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2507 Bathgate Lane Matthews, NC 28105

4 Beds 3 Baths 2,704 sqft Built 1993

$349,900

List Price

$1,960

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

January 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1993
  • Price/Sqft : $129.40
  • 4 Days on Market
  • MLS # : 3698489
  • Updated Date : 01/16/2021 at 15:40
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,704 sqft
  • Baths : 2 full , 1 half
Listing Agent

Millennial Realty

Listing Agent's Description

Located conveniently in The Heathers this house is situated on large cul-de-sac lot, w/ fenced backyard that is a natural oasis, with NO HOA! Complete with stone patio, covered deck, gas stub for grilling, & mature trees! Inside you are immediately greeted with a sense of airiness and grandeur w/ 2 story foyer, French doors leading to the study & formal dining room with wainscoting. Downstairs features brand-new laminate wood flooring throughout, both gorgeous & durable! Kitchen includes granite countertops, stainless steel appliances, walk in pantry PLUS desk nook. Both breakfast area & family room feature large windows overlooking the backyard, a picturesque scene while cozied up to the gas fireplace! Upstairs includes 3 sizeable bedrooms & owner's suite complete with tray ceilings, soaking tub, and walk in closest. FROG is perfect for play room & includes dormer storage & laundry. Oversized 2 car garage has storage closet & plenty of space for workbench! Seller is a licensed agent

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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

Neighborhood: The Heathers

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $107k318k

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

Neighborhood: The Heathers

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
Bain Elementary School Primary Regular 899 49 10
Mint Hill Middle School Middle Regular 1,249 64 5
Butler High School High Regular 2,081 106 7

Bain Elementary School

  • Education Level: Primary
  • # of students: 899
  • # of teachers: 49
10
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
 

$314,910$384,890$349,900

PURCHASE PRICE

$1,764$2,156$1,960

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,960
EXPENSES Loan Payment -$1,215
Property Tax -$304
Property Insurance -$78
Property Management Fees -$119
CASH FLOW
$244

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.

$349,900

PROJECTED PRICE

$1,960

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.3%
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$20k

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$98,474

INVESTMENT

$98,474

Down Payment
$87,475
Rehab Estimate
$5,750
Closing Costs
$5,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,215

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $87,475
Loan Amount $262,425
See What Happens When You Reinvest Cash Flow

9.33

YEARS SAVED

$44,948

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,960

    LIST RENT
  • $0.72

    LIST RENT PER SQFT
  • $2,089

    COMP ESTIMATED VALUE
  • $0.77

    COMP AVG. RENT PER SQFT
Comps Range
$1,800
1$1,8002$1,8753$1,9604$2,2455$2,295
$2,295
RENT COMPS ANALYSIS
  • 2507 Bathgate Lane Matthews, NC 3
    • 4 beds 3 baths ∙ 2,704 Sqft ∙ Built 1993 4 beds 3 baths ∙ 2,704 Sqft ∙ Built 1993
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,960
    • $0.72
    •  
  • 3003 Pinewood Hill Drive Matthews, NC 1
    • 4 beds 3 baths ∙ 2,481 Sqft ∙ Built 1995 4 beds 3 baths ∙ 2,481 Sqft ∙ Built 1995
    property image
    LEASED 03/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.73
    •  
  • 4204 Lawrence Daniel Drive Matthews, NC 2
    • 5 beds 3 baths ∙ 2,504 Sqft ∙ Built 2007 5 beds 3 baths ∙ 2,504 Sqft ∙ Built 2007
    property image
    LEASED 04/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $0.75
    •  
  • 2724 Phillips Woods Lane Matthews, NC 4
    • 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
    •  
  • 3010 Stonehedge Court Matthews, NC 5
    • 5 beds 4 baths ∙ 2,952 Sqft ∙ Built 1998 5 beds 4 baths ∙ 2,952 Sqft ∙ Built 1998
    property image
    LEASED 10/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.78
    •  
PROPERTY LISTING DETAILS
Elijah Pitman
1.704.935.5575
Millennial Realty
BESbswy