESTMENT

$118,349

Down Payment
$106,225
Rehab Estimate
$5,750
Closing Costs
$6,374

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,568

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $106,225
Loan Amount $318,675
See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$28,985

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,400

    LIST RENT
  • $0.63

    LIST RENT PER SQFT
  • $2,624

    COMP ESTIMATED VALUE
  • $0.69

    COMP AVG. RENT PER SQFT
Comps Range
$2,200
1$2,2002$2,4003$2,4504$2,4955$3,040
$3,040
RENT COMPS ANALYSIS
  • 2501 Sandy Ridge Lane Matthews, NC 2
    • 5 beds 3 baths ∙ 3,803 Sqft ∙ Built 2001 5 beds 3 baths ∙ 3,803 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.63
    •  
  • 918 Landry Drive Matthews, NC 1
    • 5 beds 5 baths ∙ 3,552 Sqft ∙ Built 2014 5 beds 5 baths ∙ 3,552 Sqft ∙ Built 2014
    LEASED 01/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,200
    • $0.62
    •  
  • 4315 Mccamey Drive Matthews, NC 3
    • 5 beds 3 baths ∙ 3,628 Sqft ∙ Built 2005 5 beds 3 baths ∙ 3,628 Sqft ∙ Built 2005
    LEASED 10/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.68
    •  
  • 2519 Hampton Glen Court Matthews, NC 4
    • 5 beds 4 baths ∙ 3,881 Sqft ∙ Built 2002 5 beds 4 baths ∙ 3,881 Sqft ∙ Built 2002
    LEASED 06/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,495
    • $0.64
    •  
  • 1102 Hawker Road Matthews, NC 5
    • 5 beds 4 baths ∙ 4,108 Sqft ∙ Built 2007 5 beds 4 baths ∙ 4,108 Sqft ∙ Built 2007
    LEASED 09/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,040
    • $0.74
    •  
PROPERTY LISTING DETAILS
Rob Konkol
1.704.840.4005
Keller Williams Ballantyne Area
BESbswy