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3005 Sunlight Path Drive Monroe, NC 28110

3 Beds 2 Baths 1,214 sqft Built 2003

$199,900

List Price

$1,320

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

December 24, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $164.66
  • 4 Days on Market
  • MLS # : 3693615
  • Updated Date : 12/26/2020 at 21:47
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,214 sqft
  • Baths : 2 full
Listing Agent

Re/max Executive

Listing Agent's Description

One level Ranch home under $200,000!!! Do not miss out on this great 3 BR 2 bath home with 2 car garage, cul-de-sac lot & fenced yard. What more can you ask?? How about located in sweet Union County close to the fabulous Sun Valley shopping district with movies, restaurants, retail & grocery. Schools are close as well. Short trip into Charlotte. Give yourself a new address for 2021

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
 

$179,910$219,890$199,900

PURCHASE PRICE

$1,188$1,452$1,320

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,320
EXPENSES Loan Payment -$738
Property Tax -$106
Property Insurance -$50
HOA -$38
Property Management Fees -$119
CASH FLOW
$270

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.

$199,900

PROJECTED PRICE

$1,320

PROJECTED RENT

0.66%

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$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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$58,724

INVESTMENT

$58,724

Down Payment
$49,975
Rehab Estimate
$5,750
Closing Costs
$2,999

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$738

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $49,975
Loan Amount $149,925
See What Happens When You Reinvest Cash Flow

11.92

YEARS SAVED

$43,327

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,320

    LIST RENT
  • $1.09

    LIST RENT PER SQFT
  • $1,314

    COMP ESTIMATED VALUE
  • $1.08

    COMP AVG. RENT PER SQFT
Comps Range
$1,249
1$1,2492$1,2953$1,3204$1,3255$1,475
$1,475
RENT COMPS ANALYSIS
  • 3005 Sunlight Path Drive Monroe, NC 3
    • 3 beds 2 baths ∙ 1,214 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,214 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $1,320
    • $1.09
    •  
  • 3010 Great Falls Drive Monroe, NC 1
    • 3 beds 2 baths ∙ 1,115 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,115 Sqft ∙ Built 2000
    LEASED 04/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,249
    • $1.12
    •  
  • 1007 Washburn Court Monroe, NC 2
    • 3 beds 3 baths ∙ 1,266 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,266 Sqft ∙ Built 1999
    LEASED 02/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.02
    •  
  • 3007 Great Falls Drive Monroe, NC 4
    • 3 beds 2 baths ∙ 1,206 Sqft ∙ Built 3 beds 2 baths ∙ 1,206 Sqft ∙ Built
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $1.10
    •  
  • 2015 Sunlight Path Drive Monroe, NC 5
    • 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 2003 3 beds 2 baths ∙ 1,350 Sqft ∙ Built 2003
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $1.09
    •  
PROPERTY LISTING DETAILS
L Russell Wing
1.704.821.0949
Re/max Executive
BESbswy