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2713 Carriage Crossing Drive Matthews, NC 28105

4 Beds 3 Baths 2,025 sqft Built 1987

$300,000

List Price

$1,580

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1987
  • Price/Sqft : $148.15
  • 14 Days on Market
  • MLS # : 3673644
  • Updated Date : 11/06/2020 at 10:10
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,025 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams South Park

Listing Agent's Description

4 bedroom, 2.5 bath in the lovely, wooded neighborhood of Brightmoor. Beautiful, mixed width hardwood floors throughout the home. A wood burning fireplace anchors the large living room. HVAC 3 years old. Vaulted master bedroom ceiling. Fully renovated master bathroom with marble tile, custom vanity and jacuzzi whirlpool bathtub, updated in 2019. Secondary full bath updated 10/2020 with porcelain tile, new vanity and toilet & refinished tub. Fully fenced backyard made more private by mature trees. Brighmoor has an active HOA that puts on events such as movie nights, trivia at the pool, yard sales, etc. Community includes a pool, playground and lighted tennis courts. Close to Squirrel Lake park which joins up with greenway, downtown Matthews and easy access to 485/ Independence. Refrigerators, washer and dryer convey. Property being SOLD AS IS. THIS ONE WON’T LAST LONG!

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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: Brightmoor

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Brightmoor

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
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
 

$270,000$330,000$300,000

PURCHASE PRICE

$1,422$1,738$1,580

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,580
EXPENSES Loan Payment -$1,107
Property Tax -$241
Property Insurance -$65
HOA -$39
Property Management Fees -$142
CASH FLOW
-$15

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.

$300,000

PROJECTED PRICE

$1,580

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.6%
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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,250

INVESTMENT

$85,250

Down Payment
$75,000
Rehab Estimate
$5,750
Closing Costs
$4,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,107

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $75,000
Loan Amount $225,000
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$15,882

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,580

    LIST RENT
  • $0.78

    LIST RENT PER SQFT
  • $1,620

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,545
1$1,5452$1,5803$1,5954$1,6655$1,695
$1,695
RENT COMPS ANALYSIS
  • 2713 Carriage Crossing Drive Matthews, NC 2
    • 4 beds 3 baths ∙ 2,025 Sqft ∙ Built 1987 4 beds 3 baths ∙ 2,025 Sqft ∙ Built 1987
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,580
    • $0.78
    •  
  • 1159 Stonedown Lane Stallings, NC 1
    • 3 beds 3 baths ∙ 1,896 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,896 Sqft ∙ Built 2004
    property image
    LEASED 12/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,545
    • $0.81
    •  
  • 3811 Cameron Creek Drive Matthews, NC 3
    • 3 beds 3 baths ∙ 2,000 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,000 Sqft ∙ Built 2004
    property image
    LEASED 02/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.80
    •  
  • 2329 Nettleton Court Matthews, NC 4
    • 3 beds 3 baths ∙ 2,144 Sqft ∙ Built 2005 3 beds 3 baths ∙ 2,144 Sqft ∙ Built 2005
    property image
    LEASED 11/14/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,665
    • $0.78
    •  
  • 2656 Brightmoor Ridge Drive Matthews, NC 5
    • 3 beds 3 baths ∙ 2,094 Sqft ∙ Built 1988 3 beds 3 baths ∙ 2,094 Sqft ∙ Built 1988
    property image
    LEASED 05/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.81
    •  
PROPERTY LISTING DETAILS
Trent Corbin
1.704.628.4066
Keller Williams South Park
BESbswy