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603 E Green Street Monroe, NC 28112

3 Beds 2 Baths 1,365 sqft Built 1950

$150,000

List Price

$1,300

$1.2K - $1.4K

Rent Est.

PROPERTY INFO

January 30, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 1950
  • Price/Sqft : $109.89
  • 2 Days on Market
  • MLS # : 3703650
  • Updated Date : 01/30/2021 at 13:46
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,365 sqft
  • Baths : 2 full
Listing Agent

Listwithfreedom.com Inc

Listing Agent's Description

Spacious and inviting updated must see 1950 home located in the City of Monroe. Home has 3 large bedrooms including a master bath. Large eat in kitchen with all appliances included and washer and dryer hookup. Roof is 2.5 years old with a new HVAC system less than one year old. Large fenced yard with healthy established trees. This home is also ready for any Investors opportunity as previous rental property for 10 years with excellent rental income potential.

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: 28112

ZipNIR Market*CityMarket2010Year20002019100k110k120k130k140k150k160k170k180k190k200k210kPrice in $93k213k

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

Zip Code: 28112

ZipNIR Market*CityMarket2010Year20002019 Q280085090095010001050110011501200125013001350Rent in $7651375

* 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
East Elementary School Primary Regular 547 54 4
Monroe Middle School Middle Regular 1,068 68 3
Monroe High School High Regular 1,009 70 1

East Elementary School

  • Education Level: Primary
  • # of students: 547
  • # of teachers: 54
4
GreatSchools Rating

Monroe Middle School

  • Education Level: Middle
  • # of students: 1,068
  • # of teachers: 68
3
GreatSchools Rating

Monroe High School

  • Education Level: High
  • # of students: 1,009
  • # of teachers: 70
1
GreatSchools Rating
 

$135,000$165,000$150,000

PURCHASE PRICE

$1,170$1,430$1,300

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,300
EXPENSES Loan Payment -$521
Property Tax -$77
Property Insurance -$53
Property Management Fees -$119
CASH FLOW
$530

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 15% of earned rent to cover both maintenance and periods of vacancy.

$150,000

PROJECTED PRICE

$1,300

PROJECTED RENT

0.87%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.98%
Appreciation Year (1-5) 7.1%
Maintenance Year (1-5) 8.00%
Vacancy 6.57%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

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$100k$200k$300k$400k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$45,500

INVESTMENT

$45,500

Down Payment
$37,500
Rehab Estimate
$5,750
Closing Costs
$2,250

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 20% down payment or higher enables the proceeds from the asset to cover all costs.

$521

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $37,500
Loan Amount $112,500
See What Happens When You Reinvest Cash Flow

18

YEARS SAVED

$45,611

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,300

    LIST RENT
  • $0.95

    LIST RENT PER SQFT
  • $1,288

    COMP ESTIMATED VALUE
  • $0.94

    COMP AVG. RENT PER SQFT
Comps Range
$895
1$8952$1,3003$1,3004$1,375
$1,375
RENT COMPS ANALYSIS
  • 603 E Green Street Monroe, NC 3
    • 3 beds 2 baths ∙ 1,365 Sqft ∙ Built 1950 3 beds 2 baths ∙ 1,365 Sqft ∙ Built 1950
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.95
    •  
  • 130 Bay Street Monroe, NC 1
    • 3 beds 1 baths ∙ 1,020 Sqft ∙ Built 1984 3 beds 1 baths ∙ 1,020 Sqft ∙ Built 1984
    LEASED 09/28/19
    • Rent
    • Rent Per SQFT
    •  
    • $895
    • $0.88
    •  
  • 900 Cherry Street Monroe, NC 2
    • 3 beds 2 baths ∙ 1,430 Sqft ∙ Built 1955 3 beds 2 baths ∙ 1,430 Sqft ∙ Built 1955
    LEASED 06/11/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,300
    • $0.91
    •  
  • 721 Forest Valley Lane Monroe, NC 4
    • 3 beds 2 baths ∙ 1,413 Sqft ∙ Built 1999 3 beds 2 baths ∙ 1,413 Sqft ∙ Built 1999
    LEASED 06/04/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,375
    • $0.97
    •  
PROPERTY LISTING DETAILS
Ralph Harvey
1.855.456.4945
Listwithfreedom.com Inc
BESbswy