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3208 Woodlands Creek Drive Monroe, NC 28110

5 Beds 3 Baths 3,184 sqft Built 2017

INVESTimate

$350,000

List Price

$1,770

$1,593 - $1,947

Rent Est.

$374,955  ( +7.13%)   1 YR EST. FORECAST

PROPERTY INFO

August 20, 2020 RECENTLY ADDED
FACTS
  • Built In 2017
  • Price/Sqft : $109.92
  • 8 Days on Market
  • MLS # : 3653381
  • Updated Date : 08/24/2020 at 13:30
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,184 sqft
  • Baths : 3 full
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

Original Bonterra Builder's Craftsman style beauty with stone accents! Formal dining with arched entry ways. Study with french doors. Open kitchen-great room concept! Gourmet Kitchen has 42" cabinets, granite counters, stainless steel appliances with gas range, and large center island. 5th bedroom on main with a full bath! Large Master Bedroom with great Master Bath. Bonus room upstairs. Rear deck over looks tree line of private back yard, below allows even more outdoor entertaining with the brand new deck that allows plenty of space to spend time outside! An enormous amount of storage in this home! Enjoy the Community Pool & Club House of this charming neighborhood. Country setting, still close to restaurants, shopping, grocery. Fast access to 74-Bypass, easy commute to Charlotte!

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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
Porter Ridge Elementary School Primary Regular 479 31 6
Piedmont Middle School Middle Regular 1,097 55 7
Piedmont High School High Regular 1,244 65 8

Porter Ridge Elementary School

  • Education Level: Primary
  • # of students: 479
  • # of teachers: 31
6
GreatSchools Rating

Piedmont Middle School

  • Education Level: Middle
  • # of students: 1,097
  • # of teachers: 55
7
GreatSchools Rating

Piedmont High School

  • Education Level: High
  • # of students: 1,244
  • # of teachers: 65
8
GreatSchools Rating
 

$315,000$385,000$350,000

PURCHASE PRICE

$1,593$1,947$1,770

RENT

DOWN PAYMENT
FINANCING

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

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,770
EXPENSES Loan Payment -$1,291
Property Tax -$185
Property Insurance -$87
HOA -$55
Property Management Fees -$159
CASH FLOW
-$7

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.

$350,000

PROJECTED PRICE

$1,770

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 7.13%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$98,500

INVESTMENT

$98,500

Down Payment
$87,500
Rehab Estimate
$5,750
Closing Costs
$5,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,291

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $87,500
Loan Amount $262,500
See What Happens When You Reinvest Cash Flow

4.33

YEARS SAVED

$17,593

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,770

    LIST RENT
  • $0.56

    LIST RENT PER SQFT
  • $1,719

    COMP ESTIMATED VALUE
  • $0.54

    COMP AVG. RENT PER SQFT
Comps Range
$1,745
1$1,7452$1,770
$1,770
RENT COMPS ANALYSIS
  • 3208 Woodlands Creek Drive Monroe, NC 2
    • 5 beds 3 baths ∙ 3,184 Sqft ∙ Built 2017 5 beds 3 baths ∙ 3,184 Sqft ∙ Built 2017
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,770
    • $0.56
    •  
  • 4120 Waxwood Drive Monroe, NC 1
    • 4 beds 3 baths ∙ 3,236 Sqft ∙ Built 2007 4 beds 3 baths ∙ 3,236 Sqft ∙ Built 2007
    property image
    LEASED 04/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,745
    • $0.54
    •  
PROPERTY LISTING DETAILS
Sharon Martin
1.843.762.9650
Keller Williams Ballantyne Area
BESbswy