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3606 Allenby Place Monroe, NC 28110

3 Beds 3 Baths 1,770 sqft Built 2021

$308,900

List Price

$1,720

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
December 07, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $174.52
  • 7 Days on Market
  • MLS # : 3689333
  • Updated Date : 12/07/2020 at 13:33
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,770 sqft
  • Baths : 2 full , 1 half
Listing Agent

Lgi Homes Nc Llc

Listing Agent's Description

This beautiful home has the space your family needs to fit you at every stage of life. A fantastic loft space is available to utilize in a way that suits your family’s needs, whether that is as a playroom or an office or something else. An open floor plan with incredible kitchen is perfect for entertaining and enjoying time with your family. Last but not least, an incredible master suite offers a vaulted ceiling, private bath with tons of storage and a large walk-in closet **The Home Photo's are samples some features/finishes may differ** **Ask us about paid closing cost** **Union County School District - Porter Ridge Schools - 2.8 miles from our community**

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: 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
Porter Ridge Middle School Middle Regular 1,385 72 7
Porter Ridge High School High Regular 1,591 77 7

Porter Ridge Elementary School

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

Porter Ridge Middle School

  • Education Level: Middle
  • # of students: 1,385
  • # of teachers: 72
7
GreatSchools Rating

Porter Ridge High School

  • Education Level: High
  • # of students: 1,591
  • # of teachers: 77
7
GreatSchools Rating
 

$278,010$339,790$308,900

PURCHASE PRICE

$1,548$1,892$1,720

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,720
EXPENSES Loan Payment -$1,140
Property Tax -$161
Property Insurance -$61
HOA -$42
Property Management Fees -$119
CASH FLOW
$198

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$308,900

PROJECTED PRICE

$1,720

PROJECTED RENT

0.56%

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) 3.00%
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

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$83,859

INVESTMENT

$83,859

Down Payment
$77,225
Rehab Estimate
$2,000
Closing Costs
$4,634

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 30% down payment or higher enables the proceeds from the asset to cover all costs.

$1,140

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $77,225
Loan Amount $231,675
See What Happens When You Reinvest Cash Flow

9.17

YEARS SAVED

$47,165

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,720

    LIST RENT
  • $0.97

    LIST RENT PER SQFT
  • $1,717

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,5063$1,7204$1,775
$1,775
RENT COMPS ANALYSIS
  • 3606 Allenby Place Monroe, NC 3
    • 3 beds 3 baths ∙ 1,770 Sqft ∙ Built 2021 3 beds 3 baths ∙ 1,770 Sqft ∙ Built 2021
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,720
    • $0.97
    •  
  • 4462 Roundwood Court Indian Trail, NC 1
    • 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 2012 3 beds 3 baths ∙ 1,800 Sqft ∙ Built 2012
    property image
    LEASED 10/07/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.83
    •  
  • 2210 Willis Long Road Monroe, NC 2
    • 3 beds 2 baths ∙ 1,512 Sqft ∙ Built 1995 3 beds 2 baths ∙ 1,512 Sqft ∙ Built 1995
    property image
    LEASED 04/25/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,506
    • $1.00
    •  
  • 4322 Hornyak Drive Monroe, NC 4
    • 3 beds 3 baths ∙ 1,698 Sqft ∙ Built 2019 3 beds 3 baths ∙ 1,698 Sqft ∙ Built 2019
    property image
    LEASED 11/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,775
    • $1.05
    •  
PROPERTY LISTING DETAILS
Willie Caldwell
1.704.751.0070
Lgi Homes Nc Llc
BESbswy