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500 Mcintyre Street Monroe, NC 28110

3 Beds 1 Baths 1,013 sqft Built 1964

$179,000

List Price

$970

$873 - $1.1K

Rent Est.

PROPERTY INFO

November 28, 2020 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1964
  • Price/Sqft : $176.70
  • 5 Days on Market
  • MLS # : 3686802
  • Updated Date : 11/28/2020 at 00:05
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,013 sqft
  • Baths : 1 full
Listing Agent

Wilkinson Era Real Estate

Listing Agent's Description

Single family 3 bedrooms 1 bath brick ranch. Freshly painted. Seller has taken care of this home and has made cosmetic updates which enhance this bungalow. Granite counters in kitchen and bathroom. New floors, beautiful crown molding through out, Tiled backsplash in kitchen with new cabinets, sink and faucets. Bathroom cabinet and faucet also replaced. Roof replaced 2019, HVAC 9 years old, new windows, new doors, new stove. Near all shopping, restaurants, stores, hospital nearby and I-74 corridor.

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
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
 

$161,100$196,900$179,000

PURCHASE PRICE

$873$1,067$970

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $970
EXPENSES Loan Payment -$660
Property Tax -$94
Property Insurance -$46
Property Management Fees -$87
CASH FLOW
$82

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.

$179,000

PROJECTED PRICE

$970

PROJECTED RENT

0.54%

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

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$53,185

INVESTMENT

$53,185

Down Payment
$44,750
Rehab Estimate
$5,750
Closing Costs
$2,685

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$660

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $44,750
Loan Amount $134,250
See What Happens When You Reinvest Cash Flow

6.67

YEARS SAVED

$17,217

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
  • $0.96

    LIST RENT PER SQFT
  • $989

    COMP ESTIMATED VALUE
  • $0.98

    COMP AVG. RENT PER SQFT
Comps Range
$970
1$9702$1,0003$1,1504$1,250
$1,250
RENT COMPS ANALYSIS
  • 500 Mcintyre Street Monroe, NC 1
    • 3 beds 1 baths ∙ 1,013 Sqft ∙ Built 1964 3 beds 1 baths ∙ 1,013 Sqft ∙ Built 1964
    • Rent
    • Rent Per SQFT
    •  
    • $970
    • $0.96
    •  
  • 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
    •  
  • 204 Lydia Street Monroe, NC 3
    • 3 beds 2 baths ∙ 1,343 Sqft ∙ Built 1933 3 beds 2 baths ∙ 1,343 Sqft ∙ Built 1933
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.86
    •  
  • 3452 Walkup Avenue Monroe, NC 4
    • 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
Aida Marcial
1.704.576.1258
Wilkinson Era Real Estate
BESbswy