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5120 Craftsman Ridge Drive Matthews, NC 28104

3 Beds 3 Baths 2,051 sqft Built 2004

$344,900

List Price

$1,710

$1.5K - $1.9K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2004
  • Price/Sqft : $168.16
  • 3 Days on Market
  • MLS # : 3699265
  • Updated Date : 01/16/2021 at 00:00
CONSTRUCTION
  • Beds : 3
  • Floor Size : 2,051 sqft
  • Baths : 2 full , 1 half
Listing Agent

Agent Group Realty Llc

Listing Agent's Description

Beautifully maintained Craftsman style home w/tons of natural light, Recessed lights, floor to ceiling windows & H/Ws thruout 1st flr (except in Master). Formal DR w/double octagonal trey ceiling, chair rail & wainscoting. Open & Bright FR w/gas log fireplace. Kitchen w/stone backsplash, cabinets w/crown molding & island w/bar seating & stone backsplash. Breakfast area w/bay window. Lrg. Master on 1st w/ceiling fan & master bath w/corian counter, dual sink vanity, separate shower & garden tub. Laundry on main w/storage. Powder w/pedestal sink & H/W tread stairs to 2nd flr. Two (2) lrg bedrooms w/WICs & Hall bath w/ corian countertop. Dual zone HVAC w/newer condenser (2012). New roof w/ Gutterguards (2020). All appliances remain. Relaxing deck overlooking a treed rear yard w/heavy landscaping. 2-car garage w/stained wood garage door & lots of storage/shelving. Stained concrete sidewalk & front porch. Full irrigation. Wonderful community w/pool, rec areas & walking trails. A MUST SEE!!

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: Chestnut Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320kPrice in $118k338k

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

Neighborhood: Chestnut Oaks

NeighborhoodNIR Market*CityMarket2010Year20002019 Q29001000110012001300140015001600170018001900Rent in $8441905

* 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
Indian Trail Elementary School Primary Regular 682 41 9
Sun Valley Middle School Middle Regular 1,365 69 6
Sun Valley High School High Regular 1,306 76 7

Indian Trail Elementary School

  • Education Level: Primary
  • # of students: 682
  • # of teachers: 41
9
GreatSchools Rating

Sun Valley Middle School

  • Education Level: Middle
  • # of students: 1,365
  • # of teachers: 69
6
GreatSchools Rating

Sun Valley High School

  • Education Level: High
  • # of students: 1,306
  • # of teachers: 76
7
GreatSchools Rating
 

$310,410$379,390$344,900

PURCHASE PRICE

$1,539$1,881$1,710

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,710
EXPENSES Loan Payment -$1,198
Property Tax -$229
Property Insurance -$65
HOA -$48
Property Management Fees -$119
CASH FLOW
$52

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.

$344,900

PROJECTED PRICE

$1,710

PROJECTED RENT

0.50%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 8.9%
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

PROJECTED ANNUAL CASH FLOW

11530$0.0$5.0k$10k$15k

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$97,149

INVESTMENT

$97,149

Down Payment
$86,225
Rehab Estimate
$5,750
Closing Costs
$5,174

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,198

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $86,225
Loan Amount $258,675
See What Happens When You Reinvest Cash Flow

6.5

YEARS SAVED

$26,102

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,710

    LIST RENT
  • $0.85

    LIST RENT PER SQFT
  • $1,770

    COMP ESTIMATED VALUE
  • $0.88

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,7103$1,7654$1,8455$2,150
$2,150
RENT COMPS ANALYSIS
  • 5120 Craftsman Ridge Drive Matthews, NC 2
    • 3 beds 3 baths ∙ 2,006 Sqft ∙ Built 2004 3 beds 3 baths ∙ 2,006 Sqft ∙ Built 2004
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $1,710
    • $0.85
    •  
  • 3012 Wyntree Court Matthews, NC 1
    • 3 beds 3 baths ∙ 2,064 Sqft ∙ Built 1997 3 beds 3 baths ∙ 2,064 Sqft ∙ Built 1997
    property image
    LEASED 03/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.82
    •  
  • 1311 Privett Park Place Matthews, NC 3
    • 3 beds 3 baths ∙ 1,952 Sqft ∙ Built 2018 3 beds 3 baths ∙ 1,952 Sqft ∙ Built 2018
    property image
    LEASED 05/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,765
    • $0.90
    •  
  • 1323 Privett Park Place Matthews, NC 4
    • 3 beds 3 baths ∙ 2,130 Sqft ∙ Built 2018 3 beds 3 baths ∙ 2,130 Sqft ∙ Built 2018
    property image
    LEASED 04/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,845
    • $0.87
    •  
  • 4125 Cedar Point Avenue Matthews, NC 5
    • 4 beds 3 baths ∙ 2,297 Sqft ∙ Built 2005 4 beds 3 baths ∙ 2,297 Sqft ∙ Built 2005
    property image
    LEASED 11/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,150
    • $0.94
    •  
PROPERTY LISTING DETAILS
Bernadette Holloway
1.704.443.8517
Agent Group Realty Llc
BESbswy