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3640 Longpond Lane #49 Monroe, NC 28110

5 Beds 3 Baths 2,755 sqft Built 2006

$325,000

List Price

$2,020

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

November 07, 2020 RECENTLY ADDED
FACTS
  • Built In 2006
  • Price/Sqft : $117.97
  • 4 Days on Market
  • MLS # : 3677577
  • Updated Date : 11/07/2020 at 00:05
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,755 sqft
  • Baths : 3 full
Listing Agent

Keller Williams Select

Listing Agent's Description

Lovely Open Floor Plan With Master And In-Law Bedroom Down, Kitchen With Island, Maple Cabinets, Granite, Tile Backsplash, Two Story Foyer, Vaulted Ceilings, Custom Mouldings, Hardwoods, Tile And New Carpet. The Master Suite Has His & Hers Walk-In Closets, Sitting Area. Upstairs Features Hardwoods Staircase, Iron Spindles, 2 Bedrooms With A 3rd Bed?Bonus Room. House Has Irrigation, Large Deck & Patio, Front Porch, Professional Landscaped On A Quiet Cul-De-Sac Lot.

SEE MORE

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

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
 

$292,500$357,500$325,000

PURCHASE PRICE

$1,818$2,222$2,020

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,020
EXPENSES Loan Payment -$1,199
Property Tax -$172
Property Insurance -$79
Property Management Fees -$182
CASH FLOW
$389

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.

$325,000

PROJECTED PRICE

$2,020

PROJECTED RENT

0.62%

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$20k

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$91,875

INVESTMENT

$91,875

Down Payment
$81,250
Rehab Estimate
$5,750
Closing Costs
$4,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,199

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $81,250
Loan Amount $243,750
See What Happens When You Reinvest Cash Flow

10.67

YEARS SAVED

$61,676

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,020

    LIST RENT
  • $0.73

    LIST RENT PER SQFT
  • $1,974

    COMP ESTIMATED VALUE
  • $0.72

    COMP AVG. RENT PER SQFT
Comps Range
$1,725
1$1,7252$1,8453$1,9454$2,020
$2,020
RENT COMPS ANALYSIS
  • 3640 Longpond Lane Monroe, NC 4
    • 5 beds 3 baths ∙ 2,755 Sqft ∙ Built 2006 5 beds 3 baths ∙ 2,755 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $2,020
    • $0.73
    •  
  • 2708 Woodlands Creek Drive Monroe, NC 1
    • 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
    •  
  • 3328 Christopher Jacob Court Monroe, NC 2
    • 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
    •  
  • 4126 Waxwood Drive Monroe, NC 3
    • 5 beds 3 baths ∙ 2,650 Sqft ∙ Built 2007 5 beds 3 baths ∙ 2,650 Sqft ∙ Built 2007
    LEASED 11/15/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,945
    • $0.73
    •  
PROPERTY LISTING DETAILS
Jay Ross
1.704.400.4019
Keller Williams Select
BESbswy