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3126 Elmwood Drive Monroe, NC 28110

4 Beds 3 Baths 2,711 sqft Built 2017

$375,000

List Price

$1,630

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

January 29, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2017
  • Price/Sqft : $138.33
  • 3 Days on Market
  • MLS # : 3702955
  • Updated Date : 01/30/2021 at 16:37
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,711 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams South Park

Listing Agent's Description

MUST SEE home in Ellington Downs. Gorgeous gourmet kitchen with stainless steel appliances, split cooking, tons of cabinet space, granite counters, and a HUGE island. Large pantry and nook for your own personal coffee/tea bar. Front room that can be used as a home office. 4 bedrooms upstairs and a large loft area. Master suite has an AMAZING master bathroom with HUGE shower, large double vanity, water closet and its own linen closet. Master bathroom leads to walk in closet with its own access to upstairs laundry room. Outside has a lovely front porch and the back yard has a patio leading out to the flat backyard. Great location in neighborhood close to the pool and playground.

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
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
 

$337,500$412,500$375,000

PURCHASE PRICE

$1,467$1,793$1,630

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,630
EXPENSES Loan Payment -$1,303
Property Tax -$195
Property Insurance -$76
HOA -$63
Property Management Fees -$119
CASH FLOW
-$125

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.

$375,000

PROJECTED PRICE

$1,630

PROJECTED RENT

0.43%

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$1.2M

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$105,125

INVESTMENT

$105,125

Down Payment
$93,750
Rehab Estimate
$5,750
Closing Costs
$5,625

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,303

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $93,750
Loan Amount $281,250
See What Happens When You Reinvest Cash Flow

3.5

YEARS SAVED

$11,503

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,630

    LIST RENT
  • $0.63

    LIST RENT PER SQFT
  • $1,626

    COMP ESTIMATED VALUE
  • $0.63

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,5503$1,5954$1,6305$1,750
$1,750
RENT COMPS ANALYSIS
  • 3126 Elmwood Drive Monroe, NC 4
    • 4 beds 3 baths ∙ 2,591 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,591 Sqft ∙ Built 2017
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,630
    • $0.63
    •  
  • 321 Holton Drive Monroe, NC 1
    • 4 beds 3 baths ∙ 2,560 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,560 Sqft ∙ Built 2004
    property image
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.58
    •  
  • 612 Latimer Way Monroe, NC 2
    • 4 beds 3 baths ∙ 2,364 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,364 Sqft ∙ Built 2006
    property image
    LEASED 03/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.66
    •  
  • 4110 Herkimer Drive Monroe, NC 3
    • 4 beds 3 baths ∙ 2,530 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,530 Sqft ∙ Built 2007
    property image
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.63
    •  
  • 604 Circle Trace Road Monroe, NC 5
    • 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
    •  
PROPERTY LISTING DETAILS
Frances Joyce Allen
1.704.778.1136
Keller Williams South Park
BESbswy