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3028 Strawberry Road Matthews, NC 28104

4 Beds 4 Baths 2,915 sqft Built 2003

$435,000

List Price

$2,170

$2K - $2.4K

Rent Est.

PROPERTY INFO

December 05, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $149.23
  • 8 Days on Market
  • MLS # : 3686849
  • Updated Date : 12/05/2020 at 00:57
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,915 sqft
  • Baths : 3 full , 1 half
Listing Agent

Exp Realty Llc

Listing Agent's Description

STUNNING, move-in ready home in Chestnut neighborhood directly adjacent to expansive common area. Wooded lot with oversized deck perfect for outdoor entertaining. Kitchen features NEW granite, upgraded cabinets, and newly finished hardwoods. Interior freshly painted neutral designer color, new upgraded pet carpet on 1st floor (has a plastic backing so the pad doesn’t get wet), upgraded light fixtures in most rooms. Upstairs laundry and extra large walk-in attic with TONS of storage. 4th bedroom features en-suite full bath. In-ground fence for dogs.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Zip Code: 28104

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $118k349k

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

Zip Code: 28104

ZipNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8442033

* 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
Antioch Elementary School Primary Regular 744 42 9
Weddington Middle School Middle Regular 997 55 10
Weddington High School High Regular 1,342 69 9

Antioch Elementary School

  • Education Level: Primary
  • # of students: 744
  • # of teachers: 42
9
GreatSchools Rating

Weddington Middle School

  • Education Level: Middle
  • # of students: 997
  • # of teachers: 55
10
GreatSchools Rating

Weddington High School

  • Education Level: High
  • # of students: 1,342
  • # of teachers: 69
9
GreatSchools Rating
 

$391,500$478,500$435,000

PURCHASE PRICE

$1,953$2,387$2,170

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,170
EXPENSES Loan Payment -$1,605
Property Tax -$289
Property Insurance -$82
HOA -$46
Property Management Fees -$119
CASH FLOW
$30

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$435,000

PROJECTED PRICE

$2,170

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.2%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
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$1.4M

PROJECTED ANNUAL CASH FLOW

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

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$121,025

INVESTMENT

$121,025

Down Payment
$108,750
Rehab Estimate
$5,750
Closing Costs
$6,525

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,605

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $108,750
Loan Amount $326,250
See What Happens When You Reinvest Cash Flow

6.25

YEARS SAVED

$36,243

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,170

    LIST RENT
  • $0.74

    LIST RENT PER SQFT
  • $2,179

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$2,095
1$2,0952$2,0953$2,1004$2,1505$2,170
$2,170
RENT COMPS ANALYSIS
  • 3028 Strawberry Road Matthews, NC 5
    • 4 beds 4 baths ∙ 2,915 Sqft ∙ Built 2003 4 beds 4 baths ∙ 2,915 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $2,170
    • $0.74
    •  
  • 2304 Savannah Hills Drive Matthews, NC 1
    • 4 beds 3 baths ∙ 2,758 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,758 Sqft ∙ Built 2005
    LEASED 11/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.76
    •  
  • 7307 Lamplighter Close Drive Matthews, NC 2
    • 5 beds 3 baths ∙ 2,755 Sqft ∙ Built 5 beds 3 baths ∙ 2,755 Sqft ∙ Built
    LEASED 10/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.76
    •  
  • 3709 Weddington Ridge Lane Matthews, NC 3
    • 4 beds 4 baths ∙ 3,000 Sqft ∙ Built 2000 4 beds 4 baths ∙ 3,000 Sqft ∙ Built 2000
    LEASED 03/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,100
    • $0.70
    •  
  • 906 Putney Court Matthews, NC 4
    • 5 beds 3 baths ∙ 2,791 Sqft ∙ Built 2012 5 beds 3 baths ∙ 2,791 Sqft ∙ Built 2012
    LEASED 04/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.77
    •  
PROPERTY LISTING DETAILS
Brenda Kresak
1.678.793.2510
Exp Realty Llc
BESbswy