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2801 Carriage Crossing Drive Matthews, NC 28105

4 Beds 3 Baths 2,295 sqft Built 1988

$329,900

List Price

$1,740

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

November 04, 2020 RECENTLY ADDED
FACTS
  • Built In 1988
  • Price/Sqft : $143.75
  • 5 Days on Market
  • MLS # : 3679026
  • Updated Date : 11/05/2020 at 11:07
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,295 sqft
  • Baths : 2 full , 1 half
Listing Agent

Offerpad Brokerage Llc

Listing Agent's Description

VACANT! Welcome home to this charming 4 bed, 2.5 bath home in Matthews! This beautiful home features vaulted ceilings in the spacious living room. New granite in kitchen and stainless steel appliances. New hot water heater! Serene, wooded lot. A 2 car garage completes this beautiful home! Don’t miss this one!

SEE MORE

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
 

$296,910$362,890$329,900

PURCHASE PRICE

$1,566$1,914$1,740

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,740
EXPENSES Loan Payment -$1,217
Property Tax -$282
Property Insurance -$70
HOA -$39
Property Management Fees -$157
CASH FLOW
-$25

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.

$329,900

PROJECTED PRICE

$1,740

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$1.0M

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$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$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$93,174

INVESTMENT

$93,174

Down Payment
$82,475
Rehab Estimate
$5,750
Closing Costs
$4,949

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,217

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $82,475
Loan Amount $247,425
See What Happens When You Reinvest Cash Flow

4.33

YEARS SAVED

$16,724

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,740

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,888

    COMP ESTIMATED VALUE
  • $0.82

    COMP AVG. RENT PER SQFT
Comps Range
$1,665
1$1,6652$1,7403$1,7504$1,8755$1,995
$1,995
RENT COMPS ANALYSIS
  • 2801 Carriage Crossing Drive Matthews, NC 2
    • 4 beds 3 baths ∙ 2,295 Sqft ∙ Built 1988 4 beds 3 baths ∙ 2,295 Sqft ∙ Built 1988
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,740
    • $0.76
    •  
  • 2329 Nettleton Court Matthews, NC 1
    • 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
    •  
  • 2801 Ezra Court Matthews, NC 3
    • 3 beds 3 baths ∙ 2,088 Sqft ∙ Built 1992 3 beds 3 baths ∙ 2,088 Sqft ∙ Built 1992
    property image
    LEASED 06/01/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.84
    •  
  • 3011 Liddington Road Matthews, NC 4
    • 3 beds 3 baths ∙ 2,343 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,343 Sqft ∙ Built 2006
    property image
    LEASED 08/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,875
    • $0.80
    •  
  • 6020 Hampstead Pond Lane Matthews, NC 5
    • 4 beds 4 baths ∙ 2,303 Sqft ∙ Built 2020 4 beds 4 baths ∙ 2,303 Sqft ∙ Built 2020
    property image
    LEASED 06/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,995
    • $0.87
    •  
PROPERTY LISTING DETAILS
Derek Dickson
1.704.810.1576
Offerpad Brokerage Llc
BESbswy