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6505 Deal Road Matthews, NC 28104

3 Beds 2 Baths 1,861 sqft Built 1985

$299,000

List Price

$1,730

$1.6K - $1.9K

Rent Est.

PROPERTY INFO

FACTS
  • Built In 1985
  • Price/Sqft : $160.67
  • 20 Days on Market
  • MLS # : 3673367
  • Updated Date : 11/07/2020 at 15:37
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,861 sqft
  • Baths : 2 full
Listing Agent

Keller Williams Ballantyne Area

Listing Agent's Description

Rare find in Weddington, Ranch home 3 beds 2 baths, and extra bonus-sunrooom space for multiple options. Vaulted great room area with gas log fireplace. Updates have been made to kitchen. Hardwood floors in most of home. Also a screened porch on back of home. Located Inside town the limits of Weddington, for lower town taxes, and fantastic school assignments to Weddington Schools. Big Yard with nearly acre of land, and big deck on back and side of home. There is a detached single car garage/storage type structure at back of lot, offers storage use for lawn mower, tools, or shop, or store a motorcycle. Shopping center nearby with grocery, gas, restaurants, banking, pharmacy, some medical offices and a Target. Property that adjoins at back of home is owned by UCPS wooded cross country paths, that are great for walking or jogging or walk to school.

SEE MORE

MARKET HIGHLIGHTS

  • 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)
  • 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)

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
Weddington Elementary School Primary Regular 730 40 9
Weddington Middle School Middle Regular 997 55 10
Weddington High School High Regular 1,342 69 9

Weddington Elementary School

  • Education Level: Primary
  • # of students: 730
  • # of teachers: 40
9
GreatSchools Rating

Weddington Middle School

  • Education Level: Middle
  • # of students: 997
  • # of teachers: 55
10
GreatSchools Rating

Weddington High School

  • Education Level: High
  • # of students: 1,342
  • # of teachers: 69
9
GreatSchools Rating
 

$269,100$328,900$299,000

PURCHASE PRICE

$1,557$1,903$1,730

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,730
EXPENSES Loan Payment -$1,103
Property Tax -$198
Property Insurance -$62
Property Management Fees -$156
CASH FLOW
$211

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.

$299,000

PROJECTED PRICE

$1,730

PROJECTED RENT

0.58%

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$2.0k$4.0k$6.0k$8.0k$10k$12k$14k$16k$18k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$84,985

INVESTMENT

$84,985

Down Payment
$74,750
Rehab Estimate
$5,750
Closing Costs
$4,485

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 40% down payment or higher enables the proceeds from the asset to cover all costs.

$1,103

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $74,750
Loan Amount $224,250
See What Happens When You Reinvest Cash Flow

8.58

YEARS SAVED

$41,391

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,730

    LIST RENT
  • $0.93

    LIST RENT PER SQFT
  • $1,880

    COMP ESTIMATED VALUE
  • $1.01

    COMP AVG. RENT PER SQFT
Comps Range
$1,650
1$1,6502$1,7003$1,730
$1,730
RENT COMPS ANALYSIS
  • 6505 Deal Road Matthews, NC 3
    • 3 beds 2 baths ∙ 1,861 Sqft ∙ Built 1985 3 beds 2 baths ∙ 1,861 Sqft ∙ Built 1985
    • Rent
    • Rent Per SQFT
    •  
    • $1,730
    • $0.93
    •  
  • 317 Gatewood Lane Weddington, NC 1
    • 3 beds 3 baths ∙ 1,554 Sqft ∙ Built 1981 3 beds 3 baths ∙ 1,554 Sqft ∙ Built 1981
    LEASED 03/06/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,650
    • $1.06
    •  
  • 3500 Beulah Church Road Matthews, NC 2
    • 4 beds 2 baths ∙ 1,776 Sqft ∙ Built 1983 4 beds 2 baths ∙ 1,776 Sqft ∙ Built 1983
    LEASED 01/17/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,700
    • $0.96
    •  
PROPERTY LISTING DETAILS
Mary Ridenhour
1.704.564.1495
Keller Williams Ballantyne Area
BESbswy