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7427 Edgefield Court Matthews, NC 28104

5 Beds 3 Baths 3,344 sqft Built 2014

$425,000

List Price

$1,980

$1.8K - $2.2K

Rent Est.

PROPERTY INFO

SINGLE-FAMILY
February 19, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2014
  • Price/Sqft : $127.09
  • 4 Days on Market
  • MLS # : 3708871
  • Updated Date : 02/20/2021 at 12:16
CONSTRUCTION
  • Beds : 5
  • Floor Size : 3,344 sqft
  • Baths : 3 full
Listing Agent

Carolina Homes Connection, Llc

Listing Agent's Description

Beautiful five bedroom home in established neighborhood convenient to 485. Fairfield Plantation has so many amenities for you to enjoy, such as a pond, outdoor pool, tennis courts and walking trails! This home has tons of upgrades including staggered cabinetry, coffered ceilings, tiled backsplash, butlers pantry, and even has a guest suite on the main level! The Drop-Zone is right off of the garage, and upstairs you will find 3 secondary bedrooms and a spacious master with a sitting/flex room and loft area. You will enjoy relaxing on the paver patio complete with a fire pit. Due to all of this rain we have limited outdoor pictures, but this home is a must see! Welcome home!

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

Neighborhood: Fairfield Plantation

NeighborhoodNIR Market*CityMarket2010Year20002019120k140k160k180k200k220k240k260k280k300kPrice in $118k318k

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

Neighborhood: Fairfield Plantation

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
Stallings Elementary School Primary Regular 576 32 9
Porter Ridge Middle School Middle Regular 1,385 72 7
Porter Ridge High School High Regular 1,591 77 7

Stallings Elementary School

  • Education Level: Primary
  • # of students: 576
  • # of teachers: 32
9
GreatSchools Rating

Porter Ridge Middle School

  • Education Level: Middle
  • # of students: 1,385
  • # of teachers: 72
7
GreatSchools Rating

Porter Ridge High School

  • Education Level: High
  • # of students: 1,591
  • # of teachers: 77
7
GreatSchools Rating
 

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

PURCHASE PRICE

$1,782$2,178$1,980

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,980
EXPENSES Loan Payment -$1,476
Property Tax -$282
Property Insurance -$90
HOA -$50
Property Management Fees -$119
CASH FLOW
-$37

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

$1,980

PROJECTED RENT

0.47%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.48%
Appreciation Year (1-5) 9.6%
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$1.4M$1.6M

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$1.2M$1.4M

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.

$1,476

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $106,250
Loan Amount $318,750
See What Happens When You Reinvest Cash Flow

5.25

YEARS SAVED

$23,135

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,980

    LIST RENT
  • $0.59

    LIST RENT PER SQFT
  • $1,806

    COMP ESTIMATED VALUE
  • $0.54

    COMP AVG. RENT PER SQFT
Comps Range
$1,698
1$1,6982$1,980
$1,980
RENT COMPS ANALYSIS
  • 7427 Edgefield Court Matthews, NC 2
    • 5 beds 3 baths ∙ 3,344 Sqft ∙ Built 2014 5 beds 3 baths ∙ 3,344 Sqft ∙ Built 2014
    • Rent
    • Rent Per SQFT
    •  
    • $1,980
    • $0.59
    •  
  • 2009 City Lights Drive Indian Trail, NC 1
    • 4 beds 3 baths ∙ 3,150 Sqft ∙ Built 2007 4 beds 3 baths ∙ 3,150 Sqft ∙ Built 2007
    LEASED 09/11/19
    • Rent
    • Rent Per SQFT
    •  
    • $1,698
    • $0.54
    •  
PROPERTY LISTING DETAILS
Katie Pendleton
1.704.898.4058
Carolina Homes Connection, Llc
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3708871
Last Updated: 02/20/2021
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