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511 Walnut Point Drive Matthews, NC 28105

4 Beds 4 Baths 3,257 sqft Built 1987

$449,000

List Price

$2,400

$2.2K - $2.6K

Rent Est.

PROPERTY INFO

January 09, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1987
  • Price/Sqft : $137.86
  • 2 Days on Market
  • MLS # : 3697134
  • Updated Date : 01/09/2021 at 18:53
CONSTRUCTION
  • Beds : 4
  • Floor Size : 3,257 sqft
  • Baths : 3 full , 1 half
Listing Agent

Champa Patel Realty

Listing Agent's Description

location! Location! Location! ONE OWNER SINCE 1995, Stunning full brick 2 MASTER BEDROOM home, GREAT OPEN LAYOUT, wooded lot, private, fenced in back yard, minutes away from Matthews downtown and shopping areas, including Arboretum shopping center. Home is nicely finished, new paint and flooring throughout the home, NEW MASTER BEDROOM ON MAIN LEVEL. Roof 5-6 year old, large bonus room can be 5th bedroom.

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MARKET HIGHLIGHTS

  • 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)
  • 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)

PRICE & RENT TRENDS

Neighborhood: Matthews

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Matthews

NeighborhoodNIR Market*CityMarket2010Year20002019 Q2900100011001200130014001500160017001800Rent in $8441809

* 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
Elizabeth Lane Elementary School Primary Regular 925 51 8
South Charlotte Middle School Middle Regular 856 41 9
Providence High School High Regular 1,991 94 9

Elizabeth Lane Elementary School

  • Education Level: Primary
  • # of students: 925
  • # of teachers: 51
8
GreatSchools Rating

South Charlotte Middle School

  • Education Level: Middle
  • # of students: 856
  • # of teachers: 41
9
GreatSchools Rating

Providence High School

  • Education Level: High
  • # of students: 1,991
  • # of teachers: 94
9
GreatSchools Rating
 

$404,100$493,900$449,000

PURCHASE PRICE

$2,160$2,640$2,400

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,400
EXPENSES Loan Payment -$1,560
Property Tax -$391
Property Insurance -$88
HOA -$16
Property Management Fees -$119
CASH FLOW
$226

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.

$449,000

PROJECTED PRICE

$2,400

PROJECTED RENT

0.53%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.5%
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$1.6M

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k$20k$25k

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$124,735

INVESTMENT

$124,735

Down Payment
$112,250
Rehab Estimate
$5,750
Closing Costs
$6,735

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

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

$1,560

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $112,250
Loan Amount $336,750
See What Happens When You Reinvest Cash Flow

8.25

YEARS SAVED

$48,888

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,400

    LIST RENT
  • $0.74

    LIST RENT PER SQFT
  • $2,597

    COMP ESTIMATED VALUE
  • $0.8

    COMP AVG. RENT PER SQFT
Comps Range
$2,400
1$2,4002$2,4503$2,5504$2,5505$2,700
$2,700
RENT COMPS ANALYSIS
  • 511 Walnut Point Drive Matthews, NC 1
    • 4 beds 4 baths ∙ 3,257 Sqft ∙ Built 1987 4 beds 4 baths ∙ 3,257 Sqft ∙ Built 1987
    • Rent
    • Rent Per SQFT
    •  
    • $2,400
    • $0.74
    •  
  • 906 Grand Provincial Avenue Matthews, NC 2
    • 4 beds 4 baths ∙ 3,070 Sqft ∙ Built 2005 4 beds 4 baths ∙ 3,070 Sqft ∙ Built 2005
    LEASED 03/10/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,450
    • $0.80
    •  
  • 216 Rosedale Lane Matthews, NC 3
    • 4 beds 4 baths ∙ 3,307 Sqft ∙ Built 1997 4 beds 4 baths ∙ 3,307 Sqft ∙ Built 1997
    LEASED 03/08/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $0.77
    •  
  • 2804 Bridle Brook Way Charlotte, NC 4
    • 5 beds 4 baths ∙ 3,110 Sqft ∙ Built 2006 5 beds 4 baths ∙ 3,110 Sqft ∙ Built 2006
    LEASED 06/20/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,550
    • $0.82
    •  
  • 432 Willow Brook Drive Matthews, NC 5
    • 5 beds 4 baths ∙ 3,388 Sqft ∙ Built 2004 5 beds 4 baths ∙ 3,388 Sqft ∙ Built 2004
    LEASED 06/19/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,700
    • $0.80
    •  
PROPERTY LISTING DETAILS
Champa Patel
1.704.562.7710
Champa Patel Realty
BESbswy