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502 N West Street N Monroe, NC 28112

3 Beds 2 Baths 1,438 sqft Built 1965

$195,000

List Price

$1,300

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1965
  • Price/Sqft : $135.61
  • 2 Days on Market
  • MLS # : 3696370
  • Updated Date : 01/16/2021 at 17:34
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,438 sqft
  • Baths : 1 full , 1 half
Listing Agent

Bradley Real Estate & Development

Listing Agent's Description

This is it! 3 bedroom home close to the heart of Historic Downtown Monroe. Well cared for and loved home waiting for its new owners. Spacious and open family room opens up to a recessed additional family room. Inviting screened in porch on rear of home is ready for you! Lots of character! You will not be disappointed! Sold AS-IS and price reflects this...Showings are limited due to COVID-19 protocols. *Refrigerator does NOT convey*

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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: 28112

ZipNIR Market*CityMarket2010Year20002019100k110k120k130k140k150k160k170k180k190k200k210kPrice in $93k213k

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

Zip Code: 28112

ZipNIR Market*CityMarket2010Year20002019 Q280085090095010001050110011501200125013001350Rent in $7651375

* 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
Walter Bickett Elementary School Primary Regular 694 64 1
Monroe Middle School Middle Regular 1,068 68 3
Monroe High School High Regular 1,009 70 1

Walter Bickett Elementary School

  • Education Level: Primary
  • # of students: 694
  • # of teachers: 64
1
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
 

$175,500$214,500$195,000

PURCHASE PRICE

$1,170$1,430$1,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,300
EXPENSES Loan Payment -$677
Property Tax -$103
Property Insurance -$54
Property Management Fees -$119
CASH FLOW
$347

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.

$195,000

PROJECTED PRICE

$1,300

PROJECTED RENT

0.67%

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$700k$800k

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

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$57,425

INVESTMENT

$57,425

Down Payment
$48,750
Rehab Estimate
$5,750
Closing Costs
$2,925

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$677

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $48,750
Loan Amount $146,250
See What Happens When You Reinvest Cash Flow

13.58

YEARS SAVED

$43,047

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,300

    LIST RENT
  • $0.9

    LIST RENT PER SQFT
  • $1,388

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,150
1$1,1502$1,1953$1,3004$1,3005$1,300
$1,300
RENT COMPS ANALYSIS
  • 502 N West Street N Monroe, NC 5
    • 3 beds 2 baths ∙ 1,438 Sqft ∙ Built 1965 3 beds 2 baths ∙ 1,438 Sqft ∙ Built 1965
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.90
    •  
  • 204 Lydia Street Monroe, NC 1
    • 3 beds 2 baths ∙ 1,343 Sqft ∙ Built 1933 3 beds 2 baths ∙ 1,343 Sqft ∙ Built 1933
    property image
    LEASED 07/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,150
    • $0.86
    •  
  • 1310 N Charlotte Avenue Monroe, NC 2
    • 3 beds 1 baths ∙ 1,156 Sqft ∙ Built 1945 3 beds 1 baths ∙ 1,156 Sqft ∙ Built 1945
    property image
    LEASED 08/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $1.03
    •  
  • 900 Cherry Street Monroe, NC 3
    • 3 beds 2 baths ∙ 1,430 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,430 Sqft ∙ Built 1955
    property image
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.91
    •  
  • 1202 Harvard Street Monroe, NC 4
    • 3 beds 2 baths ∙ 1,356 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,356 Sqft ∙ Built 1988
    property image
    LEASED 01/13/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.96
    •  
PROPERTY LISTING DETAILS
Carol Bradley
1.704.400.6043
Bradley Real Estate & Development
BESbswy