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2521 Meadow Lane Matthews, NC 28105

3 Beds 2 Baths 1,705 sqft Built 1955

$265,000

List Price

$1,510

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

February 11, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1955
  • Price/Sqft : $155.43
  • 4 Days on Market
  • MLS # : 3707588
  • Updated Date : 02/13/2021 at 14:27
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,705 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Fort Mill

Listing Agent's Description

A lovely ranch home tucked away in a small Matthews neighborhood. Hardwood floors throughout, den and family room. The kitchen features stainless steel appliances and lots of cabinet space. Large laundry room, three spacious bedrooms, and two full bathrooms. The large back deck and open back yard are perfect for a peaceful retreat and outdoor activities. Convenient to I-485 and Hwy 74. Sold as is. Don't miss this great opportunity!

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
 

$238,500$291,500$265,000

PURCHASE PRICE

$1,359$1,661$1,510

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,510
EXPENSES Loan Payment -$920
Property Tax -$214
Property Insurance -$59
Property Management Fees -$119
CASH FLOW
$197

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.

$265,000

PROJECTED PRICE

$1,510

PROJECTED RENT

0.57%

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

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$75,975

INVESTMENT

$75,975

Down Payment
$66,250
Rehab Estimate
$5,750
Closing Costs
$3,975

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$920

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $66,250
Loan Amount $198,750
See What Happens When You Reinvest Cash Flow

9.5

YEARS SAVED

$35,476

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,510

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,522

    COMP ESTIMATED VALUE
  • $0.89

    COMP AVG. RENT PER SQFT
Comps Range
$1,350
1$1,3502$1,4253$1,5004$1,5105$1,695
$1,695
RENT COMPS ANALYSIS
  • 2521 Meadow Lane Matthews, NC 4
    • 3 beds 2 baths ∙ 1,705 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,705 Sqft ∙ Built 1955
    • Rent
    • Rent Per SQFT
    •  
    • $1,510
    • $0.89
    •  
  • 3333 Fortis Lane Matthews, NC 1
    • 3 beds 3 baths ∙ 1,506 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,506 Sqft ∙ Built 1988
    LEASED 09/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.90
    •  
  • 4027 Raccoon Run Court Matthews, NC 2
    • 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,600 Sqft ∙ Built 2006
    LEASED 06/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.89
    •  
  • 11025 Ballards Pond Lane Matthews, NC 3
    • 3 beds 3 baths ∙ 1,705 Sqft ∙ Built 1992 3 beds 3 baths ∙ 1,705 Sqft ∙ Built 1992
    LEASED 03/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.88
    •  
  • 9711 Chase View Drive Matthews, NC 5
    • 3 beds 3 baths ∙ 1,890 Sqft ∙ Built 2019 3 beds 3 baths ∙ 1,890 Sqft ∙ Built 2019
    LEASED 01/26/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.90
    •  
PROPERTY LISTING DETAILS
Tim Counts
1.704.258.6541
Keller Williams Fort Mill
BESbswy