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78 Lena Street #78 Monroe, NC 28112

4 Beds 3 Baths 2,424 sqft Built 2021

$324,990

List Price

$1,600

$1.4K - $1.8K

Rent Est.

PROPERTY INFO

Built 2021 NEW CONSTRUCTION
SINGLE-FAMILY
March 10, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2021
  • Price/Sqft : $134.07
  • 5 Days on Market
  • MLS # : 3716868
  • Updated Date : 03/10/2021 at 11:22
CONSTRUCTION
  • Beds : 4
  • Floor Size : 2,424 sqft
  • Baths : 2 full , 1 half
Listing Agent

Nvr Homes, Inc./ryan Homes

Listing Agent's Description

If you're looking for a new, low-maintenance home in Union County for an excellent value, Cottage Green is for you! Say goodbye to yard work and landscaping, lawn maintenance is included! The Columbia 2-Story home with vast owner's bathroom. Home features wide open living/dining/kitchen plus office or flexible space. is a wonderful traditional home with an open floorplan on the main level. 4 bedrooms and the laundry room on the upper level. This home will come loaded with incredible features like an upgraded kitchen and large island, quartz/granite counter tops, stainless steel appliances, ceramic tile in all full baths and much more! Brokers warmly welcomed. Please call 980-210-3715 for more information. To Be built On site Agent Move in by September 2021

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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
Rock Rest Elementary School Primary Regular 699 67 6
East Union Middle School Middle Regular 908 59 3
Forest Hills High School High Regular 937 63 2

Rock Rest Elementary School

  • Education Level: Primary
  • # of students: 699
  • # of teachers: 67
6
GreatSchools Rating

East Union Middle School

  • Education Level: Middle
  • # of students: 908
  • # of teachers: 59
3
GreatSchools Rating

Forest Hills High School

  • Education Level: High
  • # of students: 937
  • # of teachers: 63
2
GreatSchools Rating
 

$292,491$357,489$324,990

PURCHASE PRICE

$1,440$1,760$1,600

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,600
EXPENSES Loan Payment -$1,129
Property Tax -$167
Property Insurance -$73
HOA -$120
Property Management Fees -$119
CASH FLOW
-$8

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 10% of earned rent to cover both maintenance and periods of vacancy.

$324,990

PROJECTED PRICE

$1,600

PROJECTED RENT

0.49%

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) 3.00%
Vacancy 6.57%
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-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k$12k$14k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$200k$400k$600k$800k$1.0M

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$88,122

INVESTMENT

$88,122

Down Payment
$81,248
Rehab Estimate
$2,000
Closing Costs
$4,875

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 45% down payment or higher enables the proceeds from the asset to cover all costs.

$1,129

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $81,248
Loan Amount $243,743
See What Happens When You Reinvest Cash Flow

5

YEARS SAVED

$16,338

INTEREST SAVED

CASH FLOW REINVESTMENT

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

  • $1,600

    LIST RENT
  • $0.66

    LIST RENT PER SQFT
  • $1,673

    COMP ESTIMATED VALUE
  • $0.69

    COMP AVG. RENT PER SQFT
Comps Range
$1,600
1$1,6002$1,800
$1,800
RENT COMPS ANALYSIS
  • 78 Lena Street Monroe, NC 1
    • 4 beds 3 baths ∙ 2,424 Sqft ∙ Built 2021 4 beds 3 baths ∙ 2,424 Sqft ∙ Built 2021
    • Rent
    • Rent Per SQFT
    •  
    • $1,600
    • $0.66
    •  
  • 1838 Roosevelt Boulevard Monroe, NC 2
    • 5 beds 4 baths ∙ 2,400 Sqft ∙ Built 2003 5 beds 4 baths ∙ 2,400 Sqft ∙ Built 2003
    LEASED 07/02/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,800
    • $0.75
    •  
PROPERTY LISTING DETAILS
Jerry Smith
1.704.610.5282
Nvr Homes, Inc./ryan Homes
1.866.250.5610
Carolina Multiple Listing Services ( Carolina)
MLS #: 3716868
Last Updated: 03/10/2021
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