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300 Branch Street Monroe, NC 28112

3 Beds 1 Baths 1,008 sqft Built 1988

$149,000

List Price

$900

$810 - $990

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
February 02, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1988
  • Price/Sqft : $147.82
  • 6 Days on Market
  • MLS # : 3704573
  • Updated Date : 02/02/2021 at 16:10
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,008 sqft
  • Baths : 1 full
Listing Agent

Blue Collar Realty

Listing Agent's Description

Great home for a new or seasoned investor. Reliable income producer with long term tenant in place. Current rent is 900.00/month on month to month lease.

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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: 28112

ZipNIR Market*CityMarket2010Year20002019100k110k120k130k140k150k160k170k180k190k200k210kPrice in $93k213k

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

Zip Code: 28112

ZipNIR Market*CityMarket2010Year20002019 Q280085090095010001050110011501200125013001350Rent in $7651375

* 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
Walter Bickett Elementary School Primary Regular 694 64 1
Monroe Middle School Middle Regular 1,068 68 3
Monroe High School High Regular 1,009 70 1

Walter Bickett Elementary School

  • Education Level: Primary
  • # of students: 694
  • # of teachers: 64
1
GreatSchools Rating

Monroe Middle School

  • Education Level: Middle
  • # of students: 1,068
  • # of teachers: 68
3
GreatSchools Rating

Monroe High School

  • Education Level: High
  • # of students: 1,009
  • # of teachers: 70
1
GreatSchools Rating
 

$134,100$163,900$149,000

PURCHASE PRICE

$810$990$900

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $900
EXPENSES Loan Payment -$518
Property Tax -$77
Property Insurance -$46
Property Management Fees -$119
CASH FLOW
$141

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.

$149,000

PROJECTED PRICE

$900

PROJECTED RENT

0.60%

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

PROJECTED ANNUAL CASH FLOW

11530$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$50,985

INVESTMENT

$50,985

Down Payment
$37,250
Rehab Estimate
$11,500
Closing Costs
$2,235

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$518

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $37,250
Loan Amount $111,750
See What Happens When You Reinvest Cash Flow

10.17

YEARS SAVED

$21,754

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $900

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,048

    COMP ESTIMATED VALUE
  • $1.04

    COMP AVG. RENT PER SQFT
Comps Range
$900
1$9002$9203$1,1954$1,1955$1,391
$1,391
RENT COMPS ANALYSIS
  • 300 Branch Street Monroe, NC 1
    • 3 beds 1 baths ∙ 1,008 Sqft ∙ Built 1988 3 beds 1 baths ∙ 1,008 Sqft ∙ Built 1988
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $900
    • $0.89
    •  
  • 302 Bragg Street Monroe, NC 2
    • 3 beds 1 baths ∙ 897 Sqft ∙ Built 1950 3 beds 1 baths ∙ 897 Sqft ∙ Built 1950
    property image
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $920
    • $1.03
    •  
  • 1312 N Charlotte Avenue Monroe, NC 3
    • 3 beds 1 baths ∙ 1,156 Sqft ∙ Built 1945 3 beds 1 baths ∙ 1,156 Sqft ∙ Built 1945
    property image
    LEASED 07/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $1.03
    •  
  • 1310 N Charlotte Avenue Monroe, NC 4
    • 3 beds 1 baths ∙ 1,156 Sqft ∙ Built 1945 3 beds 1 baths ∙ 1,156 Sqft ∙ Built 1945
    property image
    LEASED 08/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $1.03
    •  
  • 1203 Lucille Avenue Monroe, NC 5
    • 3 beds 2 baths ∙ 1,312 Sqft ∙ Built 1956 3 beds 2 baths ∙ 1,312 Sqft ∙ Built 1956
    property image
    LEASED 01/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,391
    • $1.06
    •  
PROPERTY LISTING DETAILS
Eric Storey
1.704.221.6506
Blue Collar Realty
BESbswy