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2911 Cripple Creek Court Monroe, NC 28110

3 Beds 2 Baths 1,622 sqft Built 2003

$250,000

List Price

$1,240

$1.1K - $1.4K

Rent Est.

PROPERTY INFO

November 20, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $154.13
  • 4 Days on Market
  • MLS # : 3681206
  • Updated Date : 11/20/2020 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,622 sqft
  • Baths : 2 full
Listing Agent

Re/max Executive

Listing Agent's Description

The others don't compare to this home. Located in the sought after Piedmont area of Monroe. Close to 485, shopping, dining, Treehouse Vineyards, Wise Acre Farms &other top entertainment venues. Spacious open floor plan with modern colors & finishes. Foyer entry is enhanced with arched niche detail welcomes guest. Kitchen features beautiful Quartz counter tops ,tile back splash, NEW disposal and NEW dishwasher . Gleaming Laminate Floors! Custom detailed work over fireplace & towering plant shelves elevate this home! Plantation Shutters! Generous Owners suite and additional bedrooms encompassing in this sprawling ranch. NEW Roof Nov 2018! Look forward to experiencing outdoor living with a extended patio and huge back yard surrounded by a privacy fence! Water tank replaced 2017! Insulated double pane windows throughout. You don't want to miss an opportunity to call this Home!!!

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
Porter Ridge Elementary School Primary Regular 479 31 6
Piedmont Middle School Middle Regular 1,097 55 7
Piedmont High School High Regular 1,244 65 8

Porter Ridge Elementary School

  • Education Level: Primary
  • # of students: 479
  • # of teachers: 31
6
GreatSchools Rating

Piedmont Middle School

  • Education Level: Middle
  • # of students: 1,097
  • # of teachers: 55
7
GreatSchools Rating

Piedmont High School

  • Education Level: High
  • # of students: 1,244
  • # of teachers: 65
8
GreatSchools Rating
 

$225,000$275,000$250,000

PURCHASE PRICE

$1,116$1,364$1,240

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,240
EXPENSES Loan Payment -$922
Property Tax -$132
Property Insurance -$58
HOA -$18
Property Management Fees -$112
CASH FLOW
-$1

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.

$250,000

PROJECTED PRICE

$1,240

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$100k$200k$300k$400k$500k$600k$700k$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

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$72,000

INVESTMENT

$72,000

Down Payment
$62,500
Rehab Estimate
$5,750
Closing Costs
$3,750

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$922

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $62,500
Loan Amount $187,500
See What Happens When You Reinvest Cash Flow

4.42

YEARS SAVED

$12,990

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,240

    LIST RENT
  • $0.76

    LIST RENT PER SQFT
  • $1,387

    COMP ESTIMATED VALUE
  • $0.86

    COMP AVG. RENT PER SQFT
Comps Range
$1,240
1$1,2402$1,3503$1,4004$1,4255$1,499
$1,499
RENT COMPS ANALYSIS
  • 2911 Cripple Creek Court Monroe, NC 1
    • 3 beds 2 baths ∙ 1,622 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,622 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,240
    • $0.76
    •  
  • 3903 Chatterleigh Drive Monroe, NC 2
    • 3 beds 2 baths ∙ 1,620 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,620 Sqft ∙ Built 2002
    LEASED 12/30/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.83
    •  
  • 4322 Chatterleigh Drive Monroe, NC 3
    • 3 beds 3 baths ∙ 1,662 Sqft ∙ Built 2001 3 beds 3 baths ∙ 1,662 Sqft ∙ Built 2001
    LEASED 01/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,400
    • $0.84
    •  
  • 2807 Rosemeade Drive Monroe, NC 4
    • 3 beds 3 baths ∙ 1,704 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,704 Sqft ∙ Built 1999
    LEASED 12/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $0.84
    •  
  • 4702 Winterberry Lane Monroe, NC 5
    • 3 beds 3 baths ∙ 1,704 Sqft ∙ Built 3 beds 3 baths ∙ 1,704 Sqft ∙ Built
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,499
    • $0.88
    •  
PROPERTY LISTING DETAILS
Zanthia Hastings
1.704.737.6976
Re/max Executive
BESbswy