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4432 Stryker Drive Matthews, NC 28104

3 Beds 3 Baths 3,121 sqft Built 1987

$500,000

List Price

$2,250

$2K - $2.5K

Rent Est.

PROPERTY INFO

FACTS
  • Single Family
  • Built In 1987
  • Price/Sqft : $160.21
  • 10 Days on Market
  • MLS # : 3698945
  • Updated Date : 01/23/2021 at 12:24
CONSTRUCTION
  • Beds : 3
  • Floor Size : 3,121 sqft
  • Baths : 2 full , 1 half
Listing Agent

Wellspring Realty, Inc

Listing Agent's Description

Beautiful, meticulously maintained full-brick custom-built home on 1.55 acres with Weddington schools. Spacious floor plan with renovated open kitchen features stainless appliances, granite, and walk-in pantry. Hardwoods thru main level and bonus room. Remodeled owner's suite includes 2 closets as well as gorgeous owner's bath with large walk-in shower. Home features 4 rooms with closets as well as large bonus over garage! Tax records show 4 bdrm and home has been utilized as 4 bdrm with no septic issues but original developer permitted system for 3 bdrms. Brick paver patio & deck overlook gorgeous, spacious rear yard with mature landscaping. Oversized garage with walk-in storage closet! The details stand out in this home including upgraded lighting, nickel hardware throughout, reverse osmosis filter & blue light filter for well, energy-saving air sealing, oversized gutters added 2015 - just to name a few! HVAC 2014 down/2012 up. Seller requests HIGHEST & BEST OFFERS by 5pm Sun, 1/24.

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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: 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
 

$450,000$550,000$500,000

PURCHASE PRICE

$2,025$2,475$2,250

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,250
EXPENSES Loan Payment -$1,737
Property Tax -$332
Property Insurance -$86
Property Management Fees -$119
CASH FLOW
-$23

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.

$500,000

PROJECTED PRICE

$2,250

PROJECTED RENT

0.45%

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$1.0M$1.2M$1.4M$1.6M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M$1.2M$1.4M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$138,250

INVESTMENT

$138,250

Down Payment
$125,000
Rehab Estimate
$5,750
Closing Costs
$7,500

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,737

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $125,000
Loan Amount $375,000
See What Happens When You Reinvest Cash Flow

5.5

YEARS SAVED

$29,674

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,250

    LIST RENT
  • $0.72

    LIST RENT PER SQFT
  • $1,935

    COMP ESTIMATED VALUE
  • $0.62

    COMP AVG. RENT PER SQFT
Comps Range
$1,725
1$1,7252$1,7453$1,7854$1,8505$2,250
$2,250
RENT COMPS ANALYSIS
  • 4432 Stryker Drive Matthews, NC 5
    • 3 beds 3 baths ∙ 3,121 Sqft ∙ Built 1987 3 beds 3 baths ∙ 3,121 Sqft ∙ Built 1987
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $2,250
    • $0.72
    •  
  • 5713 Parkstone Drive Matthews, NC 1
    • 4 beds 3 baths ∙ 2,912 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,912 Sqft ∙ Built 2006
    property image
    LEASED 11/10/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,725
    • $0.59
    •  
  • 3109 Royal Troon Drive Matthews, NC 2
    • 4 beds 3 baths ∙ 2,862 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,862 Sqft ∙ Built 2006
    property image
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,745
    • $0.61
    •  
  • 5913 Parkstone Drive Matthews, NC 3
    • 4 beds 3 baths ∙ 2,824 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,824 Sqft ∙ Built 2007
    property image
    LEASED 10/18/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,785
    • $0.63
    •  
  • 5818 Parkstone Drive Matthews, NC 4
    • 4 beds 3 baths ∙ 2,837 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,837 Sqft ∙ Built 2007
    property image
    LEASED 07/31/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.65
    •  
PROPERTY LISTING DETAILS
Michelle Eubank
1.704.591.3033
Wellspring Realty, Inc
BESbswy