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3900 Secrest Shortcut Road Monroe, NC 28110

3 Beds 2 Baths 1,515 sqft Built 2001

$287,500

List Price

$1,460

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

November 02, 2020 RECENTLY ADDED
FACTS
  • Built In 2001
  • Price/Sqft : $189.77
  • 2 Days on Market
  • MLS # : 3667197
  • Updated Date : 11/02/2020 at 17:38
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,515 sqft
  • Baths : 2 full
Listing Agent

Our State Realty Llc

Listing Agent's Description

Updated ranch home on private .92-acre lot. Notable features include: Spacious 3bd/2ba open floor-plan, new vinyl flooring, new carpet, freshly painted, new granite, new ss refrigerator, No HOA. Conveniently located to 74, I-485 and new Monroe Bypass. Just minutes to Matthews, Sun Valley, Waverly and new Rea Farms area shopping. Reasonable Uptown commute. Little or no down-payment financing options may be available.

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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
Unionville Elementary School Primary Regular 698 42 10
Piedmont Middle School Middle Regular 1,097 55 7
Piedmont High School High Regular 1,244 65 8

Unionville Elementary School

  • Education Level: Primary
  • # of students: 698
  • # of teachers: 42
10
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
 

$258,750$316,250$287,500

PURCHASE PRICE

$1,314$1,606$1,460

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,460
EXPENSES Loan Payment -$1,061
Property Tax -$152
Property Insurance -$56
Property Management Fees -$131
CASH FLOW
$60

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.

$287,500

PROJECTED PRICE

$1,460

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) 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

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k$900k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$81,938

INVESTMENT

$81,938

Down Payment
$71,875
Rehab Estimate
$5,750
Closing Costs
$4,313

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,061

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $71,875
Loan Amount $215,625
See What Happens When You Reinvest Cash Flow

5.58

YEARS SAVED

$21,410

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,460

    LIST RENT
  • $0.96

    LIST RENT PER SQFT
  • $1,587

    COMP ESTIMATED VALUE
  • $1.05

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,4603$1,5064$1,5955$2,000
$2,000
RENT COMPS ANALYSIS
  • 3900 Secrest Shortcut Road Monroe, NC 2
    • 3 beds 2 baths ∙ 1,515 Sqft ∙ Built 2001 3 beds 2 baths ∙ 1,515 Sqft ∙ Built 2001
    • Rent
    • Rent Per SQFT
    •  
    • $1,460
    • $0.96
    •  
  • 2608 Fowler Secrest Road Monroe, NC 1
    • 3 beds 2 baths ∙ 1,317 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,317 Sqft ∙ Built 1985
    LEASED 09/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $1.10
    •  
  • 2210 Willis Long Road Monroe, NC 3
    • 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
    •  
  • 720 Price Dairy Road Monroe, NC 4
    • 3 beds 2 baths ∙ 1,632 Sqft ∙ Built 1997 3 beds 2 baths ∙ 1,632 Sqft ∙ Built 1997
    LEASED 10/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.98
    •  
  • 2806 Huntsman Lane Monroe, NC 5
    • 4 beds 3 baths ∙ 1,851 Sqft ∙ Built 2007 4 beds 3 baths ∙ 1,851 Sqft ∙ Built 2007
    LEASED 10/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,000
    • $1.08
    •  
PROPERTY LISTING DETAILS
Aaron Bieler
1.704.254.6185
Our State Realty Llc
BESbswy