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401 E Tallyrand Avenue #17 Monroe, NC 28112

3 Beds 3 Baths 1,830 sqft Built 2021

$290,000

List Price

$1,330

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
February 02, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $158.47
  • 6 Days on Market
  • MLS # : 3704291
  • Updated Date : 02/05/2021 at 11:26
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,830 sqft
  • Baths : 2 full , 1 half
Listing Agent

Vision Group Realty Llc

Listing Agent's Description

New Construction in the Historic District; right in the heart of Monroe! Features of this 3 bedroom, 2 1/2 bath bungalow include a large pantry and spacious laundry room. Historical integrity of the community will be maintained with the construction of this home. The Mohogany front door, Pine siding and wood windows are just a few of these details! In the kitchen you will find 42" white, Shaker style wood cabinets and an island! There are 10 foot ceilings and an open floor plan with luxury vinyl plank featured throughout. Owner's retreat features a walk in closet, en suite bathroom, can lighting, and a ceiling fan. Secondary bedrooms boast roomy closets, Jack-and-Jill Bath, and ceiling fans. Buyers are able to customize flooring, granite, cabinets, and even exterior color with an accepted contract!s

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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: 28112

ZipNIR Market*CityMarket2010Year20002019100k110k120k130k140k150k160k170k180k190k200k210kPrice in $93k213k

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

Zip Code: 28112

ZipNIR Market*CityMarket2010Year20002019 Q280085090095010001050110011501200125013001350Rent in $7651375

* 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
East Elementary School Primary Regular 547 54 4
Monroe Middle School Middle Regular 1,068 68 3
Monroe High School High Regular 1,009 70 1

East Elementary School

  • Education Level: Primary
  • # of students: 547
  • # of teachers: 54
4
GreatSchools Rating

Monroe Middle School

  • Education Level: Middle
  • # of students: 1,068
  • # of teachers: 68
3
GreatSchools Rating

Monroe High School

  • Education Level: High
  • # of students: 1,009
  • # of teachers: 70
1
GreatSchools Rating
 

$261,000$319,000$290,000

PURCHASE PRICE

$1,197$1,463$1,330

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,330
EXPENSES Loan Payment -$1,007
Property Tax -$149
Property Insurance -$63
Property Management Fees -$119
CASH FLOW
-$8

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.

$290,000

PROJECTED PRICE

$1,330

PROJECTED RENT

0.46%

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

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$78,850

INVESTMENT

$78,850

Down Payment
$72,500
Rehab Estimate
$2,000
Closing Costs
$4,350

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,007

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $72,500
Loan Amount $217,500
See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$16,003

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,330

    LIST RENT
  • $0.7

    LIST RENT PER SQFT
  • $1,381

    COMP ESTIMATED VALUE
  • $0.73

    COMP AVG. RENT PER SQFT
Comps Range
$1,330
1$1,3302$1,3993$1,4954$1,500
$1,500
RENT COMPS ANALYSIS
  • 401 E Tallyrand Avenue Monroe, NC 1
    • 3 beds 3 baths ∙ 1,900 Sqft ∙ Built 2021 3 beds 3 baths ∙ 1,900 Sqft ∙ Built 2021
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,330
    • $0.70
    •  
  • 206 Griffith Road Monroe, NC 2
    • 4 beds 2 baths ∙ 1,850 Sqft ∙ Built 1930 4 beds 2 baths ∙ 1,850 Sqft ∙ Built 1930
    property image
    LEASED 08/03/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,399
    • $0.76
    •  
  • 202 S Crawford Street Monroe, NC 3
    • 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 1930 4 beds 3 baths ∙ 2,180 Sqft ∙ Built 1930
    property image
    LEASED 01/15/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.69
    •  
  • 1911 Kingstree Drive Monroe, NC 4
    • 4 beds 3 baths ∙ 2,041 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,041 Sqft ∙ Built 2006
    property image
    LEASED 06/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,500
    • $0.73
    •  
PROPERTY LISTING DETAILS
Lesley Runty
1.704.450.6273
Vision Group Realty Llc
BESbswy