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508 N West Street Monroe, NC 28112

3 Beds 2 Baths 1,344 sqft Built 2008

$197,000

List Price

$1,190

$1.1K - $1.3K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 13, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2008
  • Price/Sqft : $146.58
  • 2 Days on Market
  • MLS # : 3718130
  • Updated Date : 03/13/2021 at 17:35
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,344 sqft
  • Baths : 2 full
Listing Agent

Bradley Real Estate & Development

Listing Agent's Description

Welcome Home! Super Cute and close to Historic Downtown Monroe amenities! 3 bedrooms with 2 bathrooms and priced under $200,000! Spacious family room with a vaulted ceiling welcomes you home. Covered front porch awaits you!

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: 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
 

$177,300$216,700$197,000

PURCHASE PRICE

$1,071$1,309$1,190

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,190
EXPENSES Loan Payment -$684
Property Tax -$104
Property Insurance -$53
Property Management Fees -$119
CASH FLOW
$230

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.

$197,000

PROJECTED PRICE

$1,190

PROJECTED RENT

0.60%

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

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$57,955

INVESTMENT

$57,955

Down Payment
$49,250
Rehab Estimate
$5,750
Closing Costs
$2,955

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 25% down payment or higher enables the proceeds from the asset to cover all costs.

$684

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $49,250
Loan Amount $147,750
See What Happens When You Reinvest Cash Flow

11.33

YEARS SAVED

$33,785

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,190

    LIST RENT
  • $0.89

    LIST RENT PER SQFT
  • $1,297

    COMP ESTIMATED VALUE
  • $0.97

    COMP AVG. RENT PER SQFT
Comps Range
$1,150
1$1,1502$1,1903$1,1954$1,3005$1,300
$1,300
RENT COMPS ANALYSIS
  • 508 N West Street Monroe, NC 2
    • 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 2008 3 beds 2 baths ∙ 1,344 Sqft ∙ Built 2008
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,190
    • $0.89
    •  
  • 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
    •  
  • 1312 N Charlotte Avenue Monroe, NC 3
    • 3 beds 1 baths ∙ 1,156 Sqft ∙ Built 1945 3 beds 1 baths ∙ 1,156 Sqft ∙ Built 1945
    property image
    LEASED 07/16/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,195
    • $1.03
    •  
  • 900 Cherry Street Monroe, NC 4
    • 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 5
    • 3 beds 2 baths ∙ 1,356 Sqft ∙ Built 1988 3 beds 2 baths ∙ 1,356 Sqft ∙ Built 1988
    property image
    LEASED 02/08/21
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.96
    •  
PROPERTY LISTING DETAILS
Carol Bradley
1.704.400.6043
Bradley Real Estate & Development
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3718130
Last Updated: 03/13/2021
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