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5012 Shannamara Drive Matthews, NC 28104

4 Beds 3 Baths 2,979 sqft Built 2003

$475,000

List Price

$2,230

$2K - $2.5K

Rent Est.

PROPERTY INFO

January 21, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2003
  • Price/Sqft : $159.45
  • 4 Days on Market
  • MLS # : 3697884
  • Updated Date : 01/23/2021 at 11:58
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,979 sqft
  • Baths : 2 full , 1 half
Listing Agent

Re/max Executive

Listing Agent's Description

Welcome home to the highly sought after neighborhood of Shannamara. The home has an open floor plan with granite counter tops, stainless steel appliances, and master bedroom on main with en suite. The main floor has a deck out back with a view of the Shannamara golf course. One of the HVAC and furnaces replaced in 2019. On the second floor of this beautiful home you will find 3 more bedrooms and a bathroom. This home is close to 485, Charlotte, and shopping. Hurry to make this home yours!

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

Neighborhood: Shannamara

NeighborhoodNIR Market*CityMarket2010Year20002019150k200k250k300k350k400kPrice in $118k445k

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

Neighborhood: Shannamara

NeighborhoodNIR Market*CityMarket2010Year20002019 Q21000120014001600180020002200Rent in $8442395

* 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
Bain Elementary School Primary Regular 899 49 10
Mint Hill Middle School Middle Regular 1,249 64 5
Independence High School High Regular 2,349 128 6

Bain Elementary School

  • Education Level: Primary
  • # of students: 899
  • # of teachers: 49
10
GreatSchools Rating

Mint Hill Middle School

  • Education Level: Middle
  • # of students: 1,249
  • # of teachers: 64
5
GreatSchools Rating

Independence High School

  • Education Level: High
  • # of students: 2,349
  • # of teachers: 128
6
GreatSchools Rating
 

$427,500$522,500$475,000

PURCHASE PRICE

$2,007$2,453$2,230

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,230
EXPENSES Loan Payment -$1,650
Property Tax -$370
Property Insurance -$83
HOA -$37
Property Management Fees -$119
CASH FLOW
-$28

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.

$475,000

PROJECTED PRICE

$2,230

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 3.8%
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

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$131,625

INVESTMENT

$131,625

Down Payment
$118,750
Rehab Estimate
$5,750
Closing Costs
$7,125

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,650

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $118,750
Loan Amount $356,250
See What Happens When You Reinvest Cash Flow

5.33

YEARS SAVED

$26,532

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,230

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $2,063

    COMP ESTIMATED VALUE
  • $0.69

    COMP AVG. RENT PER SQFT
Comps Range
$1,795
1$1,7952$1,8503$1,8804$2,2305$2,295
$2,295
RENT COMPS ANALYSIS
  • 5012 Shannamara Drive Matthews, NC 4
    • 4 beds 3 baths ∙ 2,979 Sqft ∙ Built 2003 4 beds 3 baths ∙ 2,979 Sqft ∙ Built 2003
    • Rent
    • Rent Per SQFT
    •  
    • $2,230
    • $0.75
    •  
  • 3027 Early Rise Avenue Indian Trail, NC 1
    • 5 beds 4 baths ∙ 2,797 Sqft ∙ Built 2006 5 beds 4 baths ∙ 2,797 Sqft ∙ Built 2006
    LEASED 01/27/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.64
    •  
  • 3128 Shadowy Retreat Drive Stallings, NC 2
    • 4 beds 3 baths ∙ 2,640 Sqft ∙ Built 2009 4 beds 3 baths ∙ 2,640 Sqft ∙ Built 2009
    LEASED 03/05/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,850
    • $0.70
    •  
  • 3004 Stevens Schultz Lane Matthews, NC 3
    • 4 beds 3 baths ∙ 2,988 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,988 Sqft ∙ Built 2005
    LEASED 03/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,880
    • $0.63
    •  
  • 3010 Stonehedge Court Matthews, NC 5
    • 5 beds 4 baths ∙ 2,952 Sqft ∙ Built 1998 5 beds 4 baths ∙ 2,952 Sqft ∙ Built 1998
    LEASED 10/29/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,295
    • $0.78
    •  
PROPERTY LISTING DETAILS
Sandy Mcalpine
1.704.746.7513
Re/max Executive
BESbswy