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308 Waterlemon Way Monroe, NC 28110

3 Beds 3 Baths 1,911 sqft Built 2006

$280,000

List Price

$1,520

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

December 19, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $146.52
  • 3 Days on Market
  • MLS # : 3692586
  • Updated Date : 12/19/2020 at 09:31
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,911 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Beautifully maintained home in desirable St Johns Forest. Front porch for sitting. Open floor plan. Ceramic tile floors down and carpet upstairs. Gas fireplace in family room. Kitchen with island and lots of counter space and ability to eat at island. Large pantry. Covered patio overlooks nice flat backyard. Spacious master bedrooms with room for sitting area. Large laundry room with lots of shelving. New water heater 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
Rocky River Elementary School Primary Regular 844 58 6
Sun Valley Middle School Middle Regular 1,365 69 6
Sun Valley High School High Regular 1,306 76 7

Rocky River Elementary School

  • Education Level: Primary
  • # of students: 844
  • # of teachers: 58
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
 

$252,000$308,000$280,000

PURCHASE PRICE

$1,368$1,672$1,520

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,520
EXPENSES Loan Payment -$1,033
Property Tax -$148
Property Insurance -$63
HOA -$33
Property Management Fees -$119
CASH FLOW
$124

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.

$280,000

PROJECTED PRICE

$1,520

PROJECTED RENT

0.54%

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$200k$400k$600k$800k$1.0M

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$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$79,950

INVESTMENT

$79,950

Down Payment
$70,000
Rehab Estimate
$5,750
Closing Costs
$4,200

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,033

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $70,000
Loan Amount $210,000
See What Happens When You Reinvest Cash Flow

7.58

YEARS SAVED

$31,609

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,520

    LIST RENT
  • $0.8

    LIST RENT PER SQFT
  • $1,524

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,4953$1,5204$1,5955$1,625
$1,625
RENT COMPS ANALYSIS
  • 308 Waterlemon Way Monroe, NC 3
    • 3 beds 3 baths ∙ 1,911 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,911 Sqft ∙ Built 2006
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,520
    • $0.80
    •  
  • 5005 Manchineel Lane Monroe, NC 1
    • 3 beds 3 baths ∙ 1,861 Sqft ∙ Built 2009 3 beds 3 baths ∙ 1,861 Sqft ∙ Built 2009
    property image
    LEASED 08/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.80
    •  
  • 306 Lameshur Lane Monroe, NC 2
    • 3 beds 3 baths ∙ 1,817 Sqft ∙ Built 2006 3 beds 3 baths ∙ 1,817 Sqft ∙ Built 2006
    property image
    LEASED 09/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.82
    •  
  • 327 Lameshur Lane Monroe, NC 4
    • 3 beds 3 baths ∙ 2,044 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,044 Sqft ∙ Built 2006
    property image
    LEASED 04/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.78
    •  
  • 615 Waterlemon Way Monroe, NC 5
    • 4 beds 3 baths ∙ 2,060 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,060 Sqft ∙ Built 2013
    property image
    LEASED 03/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.79
    •  
PROPERTY LISTING DETAILS
John Stroup
1.704.517.7551
Coldwell Banker Realty
BESbswy