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512 Foxfield Lane Matthews, NC 28105

3 Beds 3 Baths 2,205 sqft Built 1987

$359,000

List Price

$1,660

$1.5K - $1.8K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
March 05, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1987
  • Price/Sqft : $162.81
  • 5 Days on Market
  • MLS # : 3713208
  • Updated Date : 03/06/2021 at 11:34
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,205 sqft
  • Baths : 2 full , 1 half
Listing Agent

Keller Williams South Park

Listing Agent's Description

Fantastic 3 BR home on a cul-de-sac lot!! Hardwoods in the living room, dining room, foyer and kitchen. Chef's kitchen with center island, granite countertops and stainless steel appliances. Bright and airy vaulted ceiling in large den. Very nice landscaping with fully fenced back yard and great hardscape. Play Set included! Fireplace sold as-is no known problems. *** We have Multiple Offers for 512 Foxfield Lane. Please submit your Highest and Best Offers by Saturday evening at 8 PM March 6th. ***

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: 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
 

$323,100$394,900$359,000

PURCHASE PRICE

$1,494$1,826$1,660

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,660
EXPENSES Loan Payment -$1,247
Property Tax -$306
Property Insurance -$69
HOA -$24
Property Management Fees -$119
CASH FLOW
-$105

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.

$359,000

PROJECTED PRICE

$1,660

PROJECTED RENT

0.46%

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

PROJECTED ANNUAL CASH FLOW

11530-$4.0k-$2.0k$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$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$100,885

INVESTMENT

$100,885

Down Payment
$89,750
Rehab Estimate
$5,750
Closing Costs
$5,385

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 55% down payment or higher enables the proceeds from the asset to cover all costs.

$1,247

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $89,750
Loan Amount $269,250
See What Happens When You Reinvest Cash Flow

4.08

YEARS SAVED

$13,698

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,660

    LIST RENT
  • $0.75

    LIST RENT PER SQFT
  • $1,841

    COMP ESTIMATED VALUE
  • $0.84

    COMP AVG. RENT PER SQFT
Comps Range
$1,595
1$1,5952$1,6603$1,7954$1,8455$1,899
$1,899
RENT COMPS ANALYSIS
  • 512 Foxfield Lane Matthews, NC 2
    • 3 beds 3 baths ∙ 2,205 Sqft ∙ Built 1987 3 beds 3 baths ∙ 2,205 Sqft ∙ Built 1987
    • Rent
    • Rent Per SQFT
    •  
    • $1,660
    • $0.75
    •  
  • 1827 Watlington Drive Charlotte, NC 1
    • 4 beds 3 baths ∙ 2,060 Sqft ∙ Built 1986 4 beds 3 baths ∙ 2,060 Sqft ∙ Built 1986
    LEASED 06/13/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,595
    • $0.77
    •  
  • 1836 Watlington Drive Charlotte, NC 3
    • 4 beds 3 baths ∙ 2,084 Sqft ∙ Built 1989 4 beds 3 baths ∙ 2,084 Sqft ∙ Built 1989
    LEASED 07/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,795
    • $0.86
    •  
  • 616 Silversmith Lane Charlotte, NC 4
    • 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 1984 4 beds 3 baths ∙ 2,100 Sqft ∙ Built 1984
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,845
    • $0.88
    •  
  • 201 Linville Drive Matthews, NC 5
    • 3 beds 3 baths ∙ 2,198 Sqft ∙ Built 1987 3 beds 3 baths ∙ 2,198 Sqft ∙ Built 1987
    LEASED 08/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,899
    • $0.86
    •  
PROPERTY LISTING DETAILS
Mitchell Puckett
1.704.458.1198
Keller Williams South Park
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3713208
Last Updated: 03/06/2021
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