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528 Lakenheath Lane Matthews, NC 28105

3 Beds 3 Baths 3,180 sqft Built 1975

INVESTimate

$425,000

List Price

$2,190

$1,971 - $2,409

Rent Est.

$448,545  ( +5.54%)   1 YR EST. FORECAST

PROPERTY INFO

August 21, 2020 RECENTLY ADDED
FACTS
  • Built In 1975
  • Price/Sqft : $133.65
  • 6 Days on Market
  • MLS # : 3654462
  • Updated Date : 08/24/2020 at 16:41
CONSTRUCTION
  • Beds : 3
  • Floor Size : 3,180 sqft
  • Baths : 3 full
Listing Agent

Edi Real Estate

Listing Agent's Description

View Virtual Tour, SOUTH CHARLOTTE. Three bedrooms. Two on main floor. HUGE BONUS Room upstairs with bead board cathedral ceiling. Master on Main, 2nd Master up. Three Full Baths, two down, one up. Oversized kitchen with Corian Tops and tall cabinets and Dinette. Hardwoods in Living Room, Dining Room and Kitchen. Near new dish washer. Glass top stove/oven. Updated microwave. Large family room, wood burning fireplace, durable slate floors. Spacious formal living room, formal dining room. Wooded and landscaped and fenced in back. Oversized garage at basement level. High efficient newer HVAC system. Storage shed remains.

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
Matthews Elementary School Primary Regular 1,006 51 7
Crestdale Middle School Middle Regular 868 44 7
Butler High School High Regular 2,081 106 7

Matthews Elementary School

  • Education Level: Primary
  • # of students: 1,006
  • # of teachers: 51
7
GreatSchools Rating

Crestdale Middle School

  • Education Level: Middle
  • # of students: 868
  • # of teachers: 44
7
GreatSchools Rating

Butler High School

  • Education Level: High
  • # of students: 2,081
  • # of teachers: 106
7
GreatSchools Rating
 

$382,500$467,500$425,000

PURCHASE PRICE

$1,971$2,409$2,190

RENT

DOWN PAYMENT
FINANCING

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-$5.0k$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$1.2M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $2,190
EXPENSES Loan Payment -$1,568
Property Tax -$342
Property Insurance -$87
Property Management Fees -$197
CASH FLOW
-$4

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.

$425,000

PROJECTED PRICE

$2,190

PROJECTED RENT

0.52%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.54%
Maintenance Year (1-5) 8.00%
Vacancy 6.31%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$118,375

INVESTMENT

$118,375

Down Payment
$106,250
Rehab Estimate
$5,750
Closing Costs
$6,375

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$1,568

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $106,250
Loan Amount $318,750
See What Happens When You Reinvest Cash Flow

4.83

YEARS SAVED

$25,380

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $2,190

    LIST RENT
  • $0.69

    LIST RENT PER SQFT
  • $2,491

    COMP ESTIMATED VALUE
  • $0.78

    COMP AVG. RENT PER SQFT
Comps Range
$2,190
1$2,1902$2,4503$2,5004$2,550
$2,550
RENT COMPS ANALYSIS
  • 528 Lakenheath Lane Matthews, NC 1
    • 3 beds 3 baths ∙ 3,180 Sqft ∙ Built 1975 3 beds 3 baths ∙ 3,180 Sqft ∙ Built 1975
    • Rent
    • Rent Per SQFT
    •  
    • $2,190
    • $0.69
    •  
  • 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
    •  
  • 7004 Edenderry Drive Charlotte, NC 3
    • 4 beds 4 baths ∙ 3,200 Sqft ∙ Built 2002 4 beds 4 baths ∙ 3,200 Sqft ∙ Built 2002
    LEASED 08/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,500
    • $0.78
    •  
  • 216 Rosedale Lane Matthews, NC 4
    • 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
    •  
PROPERTY LISTING DETAILS
Doug Collins
1.704.319.9069
Edi Real Estate
BESbswy