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2912 Loveday Drive Monroe, NC 28110

5 Beds 3 Baths 2,577 sqft Built 2021

$299,664

List Price

$1,920

$1.7K - $2.1K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
January 06, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $116.28
  • 5 Days on Market
  • MLS # : 3695969
  • Updated Date : 01/06/2021 at 13:49
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,577 sqft
  • Baths : 3 full
Listing Agent

Lennar Sales Corp

Listing Agent's Description

New Frost plan checks all the boxes! Home includes guest bedroom and full bath on the main level, open kitchen with walk-in pantry, stainless steel gas range oven, stainless steel appliances, Carrara Marmi quartz countertops, white gloss subway tile backsplash and white Linen cabinets in kitchen (with Stone gray cabinets in the island). EVP floors in all common areas. Master bedroom (on second floor) includes two walk-in closets, dual sinks, walk-in shower. EVP in all baths and laundry room - laundry located on second level. Bonus room with double door entry on second floor. Walk-in closets in secondary bedrooms! Home directly across from open central green space and adjacent to common area as well. Smart home features include a video doorbell, smart front door lock, smart thermostat, smart water monitoring and leak detection system, wifi mesh technology to eliminate dead spots, smart garage hub to monitor and open/close your garage door remotely, and Ring home security kit!

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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

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
 

$269,698$329,630$299,664

PURCHASE PRICE

$1,728$2,112$1,920

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,920
EXPENSES Loan Payment -$1,041
Property Tax -$156
Property Insurance -$76
HOA -$63
Property Management Fees -$119
CASH FLOW
$465

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$299,664

PROJECTED PRICE

$1,920

PROJECTED RENT

0.64%

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) 3.00%
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$1.0M$1.2M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k

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$81,411

INVESTMENT

$81,411

Down Payment
$74,916
Rehab Estimate
$2,000
Closing Costs
$4,495

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$1,041

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,916
Loan Amount $224,748
See What Happens When You Reinvest Cash Flow

13.33

YEARS SAVED

$65,364

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,920

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,864

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,725
1$1,7252$1,8453$1,8454$1,920
$1,920
RENT COMPS ANALYSIS
  • 2912 Loveday Drive Monroe, NC 4
    • 5 beds 3 baths ∙ 2,577 Sqft ∙ Built 2021 5 beds 3 baths ∙ 2,577 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $1,920
    • $0.75
    •  
  • 2708 Woodlands Creek Drive Monroe, NC 1
    • 4 beds 3 baths ∙ 2,546 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,546 Sqft ∙ Built 2014
    LEASED 12/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.68
    •  
  • 3329 Christopher Jacob Court Monroe, NC 2
    • 4 beds 3 baths ∙ 2,462 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,462 Sqft ∙ Built 2016
    LEASED 12/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,845
    • $0.75
    •  
  • 3328 Christopher Jacob Court Monroe, NC 3
    • 4 beds 3 baths ∙ 2,480 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,480 Sqft ∙ Built 2017
    LEASED 01/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,845
    • $0.74
    •  
PROPERTY LISTING DETAILS
Chuck Porter
1.704.996.3879
Lennar Sales Corp
BESbswy