Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

3325 Manchester Avenue #16 Monroe, NC 28110

4 Beds 3 Baths 2,548 sqft Built 2002

$349,900

List Price

$1,710

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 20, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $137.32
  • 3 Days on Market
  • MLS # : 3719950
  • Updated Date : 03/20/2021 at 19:32
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,548 sqft
  • Baths : 2 full , 1 half
Listing Agent

Prostead Realty

Listing Agent's Description

FANTASTIC transitional home with rocking chair front porch in desirable YORKSHIRE community. Flexible living space with den and formal dining room. Spacious kitchen with granite counters and bay window open to family room with gas fireplace. Large sunroom with walls of windows and wood stove perfect for entertaining. Large primary bedroom with trey ceiling and luxurious bath with dual vanities, garden tub, separate shower and water closet. Lots of special touches in this home including built in cooler in dining room, built in ironing board cabinet in primary closet, cabinets in sunroom and additional cabinets in garage. All of this on a wooded .66 acre cul-de-sac lot. WELCOME HOME!

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
 

$314,910$384,890$349,900

PURCHASE PRICE

$1,539$1,881$1,710

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,710
EXPENSES Loan Payment -$1,215
Property Tax -$185
Property Insurance -$75
HOA -$15
Property Management Fees -$119
CASH FLOW
$101

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.

$349,900

PROJECTED PRICE

$1,710

PROJECTED RENT

0.49%

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$0.0$5.0k$10k$15k

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$98,474

INVESTMENT

$98,474

Down Payment
$87,475
Rehab Estimate
$5,750
Closing Costs
$5,249

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,215

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $87,475
Loan Amount $262,425
See What Happens When You Reinvest Cash Flow

6.67

YEARS SAVED

$28,510

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,710

    LIST RENT
  • $0.67

    LIST RENT PER SQFT
  • $1,843

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,710
1$1,7102$1,7253$1,8454$1,845
$1,845
RENT COMPS ANALYSIS
  • 3325 Manchester Avenue Monroe, NC 1
    • 4 beds 3 baths ∙ 2,548 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,548 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $1,710
    • $0.67
    •  
  • 2708 Woodlands Creek Drive Monroe, NC 2
    • 4 beds 3 baths ∙ 2,546 Sqft ∙ Built 2014 4 beds 3 baths ∙ 2,546 Sqft ∙ Built 2014
    LEASED 12/13/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.68
    •  
  • 3329 Christopher Jacob Court Monroe, NC 3
    • 4 beds 3 baths ∙ 2,462 Sqft ∙ Built 2016 4 beds 3 baths ∙ 2,462 Sqft ∙ Built 2016
    LEASED 12/26/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,845
    • $0.75
    •  
  • 3328 Christopher Jacob Court Monroe, NC 4
    • 4 beds 3 baths ∙ 2,480 Sqft ∙ Built 2017 4 beds 3 baths ∙ 2,480 Sqft ∙ Built 2017
    LEASED 01/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,845
    • $0.74
    •  
PROPERTY LISTING DETAILS
Junyne Lloyd
1.704.957.6136
Prostead Realty
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3719950
Last Updated: 03/20/2021
BESbswy