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3101 Patriot Drive Monroe, NC 28110

3 Beds 2 Baths 1,371 sqft Built 2000

$219,000

List Price

$1,330

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
November 04, 2020 RECENTLY ADDED
FACTS
  • Built In 2000
  • Price/Sqft : $159.74
  • 5 Days on Market
  • MLS # : 3679393
  • Updated Date : 11/04/2020 at 14:53
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,371 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Huntersville

Listing Agent's Description

Bright & Open Ranch home with a huge private backyard that's great for cookouts and entertaining. Includes paver patio with built-in firepit, full privacy fence and mature trees, and backs to wooded area. Nice interior design includes a large vaulted Great Room with eye catching corner fireplace complete with gas logs and overhead TV niche. Beautiful LVP floors throughout. The Kitchen offers lots of cabinet storage, smooth cook surface range, MW, and a sunny dining area that opens to the back patio. Spacious Master Suite with tray ceiling and big walk-in closet, plus dual vanity, garden tub & separate shower in the bath.

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
Rocky River Elementary School Primary Regular 844 58 6
Monroe Middle School Middle Regular 1,068 68 3
Monroe High School High Regular 1,009 70 1

Rocky River Elementary School

  • Education Level: Primary
  • # of students: 844
  • # of teachers: 58
6
GreatSchools Rating

Monroe Middle School

  • Education Level: Middle
  • # of students: 1,068
  • # of teachers: 68
3
GreatSchools Rating

Monroe High School

  • Education Level: High
  • # of students: 1,009
  • # of teachers: 70
1
GreatSchools Rating
 

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

PURCHASE PRICE

$1,197$1,463$1,330

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,330
EXPENSES Loan Payment -$808
Property Tax -$116
Property Insurance -$53
Property Management Fees -$120
CASH FLOW
$234

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

$1,330

PROJECTED RENT

0.61%

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

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 30% 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

10

YEARS SAVED

$37,699

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,330

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $1,416

    COMP ESTIMATED VALUE
  • $1.03

    COMP AVG. RENT PER SQFT
Comps Range
$1,325
1$1,3252$1,3303$1,3754$1,3955$1,425
$1,425
RENT COMPS ANALYSIS
  • 3101 Patriot Drive Monroe, NC 2
    • 3 beds 2 baths ∙ 1,371 Sqft ∙ Built 2000 3 beds 2 baths ∙ 1,371 Sqft ∙ Built 2000
    • Rent
    • Rent Per SQFT
    •  
    • $1,330
    • $0.97
    •  
  • 2006 Pinedell Avenue Monroe, NC 1
    • 3 beds 2 baths ∙ 1,321 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,321 Sqft ∙ Built 1955
    LEASED 12/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,325
    • $1.00
    •  
  • 1612 Winthrop Lane Monroe, NC 3
    • 3 beds 2 baths ∙ 1,340 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,340 Sqft ∙ Built 1999
    LEASED 06/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $1.03
    •  
  • 2538 Carroll Street Monroe, NC 4
    • 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 1962 3 beds 2 baths ∙ 1,320 Sqft ∙ Built 1962
    LEASED 07/14/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,395
    • $1.06
    •  
  • 1040 Counselors Drive Charlotte, NC 5
    • 3 beds 3 baths ∙ 1,380 Sqft ∙ Built 3 beds 3 baths ∙ 1,380 Sqft ∙ Built
    LEASED 04/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,425
    • $1.03
    •  
PROPERTY LISTING DETAILS
Jenna Lucas
1.704.877.5300
Keller Williams Huntersville
BESbswy