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2807 New Town Road Monroe, NC 28110

3 Beds 2 Baths 1,412 sqft Built 1969

$259,900

List Price

$1,310

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

January 27, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1969
  • Price/Sqft : $184.07
  • 6 Days on Market
  • MLS # : 3702379
  • Updated Date : 01/26/2021 at 18:07
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,412 sqft
  • Baths : 2 full
Listing Agent

Ross & Associates Real Estate

Listing Agent's Description

Brick home tucked in the trees, 10 minutes from Weddington city limits, convenient to I485, sought after schools, beautiful acre plus lot with woods, quiet area, large covered back porch ( could easily be screened), enclosed den with masonry fire place, adorable kitchen with eat in bar, greatroom w/ built in book shelves, 3 bedroom, 2 bath, bathrooms have been recently remodeled, wood floors, Seller states roof is one year old and HVAC is 7 years old. With a little tender love and care, this home could be a little dream house! Will not last!

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

Zip Code: 28110

ZipNIR Market*CityMarket2010Year20002019120k130k140k150k160k170k180k190k200k210kPrice in $113k215k

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

Zip Code: 28110

ZipNIR Market*CityMarket2010Year20002019 Q285090095010001050110011501200125013001350Rent in $8011375

* 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
Western Union Elementary School Primary Regular 660 48 7
Parkwood Middle School Middle Regular 965 55 7
Parkwood High School High Regular 1,006 57 5

Western Union Elementary School

  • Education Level: Primary
  • # of students: 660
  • # of teachers: 48
7
GreatSchools Rating

Parkwood Middle School

  • Education Level: Middle
  • # of students: 965
  • # of teachers: 55
7
GreatSchools Rating

Parkwood High School

  • Education Level: High
  • # of students: 1,006
  • # of teachers: 57
5
GreatSchools Rating
 

$233,910$285,890$259,900

PURCHASE PRICE

$1,179$1,441$1,310

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,310
EXPENSES Loan Payment -$903
Property Tax -$137
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
$97

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$259,900

PROJECTED PRICE

$1,310

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 7.1%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
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

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$74,624

INVESTMENT

$74,624

Down Payment
$64,975
Rehab Estimate
$5,750
Closing Costs
$3,899

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$903

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $64,975
Loan Amount $194,925
See What Happens When You Reinvest Cash Flow

7.42

YEARS SAVED

$23,562

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,310

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,299

    COMP ESTIMATED VALUE
  • $0.92

    COMP AVG. RENT PER SQFT
Comps Range
$850
1$8502$1,2503$1,3104$1,450
$1,450
RENT COMPS ANALYSIS
  • 2807 New Town Road Monroe, NC 3
    • 3 beds 2 baths ∙ 1,412 Sqft ∙ Built 1969 3 beds 2 baths ∙ 1,412 Sqft ∙ Built 1969
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,310
    • $0.93
    •  
  • 2722 Doster Road Monroe, NC 1
    • 3 beds 1 baths ∙ 1,348 Sqft ∙ Built 1953 3 beds 1 baths ∙ 1,348 Sqft ∙ Built 1953
    property image
    LEASED 08/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $850
    • $0.63
    •  
  • 3125 Deer Track Lane Monroe, NC 2
    • 3 beds 2 baths ∙ 1,295 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,295 Sqft ∙ Built 1990
    property image
    LEASED 11/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.97
    •  
  • 3224 Deer Track Lane Monroe, NC 4
    • 3 beds 2 baths ∙ 1,247 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,247 Sqft ∙ Built 1991
    property image
    LEASED 10/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.16
    •  
PROPERTY LISTING DETAILS
Kelly Benton
1.704.291.0888
Ross & Associates Real Estate
BESbswy