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3442 Melwood Estates Drive #47 Denver, NC 28037

4 Beds 3 Baths 2,654 sqft Built 2020

$336,489

List Price

$2,200

$2K - $2.4K

Rent Est.

PROPERTY INFO

Built 2020 NEW CONSTRUCTION
February 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2020
  • Price/Sqft : $126.79
  • 6 Days on Market
  • MLS # : No MLS Number
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,654 sqft
  • Baths : 2 full , 1 half
Listing Agent

Tobin

Listing Agent's Description

This lovely home will impress you with its 2 over-sized baths and 4 spacious bedrooms. There’s no doubt you’ll fall in love with the Durham’s spacious family room, gorgeous kitchen with plenty of cabinets, open design in kitchen, large sink, and huge walk-in pantry!

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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: 28037

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $118k338k

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

Zip Code: 28037

ZipNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* 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
St. James Elementary School Primary Regular 543 33 8
North Lincoln Middle School Middle Regular 710 42 8
North Lincoln High School High Regular 974 55 7

St. James Elementary School

  • Education Level: Primary
  • # of students: 543
  • # of teachers: 33
8
GreatSchools Rating

North Lincoln Middle School

  • Education Level: Middle
  • # of students: 710
  • # of teachers: 42
8
GreatSchools Rating

North Lincoln High School

  • Education Level: High
  • # of students: 974
  • # of teachers: 55
7
GreatSchools Rating
 

$302,840$370,138$336,489

PURCHASE PRICE

$1,980$2,420$2,200

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,200
EXPENSES Loan Payment -$1,169
Property Tax -$393
Property Insurance -$77
HOA -$73
Property Management Fees -$119
CASH FLOW
$370

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 9% of earned rent to cover both maintenance and periods of vacancy.

$336,489

PROJECTED PRICE

$2,200

PROJECTED RENT

0.65%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.7%
Maintenance Year (1-5) 3.00%
Vacancy 6.31%
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$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$91,170

INVESTMENT

$91,170

Down Payment
$84,122
Rehab Estimate
$2,000
Closing Costs
$5,047

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$1,169

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $84,122
Loan Amount $252,367
See What Happens When You Reinvest Cash Flow

11.5

YEARS SAVED

$61,047

INTEREST SAVED

CASH FLOW REINVESTMENT

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

Solutions Manager

YOUR SOLUTIONS MANAGER

Please Contact Your Solutions Manager

To review the detailed price and rent comps for this property and answer any questions you may have.

PROPERTY LISTING DETAILS
Mynd
Tobin
BESbswy