Work with a dedicated Real Estate Advisor who will take your financial preferences and help you select and acquire properties that fit your criteria. Learn more

423 Matfield Court Monroe, NC 28110

3 Beds 3 Baths 2,111 sqft Built 2004

$249,900

List Price

$1,470

$1.3K - $1.6K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $118.38
  • 11 Days on Market
  • MLS # : 3713841
  • Updated Date : 03/11/2021 at 15:42
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,111 sqft
  • Baths : 2 full , 1 half
Listing Agent

Exp Realty Llc

Listing Agent's Description

Multiple Offers - Highest and Best due by Sunday March 14th 5pm. Turn key home in desired Villages of Wesley Chapel! Buyers will love living & entertaining in this beautiful space! The open floor plan connects the dining room w/tray ceiling and large family room with cozy gas fireplace to the newly remodeled kitchen featuring expanded kitchen island w/epoxy countertops, glass tile backsplash, freshly painted cabinets and new lighting w/views of the private fenced back yard! Upstairs you will find a large master suite w/cathedral ceiling & large windows, two additional bedrooms, a full bath and flexible bonus space that can be used in so many ways! Playroom, craftroom, media room...whatever you need! Access to the neighborhood pool and playground included with HOA dues. Close proximity to Wesley Chapel Target, shops & restaurants and lower Union County taxes makes this the perfect place to call HOME! Nest thermostat and alarm system have also been added.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
Shiloh Elementary School Primary Regular 564 39 6
Sun Valley Middle School Middle Regular 1,365 69 6
Sun Valley High School High Regular 1,306 76 7

Shiloh Elementary School

  • Education Level: Primary
  • # of students: 564
  • # of teachers: 39
6
GreatSchools Rating

Sun Valley Middle School

  • Education Level: Middle
  • # of students: 1,365
  • # of teachers: 69
6
GreatSchools Rating

Sun Valley High School

  • Education Level: High
  • # of students: 1,306
  • # of teachers: 76
7
GreatSchools Rating
 

$224,910$274,890$249,900

PURCHASE PRICE

$1,323$1,617$1,470

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,470
EXPENSES Loan Payment -$868
Property Tax -$132
Property Insurance -$67
HOA -$33
Property Management Fees -$119
CASH FLOW
$252

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.

$249,900

PROJECTED PRICE

$1,470

PROJECTED RENT

0.59%

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$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$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$71,974

INVESTMENT

$71,974

Down Payment
$62,475
Rehab Estimate
$5,750
Closing Costs
$3,749

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$868

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $62,475
Loan Amount $187,425
See What Happens When You Reinvest Cash Flow

10.42

YEARS SAVED

$38,468

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,470

    LIST RENT
  • $0.7

    LIST RENT PER SQFT
  • $1,583

    COMP ESTIMATED VALUE
  • $0.75

    COMP AVG. RENT PER SQFT
Comps Range
$1,470
1$1,4702$1,5503$1,5754$1,6255$1,650
$1,650
RENT COMPS ANALYSIS
  • 423 Matfield Court Monroe, NC 1
    • 3 beds 3 baths ∙ 2,103 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,103 Sqft ∙ Built 2004
    • Rent
    • Rent Per SQFT
    •  
    • $1,470
    • $0.70
    •  
  • 4306 Marys Point Road Monroe, NC 2
    • 3 beds 3 baths ∙ 2,198 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,198 Sqft ∙ Built 2006
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,550
    • $0.71
    •  
  • 310 Waterlemon Way Monroe, NC 3
    • 3 beds 3 baths ∙ 2,191 Sqft ∙ Built 2006 3 beds 3 baths ∙ 2,191 Sqft ∙ Built 2006
    LEASED 03/18/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,575
    • $0.72
    •  
  • 615 Waterlemon Way Monroe, NC 4
    • 4 beds 3 baths ∙ 2,060 Sqft ∙ Built 2013 4 beds 3 baths ∙ 2,060 Sqft ∙ Built 2013
    LEASED 03/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,625
    • $0.79
    •  
  • 421 Matfield Court Monroe, NC 5
    • 4 beds 3 baths ∙ 2,125 Sqft ∙ Built 2004 4 beds 3 baths ∙ 2,125 Sqft ∙ Built 2004
    LEASED 03/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.78
    •  
PROPERTY LISTING DETAILS
Mike Abernethy
1.980.254.1008
Exp Realty Llc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3713841
Last Updated: 03/11/2021
BESbswy