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408 Hollice Place Matthews, NC 28104

3 Beds 2 Baths 1,686 sqft Built 1969

$225,000

List Price

$1,450

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

February 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1969
  • Price/Sqft : $133.45
  • 4 Days on Market
  • MLS # : 3704830
  • Updated Date : 02/05/2021 at 10:58
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,686 sqft
  • Baths : 2 full
Listing Agent

Weichert, Realtors- Lkn Partners

Listing Agent's Description

Awesome home in a well established neighborhood in the highly sought after Matthews school district!! Union county property taxes could save a buyer money. This home features 3 bedrooms and 2 bathrooms with great bones and a flexible layout. This home has a big back yard with a shed. This is a one owner home! This home features brand new stainless steel appliances and a large kitchen with plenty of cabinet space! This home is close to shopping, grocery, and restaurants. Minutes from I485! Do not miss out on this one!! Bring your DIY skills and imagination!! Please submit Final and Best on 2/6/21 by 8pm!!

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: 28104

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $118k349k

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

Zip Code: 28104

ZipNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8442033

* 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
Antioch Elementary School Primary Regular 744 42 9
Weddington Middle School Middle Regular 997 55 10
Weddington High School High Regular 1,342 69 9

Antioch Elementary School

  • Education Level: Primary
  • # of students: 744
  • # of teachers: 42
9
GreatSchools Rating

Weddington Middle School

  • Education Level: Middle
  • # of students: 997
  • # of teachers: 55
10
GreatSchools Rating

Weddington High School

  • Education Level: High
  • # of students: 1,342
  • # of teachers: 69
9
GreatSchools Rating
 

$202,500$247,500$225,000

PURCHASE PRICE

$1,305$1,595$1,450

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,450
EXPENSES Loan Payment -$782
Property Tax -$149
Property Insurance -$59
Property Management Fees -$119
CASH FLOW
$341

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$225,000

PROJECTED PRICE

$1,450

PROJECTED RENT

0.64%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.2%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$65,375

INVESTMENT

$65,375

Down Payment
$56,250
Rehab Estimate
$5,750
Closing Costs
$3,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$782

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $56,250
Loan Amount $168,750
See What Happens When You Reinvest Cash Flow

13.25

YEARS SAVED

$47,078

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,450

    LIST RENT
  • $0.86

    LIST RENT PER SQFT
  • $1,724

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$1,450
1$1,4502$1,4953$1,6454$1,6755$1,695
$1,695
RENT COMPS ANALYSIS
  • 408 Hollice Place Matthews, NC 1
    • 3 beds 2 baths ∙ 1,686 Sqft ∙ Built 1969 3 beds 2 baths ∙ 1,686 Sqft ∙ Built 1969
    • Rent
    • Rent Per SQFT
    •  
    • $1,450
    • $0.86
    •  
  • 1409 Hammond Drive Stallings, NC 2
    • 3 beds 3 baths ∙ 1,543 Sqft ∙ Built 2004 3 beds 3 baths ∙ 1,543 Sqft ∙ Built 2004
    LEASED 04/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,495
    • $0.97
    •  
  • 1042 Kensrowe Lane Stallings, NC 3
    • 3 beds 3 baths ∙ 1,614 Sqft ∙ Built 2005 3 beds 3 baths ∙ 1,614 Sqft ∙ Built 2005
    LEASED 01/04/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,645
    • $1.02
    •  
  • 1601 Hammond Drive Matthews, NC 4
    • 3 beds 2 baths ∙ 1,633 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,633 Sqft ∙ Built 2005
    LEASED 02/02/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $1.03
    •  
  • 2217 Bow Wood Trail Matthews, NC 5
    • 4 beds 3 baths ∙ 1,586 Sqft ∙ Built 1986 4 beds 3 baths ∙ 1,586 Sqft ∙ Built 1986
    LEASED 01/26/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $1.07
    •  
PROPERTY LISTING DETAILS
Michael Morrison
1.704.928.6404
Weichert, Realtors- Lkn Partners
BESbswy