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406 Alda Drive Monroe, NC 28110

3 Beds 1 Baths 919 sqft Built 1960

$160,000

List Price

$970

$873 - $1.1K

Rent Est.

PROPERTY INFO

January 08, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1960
  • Price/Sqft : $174.10
  • 7 Days on Market
  • MLS # : 3694404
  • Updated Date : 01/09/2021 at 11:10
CONSTRUCTION
  • Beds : 3
  • Floor Size : 919 sqft
  • Baths : 1 full
Listing Agent

Allen Tate Ballantyne

Listing Agent's Description

***We are in a multiple offer situation. Please bring your highest and best by 5PM today. 1/9/2021***All the major items that can be so costly have already been replaced. 2017 roof, 2017 HVAC and new windows. Flat lot, fenced yard, NO HOA. Hard to find ranch style home in the 100s!

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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
Rock Rest Elementary School Primary Regular 699 67 6
Monroe Middle School Middle Regular 1,068 68 3
Monroe High School High Regular 1,009 70 1

Rock Rest Elementary School

  • Education Level: Primary
  • # of students: 699
  • # of teachers: 67
6
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
 

$144,000$176,000$160,000

PURCHASE PRICE

$873$1,067$970

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $970
EXPENSES Loan Payment -$556
Property Tax -$84
Property Insurance -$45
Property Management Fees -$119
CASH FLOW
$166

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.

$160,000

PROJECTED PRICE

$970

PROJECTED RENT

0.61%

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$100k$200k$300k$400k$500k$600k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$48,150

INVESTMENT

$48,150

Down Payment
$40,000
Rehab Estimate
$5,750
Closing Costs
$2,400

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$556

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $40,000
Loan Amount $120,000
See What Happens When You Reinvest Cash Flow

10.58

YEARS SAVED

$25,116

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $970

    LIST RENT
  • $1.06

    LIST RENT PER SQFT
  • $937

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$970
1$9702$1,0003$1,250
$1,250
RENT COMPS ANALYSIS
  • 406 Alda Drive Monroe, NC 1
    • 3 beds 1 baths ∙ 919 Sqft ∙ Built 1960 3 beds 1 baths ∙ 919 Sqft ∙ Built 1960
    • Rent
    • Rent Per SQFT
    •  
    • $970
    • $1.06
    •  
  • 1406 Stafford Extension Monroe, NC 2
    • 3 beds 2 baths ∙ 1,003 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,003 Sqft ∙ Built 1999
    LEASED 04/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,000
    • $1.00
    •  
  • 3452 Walkup Avenue Monroe, NC 3
    • 3 beds 2 baths ∙ 1,205 Sqft ∙ Built 1996 3 beds 2 baths ∙ 1,205 Sqft ∙ Built 1996
    LEASED 06/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $1.04
    •  
PROPERTY LISTING DETAILS
Anthony Frantilla
1.704.629.8669
Allen Tate Ballantyne
BESbswy