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3240 Jonesberry Road Matthews, NC 28105

3 Beds 2 Baths 1,189 sqft Built 1971

$229,900

List Price

$1,170

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1971
  • Price/Sqft : $193.36
  • 30 Days on Market
  • MLS # : 3668883
  • Updated Date : 10/30/2020 at 09:40
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,189 sqft
  • Baths : 2 full
Listing Agent

United Country Re-the Mclemore Group

Listing Agent's Description

3 bedroom, 2 bath all brick home located in a great Mint Hill neighborhood. This home has a full basement with some areas finished that can be used for a playroom, second den, open bedroom area, or recreation room. Roof replaced in 2010, very efficient ductless HVAC installed in 2018, and windows replaced recently. Wood laminate floors throughout and master bathroom updated including walk-in shower. Refrigerator 4 years old and stove 4-5 years old. Large shaded back yard with fence for pets, garden, and family fun. Home has great potential!

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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

Neighborhood: Mint Hill

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $113k305k

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

Neighborhood: Mint Hill

NeighborhoodNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700Rent in $8421766

* 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
Lebanon Road Elementary School Primary Regular 781 54 6
Northeast Middle School Middle Regular 739 45 3
Independence High School High Regular 2,349 128 6

Lebanon Road Elementary School

  • Education Level: Primary
  • # of students: 781
  • # of teachers: 54
6
GreatSchools Rating

Northeast Middle School

  • Education Level: Middle
  • # of students: 739
  • # of teachers: 45
3
GreatSchools Rating

Independence High School

  • Education Level: High
  • # of students: 2,349
  • # of teachers: 128
6
GreatSchools Rating
 

$206,910$252,890$229,900

PURCHASE PRICE

$1,053$1,287$1,170

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,170
EXPENSES Loan Payment -$848
Property Tax -$172
Property Insurance -$50
Property Management Fees -$105
CASH FLOW
-$5

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.

$229,900

PROJECTED PRICE

$1,170

PROJECTED RENT

0.51%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 5.2%
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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$66,674

INVESTMENT

$66,674

Down Payment
$57,475
Rehab Estimate
$5,750
Closing Costs
$3,449

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$848

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $57,475
Loan Amount $172,425
See What Happens When You Reinvest Cash Flow

4.25

YEARS SAVED

$11,063

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,170

    LIST RENT
  • $0.98

    LIST RENT PER SQFT
  • $1,085

    COMP ESTIMATED VALUE
  • $0.91

    COMP AVG. RENT PER SQFT
Comps Range
$1,170
1$1,1702$1,2753$1,2994$1,3505$1,375
$1,375
RENT COMPS ANALYSIS
  • 3240 Jonesberry Road Matthews, NC 1
    • 3 beds 2 baths ∙ 1,189 Sqft ∙ Built 1971 3 beds 2 baths ∙ 1,189 Sqft ∙ Built 1971
    • Rent
    • Rent Per SQFT
    •  
    • $1,170
    • $0.98
    •  
  • 8435 Mission Hills Road Charlotte, NC 2
    • 3 beds 2 baths ∙ 1,384 Sqft ∙ Built 1986 3 beds 2 baths ∙ 1,384 Sqft ∙ Built 1986
    LEASED 04/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,275
    • $0.92
    •  
  • 8806 Brass Bell Court Charlotte, NC 3
    • 3 beds 3 baths ∙ 1,476 Sqft ∙ Built 3 beds 3 baths ∙ 1,476 Sqft ∙ Built
    LEASED 04/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,299
    • $0.88
    •  
  • 3333 Fortis Lane Matthews, NC 4
    • 3 beds 3 baths ∙ 1,506 Sqft ∙ Built 1988 3 beds 3 baths ∙ 1,506 Sqft ∙ Built 1988
    LEASED 09/22/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $0.90
    •  
  • 9244 Idlewild Road Charlotte, NC 5
    • 3 beds 2 baths ∙ 1,454 Sqft ∙ Built 1948 3 beds 2 baths ∙ 1,454 Sqft ∙ Built 1948
    LEASED 05/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.95
    •  
PROPERTY LISTING DETAILS
Art Parker
1.704.572.0229
United Country Re-the Mclemore Group
BESbswy