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4907 Cruz Bay Drive Monroe, NC 28110

4 Beds 3 Baths 2,913 sqft Built 2006

$299,900

List Price

$1,650

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $102.95
  • 10 Days on Market
  • MLS # : 3713622
  • Updated Date : 03/12/2021 at 16:07
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,913 sqft
  • Baths : 2 full , 1 half
Listing Agent

Coldwell Banker Realty

Listing Agent's Description

Beautiful 4 BR/ 2.5 bath home in desirable neighborhood. Freshly painted and move-in ready. TONS of Upgrades! Great private wooden fenced level yard with extended paved patio, built-in fireplace and grill ($10.5K). New Water Heater (2019). Stunning kitchen w/ granite counters, ceramic tile floor and cabinet w/ wine rack ($6K). Kitchen opens to Great room with gas logs fireplace. Laundry room w/ cabinets and granite counters. Second level Master Bedroom features tray ceiling and completely upgraded Master Bath w/ marble tile, marble shower walls and counter, plus NEW hardware, mirror and fixtures in other bathrooms. (Over $15K). Three additional bedrooms plus a LOFT. Gorgeous Hardwood flooring and ceramic tile throughout main level. And so much MORE!!!! St Johns Forest is great community with great neighborhood amenities - pool, playground, and clubhouse located in Union County with low taxes! A perfect place for you...a perfect place to call...home.

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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: 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
Rocky River Elementary School Primary Regular 844 58 6
Sun Valley Middle School Middle Regular 1,365 69 6
Sun Valley High School High Regular 1,306 76 7

Rocky River Elementary School

  • Education Level: Primary
  • # of students: 844
  • # of teachers: 58
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
 

$269,910$329,890$299,900

PURCHASE PRICE

$1,485$1,815$1,650

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,650
EXPENSES Loan Payment -$1,042
Property Tax -$158
Property Insurance -$82
HOA -$33
Property Management Fees -$119
CASH FLOW
$216

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.

$299,900

PROJECTED PRICE

$1,650

PROJECTED RENT

0.55%

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$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$85,224

INVESTMENT

$85,224

Down Payment
$74,975
Rehab Estimate
$5,750
Closing Costs
$4,499

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,042

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $74,975
Loan Amount $224,925
See What Happens When You Reinvest Cash Flow

9

YEARS SAVED

$36,688

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,650

    LIST RENT
  • $0.57

    LIST RENT PER SQFT
  • $1,704

    COMP ESTIMATED VALUE
  • $0.59

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6503$1,6754$1,7005$1,705
$1,705
RENT COMPS ANALYSIS
  • 4907 Cruz Bay Drive Monroe, NC 2
    • 4 beds 3 baths ∙ 2,913 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,913 Sqft ∙ Built 2006
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $0.57
    •  
  • 5108 Cruz Bay Drive Monroe, NC 1
    • 3 beds 3 baths ∙ 2,595 Sqft ∙ Built 2007 3 beds 3 baths ∙ 2,595 Sqft ∙ Built 2007
    property image
    LEASED 03/09/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.61
    •  
  • 302 Nanny Point Drive Monroe, NC 3
    • 5 beds 3 baths ∙ 3,000 Sqft ∙ Built 2005 5 beds 3 baths ∙ 3,000 Sqft ∙ Built 2005
    property image
    LEASED 11/05/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,675
    • $0.56
    •  
  • 404 Annaberg Lane Monroe, NC 4
    • 5 beds 4 baths ∙ 2,956 Sqft ∙ Built 2005 5 beds 4 baths ∙ 2,956 Sqft ∙ Built 2005
    property image
    LEASED 03/26/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.58
    •  
  • 4607 Maho Lane Monroe, NC 5
    • 4 beds 3 baths ∙ 2,908 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,908 Sqft ∙ Built 2003
    property image
    LEASED 03/12/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,705
    • $0.59
    •  
PROPERTY LISTING DETAILS
Suzette Gray
1.704.401.7737
Coldwell Banker Realty
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3713622
Last Updated: 03/12/2021
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