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309 Hugh Crocker Road Matthews, NC 28104

3 Beds 4 Baths 2,592 sqft Built 1978

$349,500

List Price

$1,730

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

November 11, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1978
  • Price/Sqft : $134.84
  • 5 Days on Market
  • MLS # : 3679933
  • Updated Date : 11/11/2020 at 11:21
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,592 sqft
  • Baths : 3 full , 1 half
Listing Agent

Metrolina Estates Realty Llc

Listing Agent's Description

This beautiful 4 bedroom, 4 bath home resides in a community with no HOA on 2.5 acres of land that provides the upmost privacy. The back deck overlooks the wooded backyard that is quite a sight this time of year. There is a separate level near the garage entrance that would be perfect for a mother-in-law suite. Don't miss out on this amazing property located in Wesley Chapel!

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: 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
Wesley Chapel Elementary School Primary Regular 550 30 7
Weddington Middle School Middle Regular 997 55 10
Weddington High School High Regular 1,342 69 9

Wesley Chapel Elementary School

  • Education Level: Primary
  • # of students: 550
  • # of teachers: 30
7
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
 

$314,550$384,450$349,500

PURCHASE PRICE

$1,557$1,903$1,730

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,730
EXPENSES Loan Payment -$1,290
Property Tax -$232
Property Insurance -$76
Property Management Fees -$156
CASH FLOW
-$23

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.

$349,500

PROJECTED PRICE

$1,730

PROJECTED RENT

0.49%

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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,368

INVESTMENT

$98,368

Down Payment
$87,375
Rehab Estimate
$5,750
Closing Costs
$5,243

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,290

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,375
Loan Amount $262,125
See What Happens When You Reinvest Cash Flow

4.58

YEARS SAVED

$19,593

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,730

    LIST RENT
  • $0.67

    LIST RENT PER SQFT
  • $1,750

    COMP ESTIMATED VALUE
  • $0.68

    COMP AVG. RENT PER SQFT
Comps Range
$1,730
1$1,7302$1,7503$1,7504$1,7505$1,940
$1,940
RENT COMPS ANALYSIS
  • 309 Hugh Crocker Road Matthews, NC 1
    • 3 beds 4 baths ∙ 2,592 Sqft ∙ Built 1978 3 beds 4 baths ∙ 2,592 Sqft ∙ Built 1978
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,730
    • $0.67
    •  
  • 3002 Semmes Lane Indian Trail, NC 2
    • 4 beds 3 baths ∙ 2,532 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,532 Sqft ∙ Built 2001
    property image
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.69
    •  
  • 604 Circle Trace Road Monroe, NC 3
    • 4 beds 3 baths ∙ 2,755 Sqft ∙ Built 2000 4 beds 3 baths ∙ 2,755 Sqft ∙ Built 2000
    property image
    LEASED 04/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.64
    •  
  • 2005 Brook Valley Run Monroe, NC 4
    • 4 beds 3 baths ∙ 2,500 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,500 Sqft ∙ Built 2003
    property image
    LEASED 04/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,750
    • $0.70
    •  
  • 1017 Taylor Glenn Lane Indian Trail, NC 5
    • 4 beds 3 baths ∙ 2,907 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,907 Sqft ∙ Built 2001
    property image
    LEASED 06/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,940
    • $0.67
    •  
PROPERTY LISTING DETAILS
Geoffrey Lamb
1.704.817.0257
Metrolina Estates Realty Llc
BESbswy