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3007 Meriwether Lewis Trail #90 Monroe, NC 28110

3 Beds 2 Baths 1,213 sqft Built 2002

$219,000

List Price

$1,280

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

November 13, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $180.54
  • 3 Days on Market
  • MLS # : 3680996
  • Updated Date : 11/13/2020 at 16:33
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,213 sqft
  • Baths : 2 full
Listing Agent

Capo Casale Realty

Listing Agent's Description

Welcome to your New Home in Art Deco Colors. Three Bedrooms, 2 Full Baths, 2 Car Garage. Home has New Roof 2019, 6" Gutters w/ new Downspouts 2020, New Expansion Tank 2020, Upgraded Irrigation System with Rainbird 2019, ( Irrigation front and front sides one in rear) New Gas Logs at Fireplace. Kitchen has Tile Flooring, Granite Counter Top, Living Room Laminates, All Carpets Freshly Steamed Cleaned, Great Location near to Sun Valley Schools, Near to Shopping! Fenced Yard. Exterior Ring Cameras remain and Buyer to update to their personal app. Showings start Monday 11/16/2020

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
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
 

$197,100$240,900$219,000

PURCHASE PRICE

$1,152$1,408$1,280

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,280
EXPENSES Loan Payment -$808
Property Tax -$116
Property Insurance -$50
HOA -$38
Property Management Fees -$115
CASH FLOW
$153

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.

$219,000

PROJECTED PRICE

$1,280

PROJECTED RENT

0.58%

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

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$63,785

INVESTMENT

$63,785

Down Payment
$54,750
Rehab Estimate
$5,750
Closing Costs
$3,285

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$808

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $54,750
Loan Amount $164,250
See What Happens When You Reinvest Cash Flow

7.83

YEARS SAVED

$26,622

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,280

    LIST RENT
  • $1.06

    LIST RENT PER SQFT
  • $1,277

    COMP ESTIMATED VALUE
  • $1.05

    COMP AVG. RENT PER SQFT
Comps Range
$1,280
1$1,2802$1,2953$1,3004$1,3255$1,475
$1,475
RENT COMPS ANALYSIS
  • 3007 Meriwether Lewis Trail Monroe, NC 1
    • 3 beds 2 baths ∙ 1,213 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,213 Sqft ∙ Built 2002
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,280
    • $1.06
    •  
  • 1007 Washburn Court Monroe, NC 2
    • 3 beds 3 baths ∙ 1,266 Sqft ∙ Built 1999 3 beds 3 baths ∙ 1,266 Sqft ∙ Built 1999
    property image
    LEASED 02/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,295
    • $1.02
    •  
  • 4000 Salmon River Drive Monroe, NC 3
    • 3 beds 2 baths ∙ 1,206 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,206 Sqft ∙ Built 2000
    property image
    LEASED 05/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $1.08
    •  
  • 3007 Great Falls Drive Monroe, NC 4
    • 3 beds 2 baths ∙ 1,206 Sqft ∙ Built 3 beds 2 baths ∙ 1,206 Sqft ∙ Built
    property image
    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
    property image
    LEASED 02/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,475
    • $1.09
    •  
PROPERTY LISTING DETAILS
Michele Feleppa
1.704.661.1344
Capo Casale Realty
BESbswy