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5709 Parkstone Drive #77 Matthews, NC 28104

5 Beds 3 Baths 2,789 sqft Built 2006

$330,000

List Price

$1,810

$1.6K - $2K

Rent Est.

PROPERTY INFO

January 23, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2006
  • Price/Sqft : $118.32
  • 3 Days on Market
  • MLS # : 3701325
  • Updated Date : 01/23/2021 at 18:38
CONSTRUCTION
  • Beds : 5
  • Floor Size : 2,789 sqft
  • Baths : 3 full
Listing Agent

Allen Tate Indian Land

Listing Agent's Description

Come home after a hard days work and step into this warm colored house with nice 2 yr old bamboo floors and fresh paint. Change your clothes and head down the street to the community basketball court and walk the track or play some hoops. After getting your sweat on, come back and take a nice shower or hot bath in the large master bathroom and feel the new carpet (coming 2/11/21) between your toes as you get dressed before heading outside to grill out in a large freshly landscaped backyard. After dinner sit by the wood burning fire or watch tv in the main floor great room. Finally, end your day sleeping peacefully under the vaulted ceiling in the master bedroom knowing that you have a Supreme Level 2-10 Warranty covering 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: 28104

ZipNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300k320k340kPrice in $118k349k

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

Zip Code: 28104

ZipNIR Market*CityMarket2010Year20002019 Q290010001100120013001400150016001700180019002000Rent in $8442033

* 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
 

$297,000$363,000$330,000

PURCHASE PRICE

$1,629$1,991$1,810

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,810
EXPENSES Loan Payment -$1,146
Property Tax -$219
Property Insurance -$80
HOA -$33
Property Management Fees -$119
CASH FLOW
$213

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.

$330,000

PROJECTED PRICE

$1,810

PROJECTED RENT

0.55%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 5.2%
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$0.0$5.0k$10k$15k$20k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$93,200

INVESTMENT

$93,200

Down Payment
$82,500
Rehab Estimate
$5,750
Closing Costs
$4,950

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 35% down payment or higher enables the proceeds from the asset to cover all costs.

$1,146

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $82,500
Loan Amount $247,500
See What Happens When You Reinvest Cash Flow

9.17

YEARS SAVED

$41,142

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,810

    LIST RENT
  • $0.65

    LIST RENT PER SQFT
  • $1,862

    COMP ESTIMATED VALUE
  • $0.67

    COMP AVG. RENT PER SQFT
Comps Range
$1,695
1$1,6952$1,7453$1,7854$1,8105$2,095
$2,095
RENT COMPS ANALYSIS
  • 5709 Parkstone Drive Matthews, NC 4
    • 5 beds 3 baths ∙ 2,789 Sqft ∙ Built 2006 5 beds 3 baths ∙ 2,789 Sqft ∙ Built 2006
    • Rent
    • Rent Per SQFT
    •  
    • $1,810
    • $0.65
    •  
  • 5707 Falkirk Lane Matthews, NC 1
    • 4 beds 3 baths ∙ 2,593 Sqft ∙ Built 2007 4 beds 3 baths ∙ 2,593 Sqft ∙ Built 2007
    LEASED 06/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,695
    • $0.65
    •  
  • 3109 Royal Troon Drive Matthews, NC 2
    • 4 beds 3 baths ∙ 2,862 Sqft ∙ Built 2006 4 beds 3 baths ∙ 2,862 Sqft ∙ Built 2006
    LEASED 02/28/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,745
    • $0.61
    •  
  • 1008 Sandbox Circle Indian Trail, NC 3
    • 4 beds 3 baths ∙ 2,601 Sqft ∙ Built 2001 4 beds 3 baths ∙ 2,601 Sqft ∙ Built 2001
    LEASED 04/07/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,785
    • $0.69
    •  
  • 2024 Sentinel Drive Indian Trail, NC 5
    • 4 beds 3 baths ∙ 2,930 Sqft ∙ Built 2002 4 beds 3 baths ∙ 2,930 Sqft ∙ Built 2002
    LEASED 09/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $2,095
    • $0.72
    •  
PROPERTY LISTING DETAILS
Jeffrey Langdon
1.704.281.3364
Allen Tate Indian Land
BESbswy