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2928 Faircroft Way Monroe, NC 28110

3 Beds 2 Baths 1,578 sqft Built 1991

$229,500

List Price

$1,300

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

January 14, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1991
  • Price/Sqft : $145.44
  • 4 Days on Market
  • MLS # : 3696843
  • Updated Date : 01/16/2021 at 13:57
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,578 sqft
  • Baths : 2 full
Listing Agent

Sun Valley Realty

Listing Agent's Description

This is the one! Adorable, well maintained home in popular Sandalwood. 3B/2BA with a split bedroom floor plan, spacious family room with a beautiful fireplace for those chilly evenings. All new flooring in 2020. Neutral color scheme, perfect for your finishing touches. Large level lot for all your outdoor entertaining. Stainless steel appliances 2018, new hot water heater 2019, new HVAC 2018 and new roof 2015. Spacious converted garage with large closet. All of this and NO HOA! Hurry and schedule your private tour today! This beauty won't last long!!

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

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
Shiloh Elementary School Primary Regular 564 39 6
Sun Valley Middle School Middle Regular 1,365 69 6
Sun Valley High School High Regular 1,306 76 7

Shiloh Elementary School

  • Education Level: Primary
  • # of students: 564
  • # of teachers: 39
6
GreatSchools Rating

Sun Valley Middle School

  • Education Level: Middle
  • # of students: 1,365
  • # of teachers: 69
6
GreatSchools Rating

Sun Valley High School

  • Education Level: High
  • # of students: 1,306
  • # of teachers: 76
7
GreatSchools Rating
 

$206,550$252,450$229,500

PURCHASE PRICE

$1,170$1,430$1,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,300
EXPENSES Loan Payment -$797
Property Tax -$121
Property Insurance -$53
Property Management Fees -$119
CASH FLOW
$210

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.

$229,500

PROJECTED PRICE

$1,300

PROJECTED RENT

0.57%

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$900k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$66,568

INVESTMENT

$66,568

Down Payment
$57,375
Rehab Estimate
$5,750
Closing Costs
$3,443

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$797

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $57,375
Loan Amount $172,125
See What Happens When You Reinvest Cash Flow

10.08

YEARS SAVED

$33,602

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,300

    LIST RENT
  • $0.94

    LIST RENT PER SQFT
  • $1,297

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$1,265
1$1,2652$1,2953$1,3004$1,3955$1,395
$1,395
RENT COMPS ANALYSIS
  • 2928 Faircroft Way Monroe, NC 3
    • 3 beds 2 baths ∙ 1,376 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,376 Sqft ∙ Built 1991
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.94
    •  
  • 3204 Faircroft Way Monroe, NC 1
    • 3 beds 2 baths ∙ 1,352 Sqft ∙ Built 1990 3 beds 2 baths ∙ 1,352 Sqft ∙ Built 1990
    LEASED 01/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,265
    • $0.94
    •  
  • 2901 Faircroft Way Monroe, NC 2
    • 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 1991
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $0.98
    •  
  • 3016 Faircroft Way Monroe, NC 4
    • 3 beds 2 baths ∙ 1,527 Sqft ∙ Built 1991 3 beds 2 baths ∙ 1,527 Sqft ∙ Built 1991
    LEASED 08/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.91
    •  
  • 4811 Shea Court Monroe, NC 5
    • 3 beds 3 baths ∙ 1,480 Sqft ∙ Built 1991 3 beds 3 baths ∙ 1,480 Sqft ∙ Built 1991
    LEASED 10/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $0.94
    •  
PROPERTY LISTING DETAILS
Teresa Tutor
1.336.880.2669
Sun Valley Realty
BESbswy