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315 Hough Street Monroe, NC 28112

3 Beds 2 Baths 1,050 sqft Built 1996

$146,581

List Price

$1,030

$927 - $1.1K

Rent Est.

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
January 22, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1996
  • Price/Sqft : $139.60
  • 3 Days on Market
  • MLS # : 3698472
  • Updated Date : 01/22/2021 at 22:43
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,050 sqft
  • Baths : 2 full
Listing Agent

Realty One Group Revolution

Listing Agent's Description

Come see this cozy 3 Bedroom 2 Bath ranch style, home located in Monroe, NC! Features a split bedroom floor plan, eat-in kitchen, with separate laundry room. This is a great investment opportunity. Come make this home your own!!!

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: 28112

ZipNIR Market*CityMarket2010Year20002019100k110k120k130k140k150k160k170k180k190k200k210kPrice in $93k213k

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

Zip Code: 28112

ZipNIR Market*CityMarket2010Year20002019 Q280085090095010001050110011501200125013001350Rent in $7651375

* 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
East Elementary School Primary Regular 547 54 4
Monroe Middle School Middle Regular 1,068 68 3
Monroe High School High Regular 1,009 70 1

East Elementary School

  • Education Level: Primary
  • # of students: 547
  • # of teachers: 54
4
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
 

$131,923$161,239$146,581

PURCHASE PRICE

$927$1,133$1,030

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,030
EXPENSES Loan Payment -$509
Property Tax -$77
Property Insurance -$47
Property Management Fees -$119
CASH FLOW
$278

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.

$146,581

PROJECTED PRICE

$1,030

PROJECTED RENT

0.70%

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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$44,594

INVESTMENT

$44,594

Down Payment
$36,645
Rehab Estimate
$5,750
Closing Costs
$2,199

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$509

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $36,645
Loan Amount $109,936
See What Happens When You Reinvest Cash Flow

14

YEARS SAVED

$33,232

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,030

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $1,003

    COMP ESTIMATED VALUE
  • $0.96

    COMP AVG. RENT PER SQFT
Comps Range
$875
1$8752$8953$9204$1,0005$1,030
$1,030
RENT COMPS ANALYSIS
  • 315 Hough Street Monroe, NC 5
    • 3 beds 2 baths ∙ 1,050 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,050 Sqft ∙ Built 1996
    • Rent
    • Rent Per SQFT
    •  
    • $1,030
    • $0.98
    •  
  • 1603 Tower Court Monroe, NC 1
    • 3 beds 1 baths ∙ 958 Sqft ∙ Built 1972 3 beds 1 baths ∙ 958 Sqft ∙ Built 1972
    LEASED 09/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $875
    • $0.91
    •  
  • 130 Bay Street Monroe, NC 2
    • 3 beds 1 baths ∙ 1,020 Sqft ∙ Built 1984 3 beds 1 baths ∙ 1,020 Sqft ∙ Built 1984
    LEASED 09/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $895
    • $0.88
    •  
  • 302 Bragg Street Monroe, NC 3
    • 3 beds 1 baths ∙ 897 Sqft ∙ Built 1950 3 beds 1 baths ∙ 897 Sqft ∙ Built 1950
    LEASED 02/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $920
    • $1.03
    •  
  • 1406 Stafford Extension Monroe, NC 4
    • 3 beds 2 baths ∙ 1,003 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,003 Sqft ∙ Built 1999
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,000
    • $1.00
    •  
PROPERTY LISTING DETAILS
Brandy Cummings
1.980.315.9379
Realty One Group Revolution
BESbswy