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3706 Allenby Place Monroe, NC 28110

3 Beds 2 Baths 1,600 sqft Built 2021

$302,900

List Price

$1,540

$1.4K - $1.7K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
February 01, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $189.31
  • 7 Days on Market
  • MLS # : 3704130
  • Updated Date : 02/03/2021 at 09:46
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,600 sqft
  • Baths : 2 full
Listing Agent

Lgi Homes Nc Llc

Listing Agent's Description

Complete Home Plus: Features modern designs, luxury finishes, energy-efficiency and even more styles. . Highlights include large windows, a huge island, modern white cabinets, a complete suite of stainless-steel appliances, granite countertops and a large pantry. A spacious master suite, complete with walk-in closets and private owners bath. **The Home Photo's are samples some features/finishes may differ** **Ask us about paid closing cost** **Union County School District - Porter Ridge Schools - 3 miles from our community**

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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

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
 

$272,610$333,190$302,900

PURCHASE PRICE

$1,386$1,694$1,540

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,540
EXPENSES Loan Payment -$1,052
Property Tax -$158
Property Insurance -$57
HOA -$42
Property Management Fees -$119
CASH FLOW
$112

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.

$302,900

PROJECTED PRICE

$1,540

PROJECTED RENT

0.51%

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$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k

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$82,269

INVESTMENT

$82,269

Down Payment
$75,725
Rehab Estimate
$2,000
Closing Costs
$4,544

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,052

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $75,725
Loan Amount $227,175
See What Happens When You Reinvest Cash Flow

7.33

YEARS SAVED

$27,961

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,540

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,552

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,495
1$1,4952$1,5063$1,5404$1,775
$1,775
RENT COMPS ANALYSIS
  • 3706 Allenby Place Monroe, NC 3
    • 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 2021 3 beds 2 baths ∙ 1,600 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $1,540
    • $0.96
    •  
  • 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
    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
    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
    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